📊 Weekly Sales Recap

While daily news often paints a bleak picture of the current car industry, the online car auction scene tells a different story—it's thriving.

Just last week, the total sales neared a staggering $40m, marking an increase from the previous two weeks, which recorded sales of $37.5m and $37m respectively.

Admittedly, the sell-through rate has dipped for certain businesses. However, I sense the market is stabilizing, as sellers adjust their expectations to more achievable figures.

The Porsche remains the undisputed champion, accounting for 10.7% of the sales last week. The appeal of Porsche is undeniable—they're not just selling, but selling impressively. Out of the ten highest-priced Porsches auctioned last week, PCarMarket managed to sell three—a commendable feat for a modest-sized company up against industry giants.

In the world of automobile enthusiasts, certain collections stand out as true masterpieces. This one-off collection of Porsche 911 parts is nothing short of an automotive wonder. Meticulously assembled over 38 years by the renowned Henry Schmidt of Supertec Performance, it captures the essence of air-cooled Porsche 911 models spanning from the 1960s to the 1990s.

As word of this unparalleled collection spreads, bidders from across the globe are vying to possess it. The current highest bidder (Sunday evening) hails from Germany, sparking the intriguing possibility of these iconic Porsche parts potentially heading back to their homeland.

Link to auction here.

🔩 General Information:

• Located in the heart of Fallbrook, California.

• An extensive collection emphasizing the golden era of air-cooled Porsche 911 models.

🔧 Engine Components:

• Featuring around 50 engine cases and a plethora of engine elements, including but not limited to crankshafts, connecting rods, and camshafts.

• Bosch mechanical fuel injection parts: velocity stacks, throttle bodies, and more.

🚦 Drivetrain & Transmission:

• Gearboxes, main shafts, axle shafts, and other integral drivetrain components.

• Assorted gears, bearings, and hubs complementing the collection.

🌉 Suspension & Braking System:

• Comprehensive suspension parts: springs, shocks, and coilovers.

• Brake components include rotors and calipers.

🔊 Exhaust System Components:

• A vast range of exhaust parts, from heat exchangers to manifolds.

🖼 Exterior & Interior Components:

• Spare doors, hoods, deck lids, and other exterior essentials.

• Interior collection highlighted by numerous seat shells.

For those with a passion for Porsche, this collection is the epitome of automotive history and craftsmanship. A once-in-a-lifetime opportunity that shouldn't be missed! 🌟

🎙️ Exclusive Interview:

Ro Choy CEO of Cars & Bids 🚗💨

Unlocking the Future of Online Car Auctions

We're thrilled to bring you an exclusive one-on-one conversation with Ro Choy, the CEO & driving force behind Cars & Bids, one of the most innovative platforms in the online car auction market.

Get ready to dive deep into the trends shaping the industry, the secrets to Cars & Bids success, and a sneak peek into what's coming next.

THE DAILY VROOM: Market Evolution -  How do you envision the online car auction marketplace evolving over the next decade, especially with the rise of electric and autonomous vehicles?

Ro: We believe the online car auction marketplace will continue to grow despite current issues in the used car market overall. One of the main drivers is the broadening definition of what constitutes a collectible or enthusiast car. Electric vehicles are a great example of that. Arguably, a Rivian R1S isn’t a traditional collectible car. But given its amazing performance, attractive design, and limited supply (versus current demand), there is no doubt that the R1S has grown a strong following since its announcement and release. We think that as long as auto manufacturers continue to invest in innovation, design and performance, there will be an enthusiastic audience to match.

TDV: Evolving Auction Landscape - With the rapid proliferation of online auction platforms, including traditional physical auction houses transitioning to the digital realm, the marketplace is becoming increasingly crowded, even I’m having trouble keeping up!

How do you envision the future of this sector? Will there be a consolidation or a different evolution altogether? Additionally, how closely do you monitor the strategies and innovations of other platforms if at all?

Ro: There’s no doubt that the online car enthusiast auction market is very competitive. We track two dozen alternative auction sites directly and that’s probably only a quarter of the sites that have been launched in the last few years. That said, in other markets like luxury goods, shoes, or watches, there’s typically no more than a handful of sites that become active, growing and liquid marketplaces. Achieving that in the used car space is incredibly difficult, since a platform needs to be able to build a highly engaged audience of buyers who typically purchase a car once every 3-5 years. Trust is paramount. Continuing to build a strong brand that allows sellers and buyers to be able to move forward with a $10K-$1M purchase is an integral part of our business model, and a privilege that Cars & Bids takes very seriously.

Rather than consolidation, it’s clear that most of the new entrants to the online auction market won’t be able to gain a legitimate foothold or scale an audience large enough to deliver sales. That's part of what makes Cars & Bids so special -- since we launched just three years ago, we've hosted over 15,000 auctions and added 435,000+ members, which is something that no other new marketplace has been able to achieve to date. In terms of audience, Cars & Bids is fortunate to have our founder Doug DeMuro reviewing cars being auctioned on the site. Doug is one of the most popular car reviewers and personalities in the world. His YouTube channel features billions of views and millions of subscribers - all serious car enthusiasts. Exactly the audience Cars & Bids sellers and buyers want to access.

TDV: Sell-through Success - Cars & Bids consistently boasts the highest sell-through rate among online car auction platforms. What unique strategies or approaches have you implemented that differentiate you from other platforms and contribute to this impressive success rate?

Ro: I give complete credit to our team for achieving our best-of-market sell-through. We work diligently with sellers to provide them with the most transparent up-to-date market data on the cars they are about to sell. In addition, the team works exhaustively to close deals whether a car surpasses the reserve during the auction or not. Our commitment to follow up post-auction is an incredibly critical part of our success. Ultimately, this is a relationship-based business and each customer is important to us. Doing everything possible to close a sale, from transparent reserve setting, aggressively curating what’s listed on the site, presenting cars to one of the largest enthusiast communities online, and supporting sales post-auction, help Cars & Bids maintain industry best sell-through rates.

TDV: Tech-Driven Enhancements - Your platform has integrated cutting-edge tools like the shipping widget which I love, and you’ve recently introduced inspection services, which add a further layer of trust. As technology continues to evolve, are there any other ancillary services or tech-driven features you're considering to further enhance the user experience on Cars & Bids?

Ro: It’s crucial for Cars & Bids to be a technology leader in the space, so our company will continue to invest and release key improvements and innovations on our site regularly. Our vision statement is to build joy with car enthusiasts, and we define success by instilling that goodwill across all our content, commerce and community efforts. I would encourage your readers to stay tuned regarding our product releases because Cars & Bids is planning a ton of great things coming soon across all three of those areas.

TDV: Vintage Vehicle Inclusion - I've received numerous requests from our community curious about this: Given the platform's current focus, will Cars & Bids ever consider opening up listings to pre-1980's vehicles, embracing the classic and vintage car enthusiasts?

Ro: Currently, Cars & Bids wants to stay focused on enthusiast cars from 1981 to present day. This isn’t only because this is the fastest growing segment of our market, but also where our expertise lies. While Cars & Bids is always interested in growing our business across other market segments, we want to make sure that we're continuing to cater to our audience's -- and our own -- core passion. That passion is for modern enthusiast cars from the 1980s to now.

TDV: Post-Auction Focus - A notable topic we've discussed on The Daily Vroom is the commendable post-auction support Cars & Bids offers, especially when a vehicle doesn't sell. Was this emphasis on after-sales support a deliberate strategy from the outset? How do you view its importance in the overall customer experience and the platform's long-term success?

Ro: We agree that the post-sale process is absolutely key to best serving the sellers on our platform. Cars & Bids understands the amount of trust needed for a collector to bring a car to auction, and our company takes that responsibility very seriously. The centerpiece of a successful auction experience is quality communication on the sell and buy side across the entire sales process - prior, during and after an auction. Given the time and investment both sellers and buyers make on Cars & Bids, since the company’s inception, we’ve ensured each side has a fun, hassle-free transaction, and post-auction support has always been a critical part of that.

TDV: Market Trends - Have you noticed any interesting trends in the types of cars being listed or in buyer behaviors on the platform?

Ro: One of the biggest trends that our team has seen over the last couple of years is the growing excitement around new EVs. As each new model comes out, there is a lot of interest from buyers and sellers alike. For many enthusiasts it’s the first time they’re making the jump to actually acquiring an EV. Of course, most are well aware of EV models, but many have never seen anything but press photos before, and there’s a lot of interest now in learning more. We saw this first with the Hummer EVs, Rivian R1T, and the Ford Lightning last year, but it’s been interesting to see this enthusiasm sustain and build with each subsequent new release – especially in the high performance and off-road models.

Another trend of note is the growing definition of “survivor” cars. Over the last few years, “normal” but low-mileage cars from the 80’s and early 90’s – Civic, Camry, Pathfinder, and so many more – have become increasingly in-demand. For example, Cars & Bids sold an 800 mile, 1989 Nissan Pathfinder for a notable $37,251! These are ordinary cars that never lived in the exotic category, but we were all well-loved. Nostalgia sells in the car market. New generations of buyers want to acquire cars that they grew up in and have happy memories. That nostalgia is making low-mileage, quality examples of these cars sell at relatively speaking, very high prices. The trend is now extending to surprisingly well-preserved “regular” cars from the last 90’s and early 00’s too (including, for example, the base 2002 Toyota Matrix that we sold for $15,000).

TDV: Navigating the Timing - Many of our readers grapple with the decision of when to list or purchase a vehicle, especially given the uncertainties in today's market. From your vantage point at the helm of Cars & Bids, what advice can you offer to those who are on the fence about selling or buying right now?

Ro: When it comes to enthusiast cars, now is still a great time to buy or sell. While some values are decreasing, quality vehicles are still at a price premium relative to the big runup the past 2-3 years. Quality still sells in this marketplace. Collectors have money for rare, special cars that are unique. Fortunately, that is what we specialize in at Cars & Bids.

In addition, the great thing about Cars & Bids is the convenience that we offer sellers. We do a lot of work on behalf of both buyers and sellers when it comes to transparent market pricing through informed research. That’s a valuable asset today in this market. By providing the most up to date market clearing prices for cars, all the analysis behind it, and well over an 80% sale rate, Cars & Bids is a valuable resource. We want our sellers to make the most informed decision they can - whether now is the right time to sell their car or whether they should wait. That same commitment also extends to buyers on Cars & Bids. Each party needs to come away happy for an auction to be a success. To do that, Cars & Bids works with clients to give them all the information they need to make a smart, informed decision.