MIDLAND, MI — In December, Northwood University announced an auction of the classic automobiles from a collection assembled over several decades by Michael and Dianne Morey, founders of Bandit Industries, best known for its woodchippers.
According to a release from Northwood University officials, Bandit designed and launched the world’s first self-propelled track whole tree chipper in 1990 and continues to lead the industry with a network of more than 180 dealer locations worldwide with 725 employees.
In 2018, the Moreys sold the company to their employee group, rather than accepting two offers to sell from private firms.
The collection was donated by the Moreys to Northwood University to help raise an estimated $2 milion, a goal surpassed by $371,000.
The 35 pledged vehicles were auctioned off at Mecum Auctions in Kissimmee, Florida on Friday, Jan. 6.
University President Kent MacDonald in a statement expressed his gratitude for the donation.
“The Moreys are stellar examples of how ingenuity, persistence and dedication pave the way for success in a free-market society,” Justin Marshall, chief development and engagement officer for Northwood University, said in a statement. “Each car the Morey family donated was part of their family story, and the story now evolves with Northwood University inspiring the dreams of young entrepreneurs from throughout the world.”
In an image provided with permission by Northwood University, audiences gather during a Northwood University classic car auction.
At the end of Friday’s auction, Mecum Auctions announced that two of the Morey vehicles were the top two automotive sales of the day.
A breakdown of the most valuable vehicles sold includes:
- A 1967 Shelby GT500 Fastback, selling for $330,000,
- A 1970 Plymouth Hemi Cuda, selling for $275,000,
- A 1981 Teledyne Continental Cheetah, selling for $65,000
Auctioneers said the 1981 Cheetah sale was the most surprising because it sold well beyond its appraised value.
Northwood University will utilize up to $1 million of the cash proceeds to enhance the campus experience, officials said. The remaining proceeds will be used to build the university’s endowment to create new scholarship opportunities for Northwood students.
Funds raised by the car auction will go towards a $1 million university enhancement effort, officials said. The remainder will support both a new endowment to create student scholarships and allocation to The Northwood Idea, a support system aimed at encouraging the school’s value set and founding ideologies.
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