The Daily Vroom

Welcome to the Thursday edition of The Daily Vroom – your sleek and sophisticated destination for the latest online auction news, trends, and insights on both collector and modern cars. Let's dive into the automotive world together!

Here's what we've got for you today:

• 📊 What happened to Hemmings?

• 👀 $355,000 Mustang

• 🚘 Great cars up for auction

• 📰 Vroomy reads

HEMMINGS

Yesterday I received an email from a Daily Vroom subscriber asking why I don’t cover Hemmings.

I explained that I DO cover Hemmings and they have featured here in The Daily Vroom, but they usually don’t sell many cars and because of that they don’t make the tables of the top sellers.

That got me thinking… What is going with Hemmings?

For those that don’t know Hemmings is probably the oldest of these companies in existence. The company was founded in 1954 by Ernest Hemmings.

Hemmings claim on their website they have 219,000 subscribers paying $31.95 per year for their monthly publication Hemmings Motor News. This equates to $7m revenue in just monthly subscriptions. They also claim to sell 30,000 copies a month for $5.99 at newstands across the country, which is another $180,000. I’m guessing most of you have read a Hemmings publication at least once.

Being the earliest player in the market I would have thought that in terms of online auctions, they’d be one of the leading companies in this space. They have the brand equity, they have the experience, they have the knowledge, they have the contacts.

So let’s look at their numbers for last month, which are similar to previous months.

Assuming they only sell Mon-Fri, that equates to 4 sales a day, which is pretty poor compared to nearly everyone else on the market. Bring A Trailer often sells more a day than Hemmings do in one month.

So why haven’t they conquered the online market?

I don’t know the exact reason, but from afar I can give you my thoughts.

1. Their leadership/management team are not dynamic. I’ve met some of the team over the years and it seemed to me they were stuck in the past and had no thirst to attack the market (I haven’t met current President Jonathan Shaw).

2. Tech - it doesn’t take that much to put an auction website together (Bring A Trailer was using a Wordpress site). Hemmings website is awful (IMO).

   Why would I want to see an ad popping out at me every 2 seconds when thinking about buying a $100K car?? Yes, the ads bring in some 💰, but it’s very little.

   Hemmings clearly don’t care about the user experience which is a HUGE problem.

3. Carrying on the theme of the website, see below- they now have started to offer Real Estate for sale. It’s a real scatterbrain approach.

Maybe they are happy with the status quo and see the auctions as a side hobby to their main business of magazine subscriptions.🤨

So what can they do to get more auctions going?

Firstly, fix the issues I raised in points 1-3.

Once they focus solely on auctions, they they need to utilise their good name and maybe look at stopping their competitors advertising in their publications and really start to promote the ‘new’ Hemmings and showcase to their huge community why people can trust Hemmings to sell their car.

They have all the foundations to make it work and become a real competitor in this industry. The question is do they have an appetite for the fight or are they in ‘coasting mode. Time will tell. ⏰

^{Side note: We ONLY feature vehicles in this newsletter that are sold in online auctions. There are cars that do get sold after the auction has taken place. But it’s not possible to corroborate those sales with 100% accuracy, so I just leave them off.}

SALE OF THE DAY

The 1967 Ford Mustang Fastback that sold yesterday for $355,000 had several selling points that likely contributed to its high value, including:

1. Rarity: The 1967 Ford Mustang Fastback is a highly sought-after classic car that has a dedicated fanbase. This particular car is also a one-of-a-kind custom build, which adds to its uniqueness and value.

2. High-Quality Refurbishment and Modifications: The car underwent a comprehensive refurbishment and customization process by Shines Customs of Dandridge, Tennessee, using high-quality parts and materials. The upgrades, such as the B Rod or Custom replacement chassis, Coyote 5.0L V8 engine, and Wilwood four-wheel disc brakes, improve the car's performance and driving experience.

3. Attention to Detail: The car features numerous cosmetic upgrades, such as the custom-fabricated grille, Shelby-style hood with a scoop, and Ringbrothers carbon-fiber front valance. The interior is also customized with black and brown leather upholstery, Vintage Air climate control, and a Kenwood touchscreen head unit, among others. These details enhance the car's overall aesthetic appeal and add to its value.

4. Show-Winning History: The car has reportedly won several car show awards in 2021 and 2022, which can add to its perceived value and desirability among collectors.

CARS UP FOR AUCTION

Underneath each picture you will see the name of the car. If you click on the name it will take you directly to the auction.

VROOMY READS

Don’t go searching the web for great car content. Here at The Daily Vroom we do all the work for you.

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