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Car enthusiasts probably cringed during Jay-Z and Kanye West’s “Otis” video as the duo mangled a Maybach 57, but the joke seems to be on them now.
The irreverently-altered Maybach was supposed to bring between and estimated $100,000 and $150,000 at auction. That money was meant to go, at least in part, to the Save the Children Charity.
Unfortunately, as the audacious music stars learned, people don’t really like the idea of spending that kind of money on what amounts to a disfigured and outdated Maybach. The car earned $60,000 — an less than a quarter of its original value. While that’s chump change to own an ultra-exclusive Maybach (especially because the company is gone), it’s still a lot to pay for junk.
It’s too bad one of the music moguls didn’t just “give” it to the other as a memento of the video shoot. They could have collectively donated more to the charity without breaking much of a sweat. Heck it wasn’t so long ago that Birdman gave his brother and Lil Wayne Rolls-Royce Ghost and Bentley Mulsanne respectively.
Nonetheless, Save the Children is probably grateful for whatever money it got, regardless of wasted potential. At least it still raised more than Justin Bieber‘s Hyundai Genesis, though even that is questionable considering the Hyundai sold for more than its original MSRP.
You can watch the music video after the break.
Although Daimler has announced the discontinuation of the Maybach brand, young money ballers, shot-callers now have the opportunity to bid on what’s arguably the most notorious Maybach of all.
Starring in the Jay-Z and Kanye West “Otis” music video, the chopped “Mad Max” Maybach will be put on the block by auction house Phillips de Pury & Co. at the New York Contemporary Art Evening sale on March 8. All proceeds of the Maybach auction will be donated to Save the Children. Previously, this vehicle was also up for auction to benefit the victims of drought in East Africa.
Burning rubber in four-wheel drifts and spitting fire in the process, Rockafella’s insane whip is estimated to raise between $100,000 to $150,000. Considering Jay-Z and Kanye’s handiwork left us with half a car, it seems appropriate for its estimate to be half the value of a Maybach 57 when new.
Not to be left out of the fun, Lexus is joining the Super Bowl action with an ad of its own.
The first time the company is running an ad during the big game, this 30-second spot will star the 2013 GS. Titled “The Beast,” the commercial features the GS breaking free of a silver metal box, proving that “change cannot be contained.” At the end of the commercial, you can see four additional containers in the background – according to Lexus, these represent new models that will be revealed later this year.
“The Beast” will air during the end of the first quarter, but just watch it after the jump if you can’t wait a few more days to see it.
Source Interlink, the distribution company and publisher of magazines such as Motor Trend, Automobile and Hot Rod has filed for bankruptcy.
The publishing side of Source is focused almost entirely on the automotive sector with 70 magazines dedicated to covering the automotive and motorcycle industries. With the suffering auto industry (March sales down 37 percent from the same month a year ago) it’s no surprise that Source is hurting. Magazine ad sales were down 20 percent in the first quarter of 2009 compared to a year before.
Source can’t, however, entirely blame the economy. The company hasn’t posted a profit since the second quarter of 2007. Things have been getting progressively worse for Source as well, recently laying off 115 employees and cutting several of its magazines including Sport Compact Car and Modified Luxury & Exotics.
Recently the company also entered into legal action, suing several of its publishing house clients after a strong-arm tactic to raise distribution costs failed. Instead of folding the publishers rejected Source’s offer and stopped shipping magazines (including titles like People and Sports Illustrated) to the distributor.
In retaliation, Source Interlink filed an antitrust suit against the publishers (and several competing distributors) claiming the group tried to force Source out of business. The suit has since been settled, however, the move by Source to sue its clients was seen as a desperate move by a desperate company.
After we reported on a story from Foliomag stating that the Anderson and Source Interlink (Motor Trend‘s parent company) distribution companies were exiting the magazine distribution business, both companies are vehemently denying the rumor and Source is even vowing legal action.
The complex situation came about after Source and Anderson asked for an additional 7 cent per issue distribution cost from publishing houses they distribute for, claiming that if the 7 cent fee was not agreed upon by the publishers that the two distribution companies, which handle 50 percent of all magazine distribution in the United States, would cease distributing as without the 7 cent increase profitability would diminish or cease altogether.
According to Mediaweek, Time Inc. and Bauer Publishing (which publish magazines like People, Sports Illustrated, Time, and National Enquirer) balked at the threat and have stopped delivering magazines to both Source and Anderson. Comag Marketing Group, which delivers for Hearst, Conde Nast, Wenner Media, as well as others has, however continued to ship magazines.
The story recently got a whole lot more interesting when Source Interlink CEO wrote a letter to retailers, in which he stated that Source would pursue legal action, reports Billboard. Billboard obtained a copy of the letter in which Source Interlink chairman and CEO Greg Mays writes that the company will take legal action against, “an unprecedented and unprovoked assault on this channel by certain publishers and a national distributor… “They are trying to lock out competition in the magazine distribution chain to the retailer’s detriment. To accomplish this scheme, this group has spread false rumors about Source and attempted to undermine us in the community.”
Presumably, the “certain publishers” are competing publishing houses Time Inc. and Bauer and the “national distributor” is either Curtis or Comag.
Source also alleges that rumors about the company’s liquidity problems are unfounded that that the company has available funds to the tune of $200 million. Source also recently paid down its magazines accounts payable by $100. Still, it’s no secret that the distribution side of the business is hurting with Source recently laying off 462 workers at it’s Coral Springs, FL, distribution center, according to a report in the Miami Herald.
The publishing side of the business (including Motor Trend, Automobile and dozens of other titles), which Source purchased from Primedia for $1.2 billion has also been a financial drain on the company and our sources inside Source say that recent layoffs and magazine closures (including Sport Compact Car and Modified Luxury & Exotics) were necessary to free up funds so that Source could meets its financial covenant.
Advantech Studios 2008 Highlight Reel
No sooner had we posted the Advantech Studios Mustang Slow-Motion Burnout video, than we received the company’s highlight reel for 2008. The automotive equivalent of porn, this is definitely some sexy stuff. Much of it was filmed for a yet-unreleased DVD but there are also a few short frames from work done for Top Gear “Made in America” and Modified Luxury & Exotics magazine.