Bring Top Trailer Sales .4 Billion Despite Classic Car ‘Bubble’ Correction

Bring Top Trailer Sales $1.4 Billion Despite Classic Car ‘Bubble’ Correction

Don’t encourage car fans in their Bring a Trailer addiction.

The auction site for everything from classic cars to modern enthusiast vehicles started from humble beginnings and word of mouth to become the best car auction end of all, on the internet.

Bring a Trailer, owned by Hearst Magazines since 2020, has seen its user base grow and page views increase as the “auction voyeurism” trend has interested fans in signing up to find their car perfect (that they may never buy), but the auction action brings an excitement and “what if” factor that’s hard to replicate from the comfort of your own home.

But it’s not just window shoppers, Bring a Trailer saw sales increase in 2023 in a year where higher interest rates, rising insurance premiums and economic uncertainty weighed on the car market. Bring a Trailer’s revenue increased 2% to over $1.4 billion, with total sales volume reaching 30,000, up 19% from a year ago.

592 mile 2014 Pagani Huayra for sale at Bring a Trailer (credit: Bring a Trailer)592 mile 2014 Pagani Huayra for sale at Bring a Trailer (credit: Bring a Trailer)

592 mile 2014 Pagani Huayra for sale at Bring a Trailer (credit: Bring a Trailer) (Bring a trailer)

However, an increase in total unit sales of 19% with revenues rising only 2% means that prices per lot fell, and they did. The average price per car sold at auction on Bring a Trailer fell to $54,000 from $59,500 a year ago.

The question is – are hard times over for the classic car market – one of the biggest alternative asset classes out there?

“There was a big bubble in 2022, people were spending money like crazy on cars, on other things, and 2023 corrected that,” said Randy Nonnenberg, CEO of Bring a Trailer in an interview with Yahoo Finance. “We see the values ​​of the cars 1707680158 be pretty consistent with where they were in 2023, so it will stabilize somewhat as people figure out what they’re doing.”

Top Five Best Sellers by Price in 2023 on Bring a TrailerTop Five Best Sellers by Price in 2023 on Bring a Trailer

Top Five Best Sellers by Price in 2023 on Bring a Trailer (Bring a trailer)

Now the site has hit some big sales, with a “virtual” hammer price of $2.89 million for a 2014 Pagani Huayra, $2.5 million for a 1967 Porsche 910 and $1.79 million for a 2020 Ford GT.

“Well those are obviously way up there, but most people aren’t out there spending $3 million on a car, but thankfully some people are,” Nonnenberg said with a laugh.

Although there were large sums, they did not match some of the large auctions that took place in the heady days of 2022. “People were throwing money at these [in 2022] thinking they’ll be back in them in 12 months, and that kind of exuberance was a little over-optimistic, but now they’re settled.”

1967 Porsche 910 for sale at Bring a Trailer (credit: Bring a Trailer)1967 Porsche 910 for sale at Bring a Trailer (credit: Bring a Trailer)

1967 Porsche 910 for sale at Bring a Trailer (credit: Bring a Trailer) (Bring a trailer)

Nonnenberg is more focused on the “bread and butter” listings, as he calls them, $50,000-$60,000 cars. After all, since Bring a Trailer only charges a $99 listing fee and a buyer’s fee of 5% of the car’s sale price, which is capped at $5,000, those million-dollar listings don’t bring in that much more. income (although there is a prestige factor).

Bring a Trailer isn’t the only game in town when it comes to online auctions. eBay Motors, Cars and Bids (started by car reviewer Doug DeMuro and owned by the Chernin Group), and PCarMarket, among others, all cater to buyers big and small.

One way to help with “bread and butter” listings, as Nonnenberg calls them, is to facilitate sales between buyers and sellers; currently once a sale is completed on Bring a Trailer, both parties must complete the payment, title transfer and delivery of the car, which can be difficult and financially daunting at times.

German and American brands lead the way in sales at Bring a TrailerGerman and American brands lead the way in sales at Bring a Trailer

German and American brands lead the way in sales at Bring a Trailer (Bring a trailer)

“There are digital tools now that we’ve developed for the last number of months that we’re launching in the next 30 days that will help people transfer documents, send money, escrow, verification — more things to elevates and makes it easier to sell online,” Nonnenberg said. “You can count on Bring a Trailer to make it a safer and better transaction.”

With better shopping tools and more auctions happening every day, speculators can turn into future buyers.

Pras Subramanian is a reporter for Yahoo Finance. You can follow it I tweet and so on Instagram.

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