MARKET LEADERBOARD

💰 The figures shared below don’t count any other sales such as car seats, memorabilia etc..

I only include websites that have sold 5+ cars in the chart below. Which means Hemmings and many others did not sell 5 cars yesterday!

Yesterday, the market chilled out a bit with just $4.5 million in vehicle sales, a cool million below our daily norm. But hey, amidst that, there were still some real beauties and sweet deals snapped up – you just had to keep your eyes peeled! I’ve highlighted a few of these below.

FYI - All Hagerty’s sales will be at 100% this week, as they are auctioning off 6 No Reserve Cars per day

I'd like to see a feature where users can comment live on different sections of the newsletter, but until this platform introduces such a capability, I'll be sharing selected feedback here. I'll make sure to keep names anonymous unless someone explicitly agrees to have their name mentioned.

Yesterday, we ran a poll to see if you think the paint job could affect the price of a 2005 Ford GT that wasn't sold. 75% of the votes said yes it did affect the price.

Below is some of the feedback received:

Rivian's been a hot topic in the online auction world, with over 300 sales in the last year and a half. Launched in 2009 and backed by big names like Amazon and Ford, Rivian's making waves. But can they catch up to Tesla? Well, to put things in perspective, Tesla's in a league of its own – selling 325,000 vehicles in the first half of 2023 alone, while Rivian clocked in at 18,000. Despite these numbers, Rivians are quite the rare find, which probably explains why they're such auction favorites!

The 2023 Rivian R1S Adventure Edition, a relatively new entrant in the EV market, has shown an interesting trend in its auction prices. Initially, due to their novelty and limited availability, these vehicles commanded higher prices. Over the past year, although there's been a slight decrease in auction prices, they've remained relatively stable, indicating a sustained interest and value in the market.

A key observation is that models with super low mileage continue to fetch particularly high prices. This trend reflects the premium that buyers are willing to pay for almost-new, barely driven vehicles. The Rivian R1S, with its adventure-ready features and eco-friendly design, continues to be a sought-after model in the EV space, and its auction performance is a testament to its growing popularity and the value placed on low-mileage, high-quality electric vehicles.

These figures indicate a slight decrease in the average auction price over time, with the last three months showing a modest drop compared to the overall period. This trend aligns with the typical market behavior for vehicles after their initial release phase.

Who's moving these Rivians off the digital lot?

Sure, you'll see a few pop up on various platforms here and there. But when it comes to the heavy hitters, it's mainly Cars & Bids and Bring a Trailer that are dealing the cards.

Here's the kicker: Cars & Bids isn't just playing the game; they're acing it with an astounding 96% sell-through rate across 226 auctions.

Bring a Trailer? They're not too shabby either, holding their own with a respectable 72% rate. Seems like Cars & Bids has found the sweet spot for Rivian sales! 🚗💨🎯

1996 Porsche 911 Turbo $220,000

CHECK THIS ONE OUT!!! 1987 Buick GNX $191,000

Here we have an incredible 2022 Ferrari 812 GTS that sparked quite the buzz. Despite a final bid of $464,000 – which is $3,000 above its MSRP and theoretically at least $100k (and probably a lot more) under its projected value given its ultra-low 940-mile count – this Italian masterpiece didn't seal the deal. So, what held it back?

It seems the car's history had a part to play. Although it boasts a meticulous repair, the Ferrari had an incident involving its front bumper cover and left front quarter panel. The seller clarified that the damage wasn't extensive, but the insurance work, completed under the watchful eye of Ferrari of Atlanta, might have left potential buyers hesitant. After all, at this price bracket, the market often chases perfection over stories, even when the repair job is top-notch.

This Grigio GTS-finished beauty, with Cioccolato leather upholstery and equipped with a 6.5-liter V12 engine, seven-speed dual-clutch transaxle, and a slew of luxury features like 20" alloy wheels, carbon-ceramic brakes, and a front-axle lift, is a sight to behold.

Despite its near-perfect condition post-repair, it seems the blemish on its history was enough to deter buyers from hitting those higher numbers.

For those that follow either of these journalists, it got messy quickly. You can listen to the SmokingTire podcast here if that’s your thing.