Why This BMW M1 Is Worth Every Penny of $580k

PLUS: Your Ideas on how platforms can reverse recent sales declines..

The Daily Vroom

Hey Vroomers!

Wow, you guys rock! 🎸 Thanks for flooding our inbox with responses to yesterday's polls. You're the real MVPs!

Speaking of yesterday, the market did a total 180 on us.

Curious about what your fellow Vroomers think? Scroll down to the bottom for the juicy poll results and your awesome feedback.

Time to hit the road for the weekend! đźš—đź’¨

Catch you on Monday,

- Sam

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+ vehicles in the chart below.

We went from a tough day on Wednesday to a strong rebound on Thursday. Sales climbed to nearly $8M, with the average price jumping from $31K to an impressive $50K. The pie chart below highlights this shift, showing that sales over $100K made up more than 10% of the total, clearly indicating it was a higher-than-average sales day.

YESTERDAY’S TOP 5 SALES

Want to dive deeper into any of these listings? Just click on the car to take you directly to the listing.

2009 Ferrari 430 Scuderia Spider 16M $621,000

1980 BMW M1 $580,000

2021 Ferrari 812 GTS $375,200

2014 Rolls-Royce Phantom Drophead Coupe $277,500

468-Powered Superformance GT40 Mk II $241,000

The one sale that really stood out to me from yesterday’s top five was this 1980 BMW M1. The seller bought it in 2022, put nearly $200k into it with extensive work at Canepa, and still ended up selling it for $25k less than they originally paid! Some will chalk it up to market conditions, and I could say it’s the views it received or didn’t- as it got less than 50% views of the original listing. But when it comes down to a one-off like this, it's nearly impossible to pinpoint exactly why the final price lands where it does.

Regardless, the buyer just snagged an absolute gem. This 1980 BMW M1 is one of about 400 road-going versions ever made, and it’s one of only three factory-delivered in black. With a mid-mounted 3.5L inline-six engine, a ZF five-speed manual transaxle, and only 30k miles on the clock, this car is an absolute legend. Here’s to the new owner, who just scored themselves an iconic piece of BMW’s motorsport history.

Your Feedback

Yesterday, we were talking about how sales in August 2024 are actually up compared to August 2023, but most platforms—aside from BaT—saw a sharp decline in sales.

We focused yesterday solely on the US market, but it’s worth noting that Collecting Cars—which consistently ranks in the top 5 sales of the day(as they did today)—had a 41.6% growth in August 2024 vs August 2023. That’s definitely something not to overlook.

Anyway, the question I asked was: What do you think platforms need to do to reverse the recent sales declines?

Most of you voted for “Invest in better marketing and customer engagement”, and here’s a selection of your comments below.

It might be time for two or three of the smaller, less dominant platforms to join forces. By combining resources, they could offer a more compelling product and gain traction. Although I cant imagine Hagerty and Hemmings getting together that would be a recipe for disaster!

Give dealers the reserves they ask for or at least work with us better than low balling. We can't be the big name sellers/brokers if they don't give us an opportunity.

Websites need to clearly define what sets them apart. Too many platforms feel the same, listing similar cars without a strong value proposition.

I think we’re at a point where marketplace consolidation is going to be a headline over the next 12 mo. It’ll be interesting to see if leaders choose to expand product/service offerings, or pursue more specification in the marketplace by creating more niche-focused platforms. In other words, will marketplaces go deeper or wider within particular segments? We’re betting on the former. PS: Just a word of encouragement! Your newsletter is the highlight of my inbox. Keep up the grind, and all the best.

We also talked yesterday about that Supra listing on SBX, which had barely gained any traction. I asked, "Why do you think this unique Supra auction on SBX Cars is underperforming?" (Spoiler: the car didn’t sell).

The majority of you said it’s the "wrong audience on the SBX platform." Below are a few of your thoughts.

This car is coming out a known JDM builder and private collection and should have no problem meeting reserve. The inability to sell this car in my opinion goes back to SBX refusesing to tag sellers in IG posts. They’ve done this numerous times even with consigners that have a bigger following than their own Sbx insta account. They act like they don’t need anyones help, or advice due to the presence of the SB empire

Having that many followers and not leveraging it is just a poor marketing strategy. If they want to seriously play in the online auction space they need to leverage every avenue possible. They are not building momentum.

All of the above. Hubris. A belief that the cars would market themselves. Self-hatred that these are the cars that they are getting (not the continuous stream of supercars and hypercars they promised). How long will the charade go on? Until they sell the company, that’s my guess.

It’s bad marketing and the wrong audience. They seem to have assumed that there would be a good handful of car collectors within their massive social media following and that appears to not be the case at all. Maybe they didn’t know the actual demographic of their following before deciding to start this business. One can only speculate. But what’s becoming clear is that they haven’t been able to successfully pivot their marketing strategy to pick up the pace.

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