Richard Rawlings Bought 30 Cars For $1 Million

 

Everyone familiar with the name Richard Rawlings knows well that his passion for cars knows almost no limits. Whether it’s because he owns the internationally famous Gas Monkey Garage or for starring in the unforgettable “Fast N’ Loud”, it’s clear that Richard knows what the car business is about and is now not shy to show it off.

These last couple of years have seen Richard becoming a YouTube content creator, and making a few unexpected business moves, such as buying dozens of cars for $1 million, and closing some other impressive deals.

Want to know what Richard is doing these days? Stay here to know all about his current whereabouts, the reasons behind his recent business decisions, and the future of Gas Monkey Garage.

Did He Buy 30 Cars For A Million?

As an experienced businessman, it’s not surprising that Richard Rawlings makes a fair share of risky business decisions from time to time. The latest one was in early 2023, when he made his biggest automotive purchase ever by spending $1 million on a car collection in Madison, Wisconsin, showing the entire process on a YouTube video.

The collection belonged to the late Tom Haag, a notable Madison resident and philanthropist, who had spent most of his life acquiring dozens of classic gems from the 1930s to the 1970s. Some of the cars Richard was mostly interested in were a 1962 Bel-Air, a 1957 Chevy Nomad, and a green Ford which wasn’t shown on cameras but was unfortunately already taken when he made the final deal. Though the video’s title points out a $1 million purchase, the exact price wasn’t revealed on camera. On the other hand, Richard also donated $10,000 to Car Curing Kids, a charity organization with which Haag was involved.

Even though Richard didn’t reveal what he was planning on doing with his new cars, he will most likely sell most of them, and others will go to his private collection. The storage space for his new cars isn’t a problem either, as in late 2022 Richard auctioned over 20 cars from his private collection.

Why Did He Sell His Collection?

There aren’t many reasons which could lead a man to sell his beloved automotive collection, and in Richard’s case, it was more a matter of moving forward. As he explains in a YouTube video he shared in August 2022, those latest months had him ‘reflecting’ about where he was and where he wanted to go with his cars, meaning he wasn’t quite pleased with what was stored in his garage at the time and wanted to start over: ‘I want different cars, I want to collect some things that I’ve never been able to achieve,’ he said, affirming the next step after selling his cars was buying more cars, especially expensive ones such as Ferraris, Lamborghinis, and Mercedes.

Though he was motivated by his need to step up to the next level, Richard’s emotional attachment to five of his cars stopped him from selling them, including the first car made in “Fast N’ Loud”, his most-beloved Fords, and a Pontiac Firebird from his teens.

It’s always a blast to have the @TheBanditRun stop by Gas Monkey, but this one felt special. It’s the first year since Burts passing so we went above and beyond to embody his spirit! 130+ cars, Hot Pants herself and a Burt Reynolds stand in made it a day to remember! #banditrun pic.twitter.com/xw5UMIncwb

— Richard Ray Rawlings (@RRRawlings) June 23, 2019

Many of the 28 cars put to auction were acquired by Richard in the last decade, and had less of a sentimental impact on him, such as a beige 1979 Porsche 928, a white GT66 Mustang, several Ford Coupes from the 1930s, and a pair of amazing-looking choppers. The auction was live-streamed on Garage Monkey Garage’s website, and from which Richard pocketed over $1 million.

Did He Lose Money Selling His Cars?

There are good business days and bad ones too, especially when it’s about cars. A man as business-knowledgeable as Richard Rawlings knows that well, but that hasn’t stopped him from losing thousands in car deals from time to time.

One of those unforgettable times was in 2017, when he sold dozens of his cars for $800,000, which was around 30% percent of what they were worth. From the outside, that sounds too much of a bad deal, but losing thousands saved Richard from losing around $1 million: ‘It turned out to be pretty smart because that guy hasn’t been able to sell one of ’em’, was what Richard told Cord Magazine in 2018.

Another example of that was making $75,500 out of a custom Ford Model T valued at around $150,000, during his private collection auction in late 2022. The price reduction wasn’t a problem for Richard at the time, given how he knows it’s part of the business to lose a little, as he told The Dallas Morning News.

That being said, paying attention to the car market is one of the things Richard is best at, but he also knows that things don’t always have to go as planned.

Other Risky Businesses

Besides the times that Richard Rawlings has lost some money in car deals, there have been a few times his side projects which unfortunately didn’t turn out as he expected.

Some of those were his Gas Monkey Bar N’ Grill and Gas Monkey Live, both of which were opened in Dallas, in 2013 and 2014 respectively. Though these businesses were part of Richard’s plan to expand the brand established by Gas Monkey Garage, they didn’t pay off as expected, and closed permanently in recent years.

As well, in 2019 Richard started the Gas Monkey Energy drink brand, but the company wasn’t very successful. Though in April 2020 it was reported that Richard donated several truckloads of the drink to health workers, later in July of that year it was reported that the company had filed for Chapter 7 bankruptcy. Since then, the Gas Monkey Energy website has been inactive, most likely meaning it closed down.

There’s also “Misfit Garage”, a show created by Richard to compete with “Fast N’ Loud”. Even though the show lasted six seasons on air, Richard told Cord Magazine that ‘it just didn’t work’. Nevertheless, in that same interview, Richard affirmed that he wasn’t done expanding Gas Monkey yet: ‘I’d like to have a billion-dollar brand before I’m done. And it’s actually feasibly possible.’ So it’s clear that despite a pair of failed businesses Richard has been involved in, he isn’t one to be easily discouraged.

Why Was “Fast N’ Loud” Canceled?

While the cancellation of “Fast N’ Loud” took many of its fans by surprise, the truth is that even the most successful projects must come to an end at some point.

From when the show premiered in 2012, “Fast N’ Loud” gathered millions of people to tune in season after season to watch some of the most amazing and stunning car restorations happen on TV, regardless of how impossible they seemed.

While the show was also marked by some bad times, such as when the fan-favorite Aaron Kaufman left the shop for good in late 2016, no one ever thought “Fast N’ Loud” would ever see its end. However, that became a reality when in late 2020 Richard confirmed the show had finally come to an end in its 16th season.

To explain the reasons behind this decision, Richard said “The Joe Rogan Experience”, that he wanted to turn the page and focus on new projects. As described by Richard, the feeling of hitting the ceiling in terms of projects and creativity encouraged him to say goodbye to the show and Discovery all at once.

Leaving behind the show which turned his business into an international sensation might not have been easy for Richard, but he has plenty of other projects to focus on.

What Is Gas Monkey Garage Doing Now?

A lot has been going on with Gas Monkey Garage these last couple of years, starting with the fact that “Fast N’ Loud” was canceled and left its fans with a lot of open questions about the shop’s future.

Gas Monkey Garage is still doing well these days, but it’s a little different than what we remember from the show. For starters, the shop’s staff still works on customizations, but the business has turned into a whole brand of online content creation and merchandise sales, building a strong presence on their extremely popular social media accounts. On that same path, Gas Monkey Garage’s YouTube channel caters to their old TV audience by offering detailed videos about the builds going on in the and showing bits of Richard’s daily car-related adventures.

On top of that, the business has furthered its activities in the car trading industry, with Richard increasingly attending automotive auctions and exhibitions to get the best car deals. Last but not least, Gas Monkey Garage also sponsors local and international motorsports events, most of which are featured on the YouTube channel.

All in all, whether Richard Rawlings is buying $1 million in cars, selling his collection, or simply taking part in several projects and businesses, there’s no doubt that he knows well what he’s doing.