Resident auctions of $10M worth of cars

While some people may think investing for retirement involves putting money into a 401k, CD account or an IRA, Southlake resident Wayne Davis believes auctioning off his classic car collection is a better option.Wayne, 56, recently retired from and sold his company, Regency Conversions, a pick-up truck and suburban vehicles manufacturer. This weekend, he will auction off 75 of his favorite cars as part of the RM auctions private collection.”I want to sell about $10 million worth of cars on Saturday. Instead of having a 401K, I invest in cars. I’ve been collecting since I was 16 so it has been a passion of mine,” Wayne said.Wayne’s first car, which he paid $175 to own, was a black 1941 Cadillac.Out of his collection of 85 vehicles, Wayne plans on keeping only 10 for himself.Two of his favorites are his 1954 white Cadillac Eldorado and 1940 maroon Ford Coupe.

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