Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Thailand gov't delivers crushing blow to Ferrari]]>http://www.autoblog.com/2007/09/30/thailand-govt-delivers-crushing-blow-to-ferrari/http://www.autoblog.com/2007/09/30/thailand-govt-delivers-crushing-blow-to-ferrari/http://www.autoblog.com/2007/09/30/thailand-govt-delivers-crushing-blow-to-ferrari/#commentsFiled under: , , ,

Thailand crushes a ferrari 456GTIn Thailand, exotic car theft is a pretty common occurrence, and thieves are pretty sophisticated about it, too. First, they make off with the vehicle's important components. Then, after the police seize what's left, the criminals purchase it at auction at about 15% of its value. This is "car laundering," and local officials have caught on to the ruse. Now, rather than auction cars off to the people who stole them to begin with, the government will simply crush what's left behind. Here's an example.

In June, Thai officials seized a Ferrari 456GT that was stripped of its ABS brakes, transmission, wiring systems, and exhaust. In proper condition, the car would be valued somewhere between 30 and 40 million Baht. In its stripped state, it likely would have brought under Bt 5 million at auction. If the original thieves were to re-acquire the car at that low price, and then restore it to working order with its own stolen parts, it could be sold at a tidy profit. So the government decided to make an example of the GT and sell it off as scrap. Enter one heavy excavator, exit one Ferrari 2+2.

It's a shame, really, but Thai authorities are serious about efforts to dissuade car laundering. At the very least, thieves won't be flipping this one for a quick buck...er...Baht.

Thanks for the tip, Gregg!

[Sources: The Nation, WreckedExotics]

Thailand gov't delivers crushing blow to Ferrari originally appeared on Autoblog on Sun, 30 Sep 2007 14:03:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>456 gt456Gtcar launderingcar theftcar thievesCarLaunderingCarTheftCarThievescrushed ferrariCrushedFerrariexcavator crushes ferrariExcavatorCrushesFerrariferrariferrari 456 gtFerrari456GtthailandSun, 30 Sep 2007 14:03:00 EST http://www.autoblog.com/feed/1000710/article-comments.xml http://www.autoblog.com/feed/2007/09/30/thailand-govt-delivers-crushing-blow-to-ferrari/1000710/article-detail.xml 1000710 http://www.blogcdn.com/www.autoblog.com/media/2007/09/thaicrushtheferrari_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2007/09/thaicrushtheferrari.jpg -1 2