PENSACOLA – The classic vehicle modernization firm Velocity last week acquired Classic Recreations, including its intellectual property, inventory and equipment. The firm also said in a release that it had secured a letter of intent for a licensing agreement from Carroll Shelby Licensing, Inc. to continue to produce both Shelby GT500 and Shelby Cobra vehicles that will be featured in the Shelby registry.
Velocity stepped in after the company’s closure, and will look at ways to expand its offerings based on former CR platforms, including continuation Shelby models and custom Mustangs, and look to bring improved engineering, performance and quality controls to these builds.
The transaction was finalized through a court-approved bankruptcy sale.
“We’re passionate about this industry and the people who love these American vehicles,” said Velocity CEO Stuart Wilson in a release. “When we heard what happened with Classic Recreations, our immediate thought was: how can we help? These are people who trusted a brand to bring their dream cars to life, and Velocity is in a position to keep those dreams moving forward, not just for our brand but for the entire restomod industry.”
For Carroll Shelby Licensing, Inc., Neil Cummings CEO said that they were key to the future Shelby GT500 and Cobra build programs.
Velocity will offer every existing Classic Recreations customer with an unfinished build the opportunity to transition their project to Velocity’s production system . All prior contracts remain the responsibility of the former entity, but Velocity’s team will begin one-on-one consultations with affected customers immediately.
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