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 online auction platforms collectively witnessed over 180 sales, a significant uptick from an average day's activity. This surge in sales amounted to an impressive $6.5 million in total, with BaT contributing a substantial $4 million to this figure. For context, especially for those new to The Daily Vroom, a typical Monday usually sees around $5.5 million in sales.

A notable portion of these sales came from European Catawiki. While they sold a large number of vehicles, the total value amounted to just $450,000.

In an interesting development, Hagerty achieved a 100% sale rate, a trend expected to continue throughout the week as they auction off the 'George Foreman' collection, all at No Reserve.

This activity dispels any notions of a market downturn. Indeed, while prices are showing signs of softening, it's important to note that the market is still robust compared to the Covid era's inflated pricing. Moreover, many cars continue to sell over MSRP daily, as you'll see later in this newsletter.

On a somewhat related note, it's interesting to observe the current standing of Hemmings in the market. Many people have, at some point, held a certain fondness for Hemmings. Yet, surprisingly (or not surprisingly if you’ve read my previous posts about them) they aren't making a significant impact on the market leaderboard currently.

I genuinely appreciate each and every email I receive from you, and it's always a highlight reading your insights and comments in our polls.

In last Friday's edition, we delved into how Hagerty incorporates their commission into the final price, a practice not commonly seen in most online auction houses. This topic sparked a lively discussion, and I received several intriguing emails on the matter. Among these, one in particular caught my attention, which I've highlighted below for further exploration.

I've gotta say, I absolutely love the Ford GT - it's a beast of a car in every single way. But, honestly, I'm kinda getting tired of seeing them every other week at auctions. Just yesterday, one of these beauties didn't sell, topping out at a high bid of $407,750.

What's crazy is that less than two years back, this very same car went for $455,000.

Now, before we jump to conclusions about the market adjusting or whatever, there's a big elephant in the room we gotta talk about: it was repainted. No matter how slick that new paint job might have been, it's a turn-off for buyers. We're talking about a low-mileage, originally factory-spec car here. That repaint job could easily be why the bids weren't as high as expected.

Below are all the online results of the 2005 Ford GT in the last 2 months.

I'm experimenting with a new kind of 3D visualization here, so bear with me if it looks a bit rough around the edges. What I'm really digging into is whether mileage plays a major role in these auction outcomes. From what I'm seeing, there's a pattern where the 2005 Ford GTs with lower mileage often actually get sold, while the ones with more miles on them usually just rack up high bids but don't end up selling.

Ferrari 330 P4 Re-Creation by Noble Motorsport $305,000

2022 Porsche 911 GT3 6-Speed $238,000

2003 Aston Martin DB AR1 6-Speed $221,000

2023 DODGE CHALLENGER SRT DEMON 170 $211,000

2004 Lamborghini Murcielago $199,999

Alright, folks, check this out for our "Flip of the Day" - talk about striking gold! We've got this jaw-dropping, rubber-burning 2023 Dodge Challenger SRT Demon 170 that just hammered down for a cool $211,000. Let that sink in. This beast was snagged for just $123,000, and now look at it!

This isn't just any car; it's a celebration on wheels, marking the final year of the Dodge Challenger. With only 35 miles clocked, it's practically a newborn. Under the hood? A monstrous 6.2-liter supercharged V8 pushing over 1,000 HP. The Demon 170 is more than a car – it's a statement, decked out in B5 Blue with a Demonic Red leather and Alcantara interior.

And get this – it's one of only 3,300 planned. This demon roars from 0-60 in a mind-blowing 1.66 seconds. With its drag radials, Transbrake, and all the high-octane goodies, it's no wonder this car's a hot ticket.

This sale isn't just about the car; it's a testament to the market still willing to pay top dollar for prime, high-performance machines. And frankly, who can blame them?