Ford GT’s Missed Mark and GNX’s Re-Sale

PLUS: Your feedback on BaT's new 'make a final offer'

The Daily Vroom

Good morning Vroomers,

I've got to say, I'm genuinely touched by the flood of messages that came in yesterday (today). So many of you reached out to thank us for keeping you in the loop with the latest industry news as it breaks. Just want you to know, every email gets a response, and your appreciation means a lot. It's what keeps us going, knowing you're out there reading this daily.

No midnight oil burning for me tonight - the news world was mercifully quiet. So today, we're sticking to our usual format.

Catch you on the flip side,

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.

Yesterday was a distinctly average sales day, with just shy of $7m worth of transactions. For those who've been asking, yes, we do include motorcycles in our analysis. This figure covers both cars and bikes - we're equal opportunity observers here in the world of wheeled wonders.

Yesterday's Sales Breakdown:

The breakdown is nothing out of the ordinary. In fact it looks distinctly average. The $20k-$40k segment has again emerged as the market sweet spot. High-end sales ($100k+) were not 10% or above and nor were the low end ($0-$5k). The average sale price across all platforms settled at $45k. (average is $42k-$45k).

YESTERDAY’S TOP 5 SALES

Well, well, well... No surprises here, folks. Collecting Cars and BaT are hogging the spotlight again with yesterday's top 5 sales.

Now, let's talk about that 2005 Ford GT that went for a pretty reasonable $400k. I'll bet my bottom dollar it could've fetched another $20-$30k if they'd bothered to present it properly. I've been harping on about this till I'm blue in the face - these 'premium' cars should be handled by one of the platform's top sellers. Sure, it sold this time, but how many times have we seen shoddy presentation and vague answers tank a sale? The platform reps should be nudging sellers towards listing with a local partner. It's not a golden ticket, but it sure as hell helps. Just my two cents, mind you.

Oh, and that '87 Buick might look familiar. That's 'cause it sold for $220k just 10 days ago. The buyer got cold feet and bailed. Don't you just hate when that happens.

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

2005 Ford GT $400,000

2014 Mercedes-Benz G500 Cabriolet - Final Edition $390,000

There is not enough comparable auction data for this Mercedes.

1987 Buick GNX $200,000

2021 Porsche 718 Cayman GT4 Clubsport Competition MR $185,000

There is not enough comparable auction data for this Porsche.

2023 Porsche 911 Targa 4S 7-Speed $185,000

This is the only manual version of the car that has been sold so far.

Fun Bargain Of The Day

Here's a quirky Swedish treat that doesn't come around often. We're looking at a 2001 Saab 9-3 Viggen Convertible, and let me tell you, this is not your average drop-top.

First off, these Viggens are about as rare as a politician telling the truth. Saab only made about 4,600 of them across all body styles from 1999 to 2002. This one's finished in Steel Grey with a black interior and soft top - a classy combo if you ask me.

Under the hood, you've got a turbocharged 2.3-liter inline-4 pumping out 230 horsepower. Paired with a 5-speed manual, this thing is a hoot to drive. The turbo lag might catch you off guard, but that's part of the charm.

Now, it's not perfect. With 136,300 miles, it's got some wear and tear. The cup holder's stuck, the power mirrors are on strike, and there's some cracked leather here and there. But come on, that's character!

The best part? It's a no-reserve auction. Someone's going to snag this piece of Swedish quirkiness for a bargain. If you've ever wanted to experience the joy of turning the key between the seats (yes, really), this is your chance.

Current bid is sitting at $4,400 with a few hours to go. For a car that'll put a smile on your face every time you drive it, that's pocket change. Plus, it's been California-owned its whole life, so rust shouldn't be a major issue.

If I had the garage space (and hadn't promised the missus I'd stop buying random cars), I'd be all over this. It's different, it's fun, and it's got that unmistakable Saab charm. Someone's going to get a lot of smiles per dollar with this one.

BaT Final Offer Feedback

Well, folks, we stirred up quite the hornet's nest with yesterday's article on BaT's new 'Make a final offer' feature. Seems like most of you think that 5% for a post-auction deal is fair enough. But as always, opinions are like... well, you know the rest.

Now, before we dive into the juicy feedback, let's talk about the rollout. Hate to say it, but BaT's implementation seems to be a bit off the mark. I've been combing through the RNM auctions, and it's clear as day that many bidders are in the dark about this new offering.

Case in point: the first auction eligible for this was a 1996 Rover Mini Cooper that topped out at $14,000. Take a gander at the top comment after the auction wrapped up. The bidders were clueless!

Now, I did spot some auctions where the BaT team dropped a note about the new feature. But why not slap that message on every RNM listing? I mean, come on, BaT's usually on top of their game. Would it kill them to have someone keep an eye on all auctions for a few days and copy-paste (with a little tweaking) this info on every RNM?

Sure, they probably ping the high bidders and sellers directly about this. But posting a public announcement on 23 RNM auctions isn't exactly rocket science, is it?

Here’s a selection of your comments:

eBay fees are the same if you win through the auction or choose “Buy It Now” or submit an offer / counteroffer. As much as the auto auction platforms have innovated, eBay is still the model in terms of a sustained business.

IMO if the car were going to transact at a number the seller would find acceptable, it would’ve landed within the “buy fee” cushion of the reserve and sold organically. A reduced fee would encourage the high bidder to find some more room to stretch in their offer.

Why change something that isn’t broken? Seems to me they’re just after further revenue, which is fine for them but not fine for us sellers and buyers.

The amount of resources BaT puts into the sale is the same, so why charge less? I wonder if they will now use this tool as the place where they can use flexibility in their commission to leverage closing deals.

Firstly I appreciate your take on their offering. Don’t know how you get out such valuable content to us every single day, thank you Daily Vroom. My opinion is that this is just another great addition to the offerings of Bring a trailer as the best auction website.

BAT are entitled to do what they want. People can choose to go somewhere else if they don’t like. But if you have a brain you’ll realize the exposure you get for your car and now another opportunity to sell it after the sale is easily worth the same low fee of 5%. Have people ever tried to sell at Mecum and know how much they charge??

All live auction firms with a reserve platform typically have a 30-day window clause in their consignment agreement which states that they are entitled to commission if the car is sold to anyone during this timeframe.

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