Former Banker Wants Wealthy Individuals to Share Racing Cars Via New App

Matt Posky
by Matt Posky
former banker wants wealthy individuals to share racing cars via new app

The former digital chief of Credit Suisse, Marco Abele, intends to introduce an app allowing wealthy individuals to share ownership of experiential assets — things like vineyards, works of art, and even fine automobiles.

Abele calls the digital service a “blockchain-based investment platform,” which is just a bullshit businessman buzzword way to say there will be a transaction ledger. By keeping things transparent, the group’s owners can ensure nobody gets financially burned when someone drives a shared $300,000 Lamborghini Huracan Super Trofeo Evo into a barricade.

At any rate, it sounds like communism for rich people.

However, it’s not quite that simple. Abele claims investors should benefit from any value increases as a group and are also able to actually use their shared assets, citing the race cars as an easy-to-grasp example.

“We want all the assets traded to be insured and we want to work with Allianz [Insurance] on this,” Abele told Bloomberg. He claims blockchain technology should enable an efficient and transparent processing of insurance premium payments through the app, which he’s calling TEND. “Our goal would be a ’pay-as-you-use’ solution — the insurer sees how often the luxury car leaves the garage, for example, and can use that information to set the premiums.”

Basically, some rich person decides to buy something and uses TEND to decide how many co-owners they want to bring on board. From there, the company handles the financial assessments and maintenance, using the app as a way to interface with the various owners. For the automobile, that could include scheduling who has it and determining what’s owed.

Were this a sound way to get regular people into high-end sports cars, the program would be easier to support. However, it appears to be little more than a new method for rich people to hedge their bets by sharing financial risks with other rich people. But if anyone out there owns a Koenigsegg Agera and is interested in doing an even-split with 2,000 people, let me know so I can download TEND on my phone when it comes out.

[Image: Koenigsegg]

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4 of 5 comments
  • ClutchCarGo ClutchCarGo on Feb 09, 2018

    While I can see this making some sense for assets that one doesn't directly use, like vineyards or race horses, I don't see how this would function for cars. Unless the car was somehow centrally located to the owners, how would the car be moved around for use? Or is this only intended for very rare cars that aren't ever really driven, and are expected to appreciate in value instead of depreciate?

    • See 1 previous
    • Highdesertcat Highdesertcat on Feb 11, 2018

      @Reino Jay Leno? Share?

  • Detroit-Iron Detroit-Iron on Feb 12, 2018

    Other than the addition of stupid buzzwords how is this different from fractional jet/boat ownership?

  • Spamvw My '02 Jetta Wagon is starting to look a little rough. Some of the plastics are degrading, rust is starting. BUT, show me another 21 year old daily driver that looks perfect.
  • Syke Sorry, off-roading holds no interest for me. Besides, vehicles like these will normally get used in traffic where they can push around two-wheeled (motorized and not) vehicles with impunity.
  • V16 It's hard to believe that the 1980 Thunderbird was approved for production.The Edsel had more curb appeal.
  • Jimbo1126 (Turning pencil to eraser end...) Really, it's just GM. Been disappointed by their products too many times.
  • Golden2husky 78 Concept is pretty awesome to me -