Online collector car auction site Bring a Trailer now brings the trailer to you. The recent Porsche Carrera sale represents another threshold crossed in the popularity of such online sales, he added via email about the trend. “Online and live auctions were on fire last year,” Fisher says. This advertisement has not loaded yet, but your article continues below. Online car sales across the board were up 107 per cent year over year, moving from US$492.5 million sold in 2020 to US$1.02 billion sold in 2021, said Hagerty’s Kevin Fisher. Online auctions eclipsed live auctions for the first time ever in 2021, with 20,000 cars sold online versus 16,000 cars sold live across North America, according to data from the classic car insurer and data firm Hagerty. “But people are finding that we are a highly effective way to if you want to do it in a more personalized, streamlined way.” They put on a big show,” says BaT President and Co-founder Randy Nonnenberg. “Big auctions will always have a business. A representative for Bonhams did not respond to a request for comment. Further down the list, Barrett-Jackson confirmed annual sales of US$191 million for 2021, while Gooding & Co. It’s more than double the US$407 million in total auction sales that Canada-based RM Sotheby’s reported for 2021. The news soundly beats the US$578 million in total sales Mecum Auctions reported December 28. You can follow him on Twitter and on Instagram. Pras Subramanian is a reporter for Yahoo Finance. More unexpectedly, it seems the next 100,000 listings will likely powered by fans of 90s and early aughts modern classics. “ by far the highest dollar volume a lot of the record results that we're seeing are in that sort of area, and it's different than people would have predicted.”īAT predicts it will hit a major milestone this year, when it crosses the 100,000 listing mark, something Nonnneberg wouldn’t have predicted many years ago. These days, cars from the '80s and '90s you know, are 25 and 30 years old, just like they were back in the day,” Nonneberg says. “When I was a kid, classic cars were from the '50s and '60s and had tail fins and chrome. 
They’re usually not thinking of Toyota Supras, Honda NSXs, or BMW M3s. When most people think of classic cars, they think of Mustangs, Camaros, and Corvettes from the 60s. Looking ahead, one area of the modern classic market that BAT sees as a growing area of interest is '90s era cars. Nonneberg also believes BAT is immune to certain downturns in a market, because while in upmarket they might be buying, in a down market they might have to sell to raise cash, and Bring a Trailer is the “most efficient and reliable way to unload” one of these vehicles, he said. saw bidders splash out like never before, with total sales hitting an astonishing $469 million, nearly $120 million over last year. At Monterey–Pebble Beach Car Week this past August, auction houses like RM Sotheby’s, Bonhams, and Gooding & Co. The environment he’s talking about is where global equities have plunged deep into correction and near bear markets, interest rates across the globe have skyrocketed, and the IMF and others are warning about economic slowdowns.Īt the highest end of the classic car market, it seems buyers are immune to these economic realities. “It’s a compelling marketplace and we see increased demand that’s not letting up even in this environment.” “People continue to be very interested in the space,” Randy Nonnenberg told Yahoo Finance. On the other hand fans decry the exploding values of once attainable cars, that they blame on the rise of Bring a Trailer.įor BAT co-founder and president Randy Nonneberg, he’s just meeting his customers where they want to be, and with overall sales this year already crossing $1 billion and blowing away last year’s total, its seems it’s where they want to be, and there’s no stopping them. On the positive, the site has on display hundreds of classic and enthusiast cars that one can peruse and bid (or dream of bidding) on.
For car lovers out there who follow the classic car market, the exploding interest in auction site Bring a Trailer (BAT) has, to put it lightly, been a mixed blessing.
0 kommentar(er)
