Club ownership of classic cars?

rollcall

Hi all, in a classic case of having a midlife crisis myself and 3 friends recently bought a classic car to restore and show. To keep the costs down, we opened a credit union a/c and share the costs and the use of the car between us. Even though its kind of communism, its working pretty good so far, and we have managed to remain friends. We were thinking of expanding the idea into forming a specialized club, but what I wanted to ask the CC experts was if you knew of any model where the club actually owns the cars, and then members can use them by booking etc. We are not talking about running a business or anything like that, but just having a club where your subscription goes towards actually buying, restoring and maintaining the cars, and there would be club insurance on the cars.
I know this concept is used in clubs like sailing clubs etc. where there are big costs involved in purchasing, but I just wanted to get your views on it. I work in an organisation with a lot of staff so there is good pool of potential members and the option to have subs. taken from wages etc., so that would make things easier, but I would welcome any ideas or suggestions, or if there is a precedent for this either here or in the UK.

homingbird

How do you sort out insurance for that setup with so many owners.

hick

open insurance