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BaT's Q1 2024: A Look at Sales Performance and Highlights
PLUS: Why The 2019 Lamborghini Aventador SV Remained Unsold
The Daily Vroom
Good Morning, Vroomers!
Let’s get right into today’s edition.
MARKET LEADERBOARD
💰 The figures shared below don’t count any other sales such as car seats, memorabilia etc… All online auction sites are analyzed to put this leaderboard together.
I only include websites that have sold 5+ cars in the chart below.
How much better does a fuller leaderboard than the usual 4 platforms. I think we can eventually do better and get 10 platforms onto the leaderboard.
It wasn’t like there was a huge sale increase yesterday, just that some platforms sold more. We had $6.5m worth of sales. Checking out the last column for the reserve sell-through rate, you’ll see why it’s key for the top two to stack up on no-reserve listings as much as possible.
YESTERDAY’S TOP 5 SALES
Some top-notch cars found new homes yesterday. Hats off to Sotheby's Motorsport for clocking in the second-highest sale. And a big, slightly envious shoutout to the new owner of the 1967 Porsche 911S Coupe—what a breathtakingly beautiful machine. Snagged it at an awesome deal, too.
To view each listing, click on the cars.
Why The 2019 Lamborghini Aventador SV Remained Unsold
The 2019 Lamborghini Aventador SVJ didn’t hit the numbers Cars & Bids were hoping for, maxing out at a $630k bid. Let’s not get too hung up on that one-off $671k sale from last year; it's not the be-all and end-all for setting market expectations. Dealer asking prices are floating around the $670k to $700k mark, but reality seems to peg the value a bit closer to our auction’s high bid, maybe just a bit over $630k.
Digging into the car itself, as per Doug, this Aventador SVJ is decked out in Nero Aldebaran with a Nero Cosmus interior, low mileage, and kitted with some high-end options.
Yet, it didn’t climb past $630k. Maybe the seller’s holding out for a market rebound, hoping to recover more from their initial investment in 2023 which no doubt must have been higher than the high bid. But whether that’s a smart bet in today’s market is up for debate. My view is that if it goes up it won’t be much more than the offer today.
So, what’s next for the seller? Might just have to suck it up and enjoy the ride. (how awful!). These cars are built for the thrill, not just for the auction block. Sure, it's a tough pill to swallow, especially when you’ve dropped more cash than what the market’s willing to play ball with now. But hey, driving an SVJ beats staring at it in your garage, waiting for the market to turn.
Mini Dive Into BaT’s First Quarter Of The Year
Today's rundown isn't about flooding you with diagrams; it's a quick glance at how BaT's vehicle sales have shaped up this year. Things kicked off at a slower pace—fewer car listings more than a tepid sell-through rate. But, as we rolled into the last month, things really started to pick up speed. We even hit a milestone with a day of 100+ sales, and now, numbers are consistently hitting the low 90s in sales volume. March saw a significant jump in the value of cars sold. We're all eyes here to see if BaT can keep this momentum rolling.
The average price of cars sold for each month is as follows: (rounded up)
January: $48,000
February: $46,000
March: $45,000
The total sales value just tipped over $297 million. Continuing at this pace, they're tracking towards a $1.2 billion year. No doubt, they're aiming for even loftier figures. It'll be interesting to watch how things unfold in the upcoming weeks and months.
Below are the top 5 makes sold from Jan-March. Numbers in March are off the charts, with nearly 300 Porsche’s sold!
We can dig a little deeper to see which Year/Make/Model was the most popular car sold over the three months. Who would have thought it would be the 1987 Mercedes-Benz 560SL, not me!
Alumni Catchup
Below are the top 5 Alumni sales yesterday. The arrows in the diagram below show whether the vehicle sale has gone down or up in value.
Yesterday, a solid 77% of Alumni listings found new owners. Digging deeper, specifically into Reserve Alumni listings, the sell-through rate was at 57%. It's a mixed bag with Alumni listings; sometimes they fetch higher prices, but yesterday, they dipped below the site's average sale price. One standout, though, was the modified E30 M3—an absolute blast to drive and a champ at maintaining its value.
Vroomy Reads
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Sit back, relax, and enjoy the most captivating reads in the automotive world. 🚗💨Happy reading! 📰😊
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