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. Which means Hagerty, Hemmings, PCarMarket and many others did not sell 5 vehicles yesterday!

Yesterday was a bit on the quieter side for sales across the board. It's not just the big names feeling it; the second-tier platforms also saw a dip in listings. In total, we clocked in $5.2m in vehicle sales, with only Collecting Cars and Bring a Trailer hitting those six-figure sales. But hey, don't let the numbers fool you – we witnessed some stellar sales.

Now, before you jump to conclusions about the market cooling off, take a gander at those sell-through rates. When cars are hitting the listings, they're finding buyers. It's clear that sellers are getting savvier, setting realistic prices for models that aren't riding the 2022 hype wave anymore. Case in point: check out that G-Wagon sale.

On the flip side, there are still plenty of models that are bucking the trend and climbing in value. And let me tell you, even though the market seems packed with platforms, I'm spotting a massive opportunity for a new or existing player to make a splash or for an existing one to step up and give the top dogs a run for their money. So, stay tuned – the game is just getting interesting!

Alright, let's dive into yesterday's top sales. Just click on the image, and boom, you're right at the listing.

So, in yesterday's edition, we talked briefly on how Hagerty are really struggling with their auctions. We also dove into that jaw-dropping $99,500 sale of the 1982 Mercedes-Benz 300TD Turbo. Now, here's a twist. We got a note in our inbox from Jim pointing out that, “Hagerty values just published how the 300TD is one of the 5 biggest decliners in value in 2023. Declining around 20%” 

According to actual sales data from the platform selling the most 300TD’s, (BaT) sales are certainly not a downward trajectory.

Makes you wonder, right?

I had to see it for myself, so I headed over to Hagerty's corner of the web (you can check it out here). The headline screams 'The 5 Cars That Lost the Most Value at the End of 2023', with our beloved 300TD spotlighted for a -19% dip.

The article's vibe is that the 300TD's price spike, especially for low-mileage gems fetching $50k–$60k, is now hitting the brakes, dropping by 19%. But here's where I'm scratching my head: they talk about top-tier models nosediving, yet they're the same ones they say raking in that $50–60k. Bit of a mixed signal, don't you think?

Curious, I clicked through their data link directly from the article, and guess what? The biggest drop they show is a mere 4.1%, not 19%. I’ve also checked out other data sources, and I don’t see a 19% dip in 2023. Sales have been steady with some outliers both above and below the average prices.

So what's the deal here? Is this just a flashy headline grab, or did someone not do their homework? For a big name like Hagerty, claiming the 300TD as one of 2023's biggest losers seems way off base.

Yesterday, I was just worried about their auction game, but now this? I used to take their word as gospel (big oops), but now I'm second-guessing.

Vroomers, let's shift gears and talk about something that recently set the auction world abuzz: the 2013 Caterham CT03, a bona fide F1 machine, parked itself on Cars & Bids, igniting a storm of excitement and speculation. This wasn't just any auction; it was the first actual F1 car to grace the platform. However, despite the hype and a flurry of bids, it didn't hit its reserve. Yet, the buzz was undeniable, with many bidders eagerly asking the seller to reach out for potential deals post-auction. As of yet no deal has been struck.

The Enigma of Valuing a Formula 1 Legend

Valuing such a marvel is no walk in the park. The CT03 is more than just a car; it's a slice of F1 history, now a rolling shell sans its heart – the engine, KERS, and transmission are all MIA. It's a vehicle that's not just about the price tag but about the legacy it carries.

Community Buzz: A Mixed Bag of Reactions

The auction drew in a mix of curiosity, awe, and a fair share of head-scratching. Here's what some of you had to say:

• Jagularr pondered, "Is this worth $2M or $200k? I feel like by listing it on Cars & Bids you’re guessing it’s closer to the latter, but I don’t understand what would have 'depreciated' this to that extent."

• JAYDEENC chimed in, reminding us of the car's origins: "Think about the fact this was likely a $7-8M build... This is still a multimillion-dollar build."

• ikarzali, ever the enthusiast, couldn't resist the call of the auction, stating, "Hit me up if the highest bidder balks. I am willing to move."

The Future: What Lies Ahead for F1 Memorabilia?

The CT03's journey through the auction, despite not sealing the deal, showcased the intense interest and passion for F1 memorabilia. It's a testament to the allure of these mechanical marvels and the stories they carry with them. For now, this particular F1 tale remains on a cliffhanger, leaving us all wondering, "What's next?"

For those of you that follow Formula 1, my friend David runs the best (free) weekly newsletter during the F1 season - go check it out at apexbite.com 

In the myriad of car stories I've shared with you in The Daily Vroom, one car has made more appearances than any other: the 2002 Mercedes-Benz G500.

Regular readers will recall it's been a frequent flyer here, hitting the auction block four times within a year. This latest round, it's found a new home for $77,500.

Now, I'm not one to throw around words like 'steal' when it comes to auctions, so I'll hand the mic over to the master of sales, Wob (the seller).

Anyone tuned into the BaT scene knows Wob's got a knack for nailing the right price on the mark. And boy, did he deliver with this G500.

As Wob eloquently put it, "Best of luck to the bidders, this has to be the lowest mile, cleanest, most factory minty fresh G500 in existence. Freshly serviced and ready to enjoy like it’s 25 years ago. Even smells brand spankin’ new inside. A true time capsule without any doubt!"

High praise from a top seller – a testament to the G500's standout presence and the acumen of those who know how to showcase such a gem.

In yesterday’s poll I asked you:

‘Should auction platforms get a commission for post-auction sales?

The results were pretty clear with most voters saying yes.

Here’s a selection of some of the comments.

Check out this snippet from our interview with Randy Nonnenberg where we dove into this very topic. While I can't vouch for the entire BaT community, the slice that did cast their votes resonates with Randy's insights.

TDV:  In my writings for The Daily Vroom, I've often highlighted a unique aspect of BaT's approach: when a sale doesn't finalize through the platform, BaT connects the seller with the highest bidder, and I surmise that many of these introductions lead to successful transactions off the platform. It appears there might be a revenue opportunity being left on the table. Given that many buyers I've interacted with seem open to a fee for such facilitation, have you considered introducing a mechanism to assist and benefit from these post-auction deals? How do you view this potential avenue for added value and revenue for BaT?

RN: We've considered many of these things over the years. You are good at zeroing in on interesting aspects of the business! We have had sellers that insist on sending us fees after an RNM listing finds them a buyer. In the early days we never wanted to insist on it because it felt too much like other auctions and car dealers that would hound a seller for a fee that they may or may not have deserved. We wanted to be very different from that. But as years have marched on it has become clear that many deals happen right after BaT listings end in RNM. There is an opportunity to be involved in some way there that feels genuinely fair, I think. if done right, I think it would be accepted or even appreciated.