ModernClassics: A Car Club for Yacht Crew
ModernClassics – Upton’s latest venture – offers an opportunity and lifestyle solution exclusively to superyacht crew. All members must be working onboard a yacht, must have held a license for over 3 years, and must be over the age of 21. It is the first business of its kind, and, as superyacht recruitment specialists, we were very interested to find out more about the exciting concept.
ModernClassics: a Company Funded by Crew for Crew.
The founding membership idea is simple: to provide a way for yachties to enjoy their passion for classic cars while saving money. With the ownership of a classic car comes many financial and practical considerations for yacht crew, including insurance, maintenance and storage. Tricky enough for the average person in full-time employment, car ownership is further complicated by the unpredictable lifestyle that comes with being a superyacht crewmember. ModernClassics also offers an exciting prospect for crew who wish to invest their money, as not only does it provide members with the opportunity to indulge in their hobby but it also provides return on their investment. A £3,500 founding membership includes lifetime membership to the club and a small stake in the company as a perk.
We spoke to Mark to find out his inspiration for setting up ModernClassics, and what he hoped it would achieve. He provided these four reasons:
- “Through CREWFO, we talk to a lot of crew about what they spend their money on and saw the usual trends of car rentals and purchases as a large expense. We can help crew save money here.
- If you are saving money on car rental/ownership, you can make it work for you elsewhere. It’s a win-win in my book.
- Having a company funded purely by crew is a first, as far as I am aware. I did not set out to do this but am really pleased we did something unique.
- Ultimately, I love cars and so do lots of other crew, so why not combine a passion with creating a great social group and a focus on something we all love? As a bonus, we can all make some money at the same time.”
What Does Membership Include?
So, what does membership to the club actually include? There are a number of perks which are likely to tempt car enthusiasts: firstly, access to the club’s range of cars, which are all classics from the late 80s and 90s; currently 10 models are on offer, from Porsches to VW caddies – each of which is increasing in value year-on-year. One such example is the stunning Porsche 911, which has increased by 188% in value since 2009. Members benefit from 2-4 weeks of driving time, depending on the choice of vehicle. ModernClassics also provides all founding members with a 1% share of the business as a perk of founding membership. Not only this, but the management team want all members to have direct input into the operation of the business – right down to the cars they’d like to see included in the collection as it grows!
15 Founding Memberships Remaining
This unique company combats the problems that crew experience when it comes to car ownership: high costs; little usage time; and storage complications. There are currently 15 founding memberships remaining. YPI CREW is interested in following the success of ModernClassics, as the business finds its remaining founding members and takes off. Contact ModernClassics to find out more about the club.