BROAD ARROW ADDS THE FOURTH SHELBY COBRA EVER BUILT, CSX 2003, TO MONTEREY JET CENTER AUCTION

Rhea-AI Summary

Broad Arrow Auctions, a Hagerty company, announces the addition of a historically significant 1962 Shelby Cobra (CSX 2003) to its Monterey Jet Center Auction on August 13-14, 2025. As the fourth Shelby Cobra ever built, CSX 2003 is estimated at $1.5-2.0 million and comes from 36 years of single ownership. The Cobra features its original Experimental HP 260 cu-in engine and was crucial in Ford's evaluation process. The auction also includes a rare 2011 Hennessey Venom GT (estimated $350,000-$450,000) and The American Performance Collection, featuring six modern muscle cars including two 2017 Dodge Viper ACRs. The Venom GT, chassis 03 of only 13 produced, shows under 2,300 kilometers and combines American power with British chassis design. The event follows Broad Arrow's successful 2024 auction which achieved $71.5 million with an 85% sell-through rate.

Positive

• Historic 1962 Shelby Cobra CSX 2003 represents a rare investment opportunity as one of the earliest prototypes
• Cobra's exceptional preservation and documented history including Ford evaluation period adds significant value
• Diverse offering including rare Hennessey Venom GT (1 of 13) with low mileage
• Strong previous auction performance with $71.5M total sales and 85% sell-through rate in 2024

Negative

• None.

Insights

Automotive Auction Specialist

Hagerty's auction arm featuring ultra-rare 1962 Shelby Cobra prototype could boost revenue and enhance brand position in premium collector market.

The announcement of Broad Arrow Auctions (a Hagerty company) featuring the exceptionally rare 1962 Shelby Cobra CSX 2003 at their Monterey auction represents a significant business opportunity for Hagerty. As just the fourth Cobra ever built and one of the original prototypes with direct connections to Carroll Shelby himself, this vehicle carries an estimate of $1.5-2 million, positioning it as a headline attraction that should drive substantial bidder interest and media attention.

The significance of this particular Cobra extends beyond its rarity – it represents a pivotal moment in American automotive history and carries documented provenance including inspection by Henry Ford II. Its 36-year single-ownership adds considerable value in the collector market, where unbroken provenance commands premium prices. The auction's timing during Monterey Car Week strategically places Hagerty at the epicenter of the year's most prestigious collector car events.

Beyond the headline Cobra, the auction's diverse offering of modern American performance vehicles (including the Hennessey Venom GT estimated at $350,000-450,000) demonstrates Hagerty's strategic positioning across multiple collector car segments. The inclusion of more accessible vehicles from The American Performance Collection (several offered without reserve) broadens market appeal while maintaining focus on premium segments.

The 2024 event generated $71.5 million with an 85% sell-through rate, establishing a benchmark against which this year's performance will be measured. A successful auction would strengthen Hagerty's position in the high-end automotive auction market while potentially increasing transaction-based revenue streams.

REMARKABLY PRESERVED 1962 SHELBY 260 COBRA, ONE OF THE ORIGINAL PROTOTYPE EXAMPLES, OFFERED FROM 36 YEARS OF CHERISHED LONGTERM OWNERSHIP | COBRA JOINED BY MODERN AMERICAN AUTOMOTIVE LEGENDS: HENNESSEY VENOM GT AND THE AMERICAN PERFORMANCE COLLECTION OF DODGE AND CHEVROLET ICONS

Grosse Pointe, Michigan, June 20, 2025 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is honored to announce the presentation of one of the earliest Cobras ever built, the 1962 Shelby Cobra, CSX 2003, at its flagship Monterey Jet Center Auction on August 13-14, 2025. The highly significant and remarkably preserved Cobra is joined by additional modern American automotive legends, including a seldom-seen 2011 Hennessey Venom GT, and six cars offered from The American Performance Collection, led by a pair of highly optioned, extremely low-mileage limited edition 2017 Dodge Vipers. 

The 1962 Shelby Cobra on offer at the Monterey Jet Center Auction, CSX 2003, is the earliest serialized Cobra that may be available for decades to come. As one of the only original prototypes extant, CSX 2003 was completed at Ed Hugus’ European Cars dealership in Pittsburgh as the fourth Shelby Cobra ever built. Hugus, like Shelby, was an accomplished sports car racer—one of the few Americans to compete at Le Mans ten times—and it was at his suggestion that Shelby pursued AC Cars in England, whose aging Ace roadster needed a new engine supplier, for his fledgling sports car idea. Shelby seized the opportunity to install Ford’s new small-block V8, but he lacked the funding and facilities to begin production. Hugus stepped forward as Shelby’s first ally—agreeing to promote, finance, and even help build the first Cobras—a partnership that would literally launch the legend of the Shelby Cobra. 

In early 1962, Hugus’ best mechanics began installing the high-performance Ford 260 cu-in V8 HP experimental engines and Borg Warner four-speed transmissions into the AC aluminum British bodies, completing the very first Shelby Cobras for sale, including CSX 2001, the first production Cobra, and CSX 2003 through CSX 2007. This early effort was crucial to the Cobra’s success: it bought Shelby enough time to secure Ford’s official backing and set the stage for Shelby American’s later triumphs on road and track.

CSX 2003 is one of the only prototype examples, in its original, untouched form, known to exist today. Alongside CSX 2004, Ford’s Special Vehicles Team in Dearborn evaluated the Cobra as a prerequisite to signing any formal agreement with Shelby. Company engineers—including Henry Ford II himself—inspected and drove CSX 2003 during this period, examining its design and capabilities first-hand. 

It was after this important testing period that the car was shipped to its first private owner, George Reed of Reed’s Racing Rats Motors in Homewood, Illinois. In Reed’s ownership, CSX 2003 was shown at the 12 Hours of Sebring in 1963. Sometime after this appearance, the car entered a short chain of private owners from 1969 until 1989, when it met Mr. Richard “Doc” McAdam of Virginia, who would become its loving caretaker for the next 36 years.  

Mr. McAdam acquired the car somewhat serendipitously. He had purchased a 289 Cobra one year prior. That car’s previous owner later approached McAdam seeking to repurchase his former Cobra. McAdam agreed, but only under specific conditions: “only if you find me another Cobra, and if I approve, we can swap.” The 289 owner subsequently sourced CSX 2003 and presented it as a potential trade. Upon test driving the early Cobra, Mr. McAdam recognized its exceptional state of preservation and agreed to the trade.

A few years after acquiring CSX 2003, Mr. McAdam received an invitation through his daughter—a Ford employee at the time—to attend a special event celebrating Carroll Shelby, hosted by Ford Motor Company in Washington, D.C. At this gathering, he had the honor of meeting Shelby personally, who examined the Cobra, praised its exceptional condition, and signed the inner door of the glove compartment. 

For the past 36 years, Mr. McAdam has cherished CSX 2003, even using the Cobra as his daily transportation to the hospital where he worked as a neurosurgeon. This daily use continued for many years until the Cobra's increasing value and rarity ultimately convinced him to retire it to climate-controlled storage. Even in retirement, however, the consignor and his sons would periodically exercise CSX 2003, ensuring it remained in proper working order while safeguarding its remarkable originality. 

CSX 2003 is presented at Broad Arrow’s Monterey Jet Center Auction in its original configuration of Olde English White over a red interior, and complete with its original Experimental HP 260 cu-in engine, transmission, and rear end (Estimate: $1,500,000 - $2,000,000). This beautifully maintained and well-documented Cobra would be a worthy centerpiece for any collector who appreciates the profound story and unrepeatable provenance of the early Hugus-built Prototype Shelby Cobras. Watch the trailer for a film on this Cobra’s fascinating history here.

“I have had the honor and the pleasure of helping clients buy and sell numerous Shelby Cobras over my more than forty years in the collector car business, and CSX 2003 is undoubtedly one of the most original and most significant examples I’ve ever encountered,” says Donnie Gould, Senior Car Specialist, Broad Arrow Auctions. “This car’s very existence is tied to the Shelby Cobra’s origin story, and its current long-term ownership history embodies what attracts so many of us to this great hobby to begin with. We’re privileged to present CSX 2003 at our Monterey Jet Center Auction for what is surely an unrepeatable opportunity.”

Broad Arrow is delighted to present additional American automotive legends of the modern era in Monterey, led by a 2011 Hennessey Venom GT (Estimate: $350,000 - $450,000, Offered without reserve). The car on offer is chassis 03 of a mere 13 Venom GTs produced between 2011 and 2014. Finished in a striking Venom Red exterior over a black leather and Alcantara cabin, it shows fewer than 2,300 kilometers from new.

The Venom GT inherited the timeless Anglo-American tradition of marrying raw American power with sophisticated British chassis architecture. It blends a bespoke carbon-fiber monocoque—sourced from Lotus—with a supercharged 6.2-liter LS9 V8 delivering 725 horsepower through a six-speed Ricardo manual transaxle. Carbon-ceramic Brembo brakes, fully independent suspension and adjustable aero elements ensure stability at extreme speeds, while an Alcantara-trimmed interior, comprehensive instrumentation, and factory-fitted air-conditioning—likely having to do with the Venom's Texas origins—demonstrate that creature comforts were not overlooked.

The Venom GT offers a primitive, raw driving experience with the convenience of modern technology—a combination that appeals to today’s younger, most active collectors. This is a low-mileage, speed-record-holding, ultra-rare American hypercar offered without reserve in Monterey, a moment not to be missed.

Alongside the Venom GT, the American Performance Collection is bringing modern American horsepower to Monterey in spades. The collection features six extensively optioned Dodge and Chevrolet performance icons that are among the finest examples available.

“The American Performance Collection offers modern American automotive ferocity at its finest, with over 4,000 horsepower represented by just six cars,” says Harrison Platz, Car Specialist, Broad Arrow Auctions. “Each of the cars was acquired from new by the owner and they all maintain extremely low miles today. For the rising generation of car collectors, these are the future of the hobby, with each car offering the best specifications, most interesting color combinations, and some of the highest horsepower examples available for the model.”

The group includes:

• 2017 Dodge Viper GTC ACR Extreme Aero Package, a virtually new, time-capsule example of Dodge’s ultimate track-capable supercar. Finished in custom matte gold enhanced with Black GTS stripes over a Black leather and Alcantara interior, it is one of six “Black Stripe” editions built (Estimate: $325,000 - $375,000);
• 2017 Dodge Viper ACR Extreme Aero Package, one of just 193 Viper ACRs built for 2017. Finished in optional Gunmetal Pearl, this is the ultimate street-legal track variant of the Viper with significant advancements in aerodynamics and suspension technology (Estimate: $270,000 - $300,000);
• 2021 Dodge Challenger SRT Super Stock, handsomely specified in Smoke Show paint with Black Alcantara/Laguna leather interior and equipped with the Super Stock Package including beefed-up Brembo four-piston brakes, widebody fender flares, and drag-optimized components (Estimate: $90,000 - $100,000, Offered without reserve);
• 2023 Chevrolet Camaro ZL1 1LE, finished in Summit White with Satin Black hood wrap over a Jet Black interior with Red accents. This is a turnkey, road-legal track monster poised for both thrilling 650-horsepower performance and future collectability (Estimate: $85,000 - $95,000, Offered without reserve);
• 2015 Chevrolet Corvette Z06 Convertible, optioned with the top-level 3LZ Preferred Equipment Group. Finished in Shark Grey Metallic with a Black Convertible top and a Kalahari interior, this is a rare opportunity to acquire a near-new example of one of the fastest convertible C7s ever produced (Estimate: $70,000 - $80,000, Offered without reserve);
• 2016 Dodge Challenger SRT Hellcat, finished in Plum Crazy Pearl Coat over a Black Premium Laguna Leather interior. This is a virtually new example of the most powerful muscle car when new, rated at 707 horsepower (Estimate: $55,000 - $65,000, Offered without reserve).

Broad Arrow returns to The Monterey Jet Center in California for its fourth annual flagship sale on August 13-14. Held in conjunction with Motorlux—the best way to kick off Monterey Car Week—thousands of collectors and enthusiasts from around the world will be in attendance. The Monterey Jet Center auction will feature up to 150 desirable collector cars across all categories of the market, set to cross Broad Arrow’s signature Monterey auction runway. Broad Arrow’s 2024 Monterey Jet Center Auction totaled $71.5 million with an 85 percent sell-through rate, led by the 1997 Porsche 911 GT1 Rennversion at $7,045,000.

Collectors interested in consigning to or attending the Monterey Jet Center Auction are invited to speak with a Broad Arrow car specialist at +1 313 312 0780. Additional information on all lots to date as well as consignment information is available at broadarrowauctions.com.

Members of the media on official assignment are invited to apply for media credentials for The Monterey Jet Center Auction by writing to press@broadarrowauctions.com.

Ends.

Editor’s Notes

Photos: 

1. The 1962 Shelby 260 Cobra, CSX 2003, to be offered at Broad Arrow’s 2025 Monterey Jet Center Auction (Credit – Andrew Benjack / Courtesy of Broad Arrow Auctions)
2. CSX 2003’s interior including glove compartment signed by Carroll Shelby (Credit – Andrew Benjack / Courtesy of Broad Arrow Auctions)
3. The 2011 Hennessey Venom GT to be offered at Broad Arrow’s 2025 Monterey Jet Center Auction (Credit – Tom Nisco / Courtesy of Broad Arrow Auctions)
4. A snapshot of The American Performance Collection to be offered at Broad Arrow’s 2025 Monterey Jet Center Auction (Credit – Nick Zabrecky / Courtesy of Broad Arrow Auctions)
5. The pair of limited-edition Dodge Vipers offered from The American Performance Collection at Broad Arrow’s 2025 Monterey Jet Center Auction (Credit – Nick Zabrecky / Courtesy of Broad Arrow Auctions)
   
   

About Broad Arrow Auctions
Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is a leading global collector car auction house. Founded in 2021 by highly experienced industry veterans, Broad Arrow offers exceptional quality cars to collectors and enthusiasts around the world. As the fastest growing auction house in its segment, Broad Arrow’s flagship annual events include The Monterey Jet Center Auction, in conjunction with Motorlux in California, The Amelia Auction, as the official auction of The Amelia (Concours d’Elegance) in Florida, and The Porsche Auction, in conjunction with Air | Water by Luftgekühlt in California. Broad Arrow expanded its global footprint in 2023, with renowned car specialists joining the team in the UK and Europe. Broad Arrow launched its first auction in Europe in May 2025 as the new official auction house of the Concorso d’Eleganza Villa d’Este in Italy in partnership with BMW AG. Broad Arrow now expands its global auction footprint with two new auctions in 2025 to be held during Zoute Grand Prix and Auto Zürich. Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and Twitter. 

About Hagerty, Inc. (NYSE: HGTY)
Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 875,000 who can’t get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, X and LinkedIn. 

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Attachments

• The 1962 Shelby 260 Cobra, CSX 2003, to be offered at Broad Arrow’s 2025 Monterey Jet Center Auction
• A pair of limited-edition Dodge Vipers offered from The American Performance Collection at Broad Arrow’s 2025 Monterey Jet Center Auction

Ian Kelleher
Broad Arrow Auctions
917-971-4008
ikelleher@hagerty.com

Meghan McGrail
Broad Arrow Auctions
519-365-8750
mmcgrail@hagerty.com

FAQ

What is the estimated value of the 1962 Shelby Cobra CSX 2003 at the Monterey Jet Center Auction?

The 1962 Shelby Cobra CSX 2003 is estimated to sell for $1.5-2.0 million at the auction.

How many Hennessey Venom GTs were produced and what is this one's estimate?

Only 13 Hennessey Venom GTs were produced between 2011-2014. This example, chassis 03, is estimated at $350,000-$450,000 and offered without reserve.

When and where will Hagerty's (HGTY) Broad Arrow Monterey Jet Center Auction take place?

The auction will take place on August 13-14, 2025, at the Monterey Jet Center in California.

What makes the Shelby Cobra CSX 2003 historically significant?

CSX 2003 is the fourth Shelby Cobra ever built, one of the original prototypes, and was crucial in Ford's evaluation process. It retains its original configuration and has been under single ownership for 36 years.

What vehicles are included in The American Performance Collection at the auction?

The collection includes six cars: two 2017 Dodge Viper ACRs, a 2021 Dodge Challenger SRT Super Stock, a 2023 Chevrolet Camaro ZL1 1LE, a 2015 Chevrolet Corvette Z06 Convertible, and a 2016 Dodge Challenger SRT Hellcat.