1950 GM bus sells for $4 million

Futuristic concept vehicle fetches record price at Arizona collectible car auction.

January 22, 2006; Posted: 12:42 p.m. EST (1742 GMT)

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NEW YORK (CNNMoney.com) - A futuristic General Motors bus from 1950 sold for $4 million at a collectible car auction in Scottsdale, Ariz., Saturday.

The huge red-and-white GM Futurliner bus, which was created to be part of GM's travelling "Parade of Progress" car shows in the 1950s, is one of only three that still survive. A dozen were originally built.

The side of the bus opens to reveal a huge retractable stage. Its high jet-like cockpit is entered through a door in the front. The bus was one of five concept cars from the 1950s and 1960s that are being sold at the Barrett-Jackson collector car auction which ends Sunday.

Another concept car, the 1954 Pontiac Bonneville Special, sold for $2.8 million to the same buyer. That car has a bubble-topped cockpit and a fake jet exhaust in the back.

"To have both of these magnificent vehicles cross the block during the same event was a once-in-a-lifetime opportunity," said Barrett-Jackson Auction Company President and CEO Craig Jackson. "Now they will have the distinction of remaining together for years to come, just as they were intended."

After a miscommunication during the bidding process, the high bidder for the Futurliner bus deferred the sale to his opponent, who had purchased the Bonneville Special just minutes before, according to Barrett-Jackson.

The winning bidder, a private collector, was not available for comment.

At last year's Barrett-Jackson auction, a 1954 Oldsmobile concept car sold for $3.24 million. That was a record-high purchase price for the annual auction event at that time. The $4 million selling price of the Futurliner is also believed to be the highest price ever paid for a General Motors vehicle, according to a Barrett-Jackson spokesman.

Related: Classic American 'dream cars' on auction

Gallery: Classic concept cars for sale

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