The Daily Vroom

Happy New Year, Vroomers!

Welcome to the first newsletter of 2025, and what better way to kick things off than by taking a step back to look at how the leading platforms performed in 2024?

Today’s edition is all about the big picture—a surface-level snapshot of what these platforms have been up to over the past year. I’ve tried to keep the information as succinct as possible. In the coming weeks, I’ll dive deeper into the details, sharing insights, trends, and data-driven analysis for each platform. But for now, think of this as the warm-up lap before the main race.

Let me be clear: I’m not here to predict where a company will end up. My focus is on what they’ve accomplished, where they’ve hit the mark, and where I think there’s room for improvement.

Catch you tomorrow.

Hits and Misses: Online Auction Platforms in 2024

2024 was a blockbuster year for online car auctions, with the industry generating over $2 billion in sales across platforms. Some players solidified their dominance, while others faced challenges that left room for improvement. As we reflect on the year, here’s a look at the hits, misses, and surprises from the major platforms that shaped the market.

Let’s take a closer look at some of the top-performing platforms of 2024. I’ll be giving you my two cents from 100 feet above—highlighting where they’ve excelled and where there’s room for improvement. For me, it’s not about picking favorites; I want all these platforms to succeed. A thriving, competitive marketplace benefits everyone, driving innovation, better experiences, and, ultimately, a stronger collector car community.

Let’s start with Cars & Bids. With over $140M in sales this year, it’s been a busy 2024 for them.

Their top three sales of the year were:

1. 2006 Lamborghini Murciélago Roadster - $650,000

2. 2022 Ferrari 812 GTS - $515,786

3. 2023 Porsche 911 GT3 RS Weissach - $420,696

The Good:
There’s a lot to like here. They’re consistent—selling 20–25 cars, five days a week, with a solid 80%+ sell-through rate. Their customer service? Top-notch. And their site is arguably the best user experience of any platform out there—clean, fast, and easy to navigate. Plus, they’ve got a great mix of modern enthusiast cars that keeps their niche intact.

Room for Improvement:
It’s pretty simple: they need to sell more cars. Their sales above $100K are minimal—less than 5% of their total. If they’re going to keep their PE owners happy, they’ll need to find a way to both increase volume and crack the high-end market more consistently. Selling more cars and selling pricier ones—those are the two big levers they’ve got to pull.

Summary:
It’s been a rollercoaster year for Cars & Bids. They let go of a significant chunk of their team, as they couldn’t hit their month-on-month growth targets. The key focus is squarely on growing revenue. To do that, they’ve got some options: list and sell more cars, maybe even expand beyond modern enthusiast cars (yes, Doug, I know that wasn’t the original vision). And/or increase the average sale price which is significantly lower than most of the other leading platforms.

Now, if they feel strongly that including older cars would hurt their brand—it won’t, in my opinion—then they’ve got to find a way to get more modern cars on the platform. But that’s a conversation for another day.

Next up is Collecting Cars, who had a standout year with close to $300M in total sales.

Their top three sales of the year:

1. 2022 Lamborghini Essenza SCV12 - $1,825,000

2. 2015 Porsche 918 Spyder - $1.8M

3. 2012 Bugatti Veyron Grand Sport ‘Wei Long’ - Year of the Dragon - $1.7M

The Good:
For a platform that’s less familiar to us US-based collectors, they’re making serious waves. They’re a UK-based company but operate offices all over Europe, Hong Kong, and Australia. This global footprint gives them access to local markets and buyers worldwide, and it’s paying off—they consistently sell higher-value cars. They also do things their own way, which I respect.

Room for Improvement:
Being everywhere has its downsides. There’s a case to be made that they’re spread a bit thin, which might explain why their sell-through rate isn’t as strong as some of the competition. To really cement their place, they need to focus on getting that rate to 50–60% consistently. They’ve also lost quite a bit of exposure and more with Chris Harris leaving back in June—a big name that’ll be tough to replace.

Summary:
What’s impressive is that they’re listing a similar number of cars to Cars & Bids, but their revenue is way higher, with an average sale price that’s $50K above Cars & Bids. Despite having significantly less traffic than Cars & Bids, Hemmings, Hagerty or BaT, they’re punching well above their weight. They’ve also made some great improvements to their website this year, making it easier to search for the type of car you’re looking for.

Beyond their daily operations, my two cents for 2025 is that they should focus on expanding their relatively small traffic footprint. Here’s why: they’re already selling a lot of cars with significantly fewer visitors than some competitors, so imagine what they could achieve with more of the right traffic. More engaged buyers could lead to higher sell-through rates, stronger sale prices, and ultimately a big boost in revenue. It’s not just about attracting more people—it’s about the right people. This could be the game-changer they need.

Up next is Hagerty who’s total sales for year add up to 2 or 3 of the top Broad Arrow Auction sales!

Their top three sales of the year:

1. 2005 Ford GT - $325,000

2. 1987 Porsche 911 Turbo Coupe - $225,000

3. 1968 Ferrari 365 GT 2+2 - $187,500

The Good:
To be fair to them, their sell-through rate is solid, they do sell a lot of their listings. They’ve also done well with several collections that brought strong results, many of them no reserve.

Room for Improvement:
They need more listings—it’s as simple as that. To make their online auctions work, they need a dedicated team focused solely on this segment.

Summary:
For me (and many people I’ve spoken to), the issue is straightforward: Hagerty lacks a clear focus when it comes to online auctions. Everything else—team, site, user experience—stems from that. Broad Arrow seems to be their main priority for selling cars, and with their not-so-private feud with RM Sotheby’s, a lot of energy is going there.

Maybe when they launched online auctions, the vision was bigger, but they’ve likely realized it’s harder than it looks. Their recent investment in Classic.com is an interesting one to follow, as classic seem to be very keen on growing their own listings.

At the end of the day, if Hagerty really wants their online auctions to work, they need to separate online auctions from the rest of their business and fully commit. Otherwise, it just feels like a ‘vanity project’ with no real path to compete in this space.

With total sales just shy of $65M this year, PCarMarket is definitely one of the bigger players in the space.

Their top three sales of the year:

1. 2005 Porsche Carrera GT - $1,395,000

2. 2023 Porsche 911 Sport Classic - $447,750

3. 1992 Porsche 964 Carrera RS N/GT - $432,722

The Good:
They know how to attract and sell great cars—just look at that top sale of the Carrera GT. There’s a real argument to be made that if you’ve got an outstanding Porsche, PCarMarket is one of the platforms to consider. Just being part of that conversation is a win for them. Plus, they manage to list 8–9 cars a day, five days a week, which is no small feat for a relatively small team.

Room for Improvement:
The site feels outdated—it lacks the modern design and features you’d find on platforms like Cars & Bids. And while they’re listing 40+ cars a week, they rarely show up in our market leaderboard, which is down to a low sell through rate. Whether it’s pricing that’s too high or a lack of exposure, they’ve got some work to do in this area. I kind of think they’ve switched off here and are just running the site on ‘automatic’, without looking or thinking of any innovation on how to move forward.

Summary:
This could be due to the fact that it’s no secret that PCarMarket has been looking for a buyer for a while now, and honestly, it could make a lot of sense for a company like Hagerty to consider snapping them up. They’ve built a strong base of high-net-worth Porsche buyers and sellers, which could be hugely valuable to the right buyer. For a small team, they’ve done an incredible job, with an average sale price of $75K in 2024. The big question is: will 2025 be the year they sell out? Time will tell.

Next up is SOMO.

Their top three sales of the year:

1. 2023 Rimac Nevera Time Attack - $1.8M

2. 2016 Ferrari F12 TDF - $1,115,000

3. 2011 Porsche 911 GT3 RS 4.0 - $737,777

The Good:
Before we even get to the sales, let’s talk about the rebrand from Sotheby’s Motorsport to SOMO—great marketing move, in my opinion. The site is 16 months old, and in 2024, they managed to sell $40M worth of vehicles. That’s impressive for such a young platform. They’re showing up more and more in our market leaderboard, pulling in some high-dollar sales, including their first $1M car, quickly followed by another one and setting the online record for the Cyberbeast Foundation Series.

Room for Improvement:
As a newer platform, the big challenge is visibility. They’re doing a solid job selling high-value cars, but to really scale, they need to attract more high-net-worth buyers. It’s all about getting more eyes—and the right ones—on the site.

Summary:
2024 has been all about growth for SOMO. What I like most about them is their willingness to experiment. From partnering with Ed Bolian to showcasing listings at live events, they’re not afraid to try new things—even if not everything sticks. For an early-stage platform, that’s exactly the kind of mindset they need.

With an average sale price of over $200K, they’re carving out a clear niche in the high-end market. I’m looking forward to seeing what ideas they test in 2025. They’ve got momentum; now it’s about keeping it going.

The 'OG' of the collector car world is up next, Hemmings.

Their top three auction sales of the year:

1. 1979 Porsche 911 Turbo Coupe - $179,000

2. 2001 BMW Z8 Convertible With Both Tops - $179,000

3. 1966 Jaguar E-Type Series I - $160,001

The Good:
Hemmings moved a lot of cars through their auction platform in 2024—just over 1,500. Unlike other sites, they don’t struggle to get eyes on their platform, which is a big advantage. They also gave their site a much-needed redesign and partnered with KeySavvy to add some useful features.

Room for Improvement:
While the site is better than before, it’s still not great when it comes to user experience (you’ve probably seen my thoughts on this before). And with the kind of traffic they get, they should be selling way more cars than they are right now.

Summary:
Hemmings is an interesting case. They celebrated their 70th anniversary last year, so they’ve got the legacy and name recognition, but that only takes you so far. Nothing is handed to you in this market; you have to work for it.

Their lack of serious focus on online auctions has clearly held them back. Despite all their traffic, they sold less in revenue from auctions than SOMO—a much newer platform. Their average sale price last year was $25K, which is fine if that’s their target market, but honestly, I couldn’t tell you what their strategy is.

At least they tried with the redesign and new features, but for me, those are surface-level fixes. The foundational issue is a lack of focus on making online auctions a real priority. Without that, they’ll struggle to compete with the newer, more agile platforms.

Last but certainly not least, we have Bring a Trailer.

Their top three auction sales of the year:

1. 2022 Bugatti Chiron Pur Sport - $4,100,000

2. 2018 Bugatti Chiron - $3,075,000

3. 2022 Lamborghini Countach LPI 800-4 - $2,500,000

The Good:
What more can be said about BaT that hasn’t already been said? 2024 was a massive year for them, and I’d argue it was their biggest leap forward yet. They’re now consistently selling over 100 vehicles a day—not including memorabilia—which is a big step up from 2023.

They’ve also rolled out features that improve the post-sale experience, like their partnership with Caramel. But perhaps the most impactful change was introducing the "Make an Offer" option for RNM auctions. This has helped push more cars across the line, benefiting both buyers and sellers.

Room for Improvement:
When you’re approaching $1.5B in annual sales, it’s hard to pick at much, but there’s always room to refine things. With the increase in auctions, discovery on the site has become an issue—some listings are harder to find than they should be, which isn’t ideal for sellers or buyers.

Another area is international reach. BaT remains very US-centric, which leaves a lot of potential untapped in global markets.

Summary:
To their credit, BaT is addressing these areas slowly but in the right way, like their local partner program, which should bring in more auctions worldwide. We’ll likely see more announcements on this front soon.

That said, I do wonder how many more auctions they can add before it starts to feel like there aren’t enough hours in the day for all these listings. If they keep scaling, they may need to look at other ways to maximize revenue.

A site rebuild has been in the works for some time now. Whether it’s a complete overhaul or more incremental improvements remains to be seen. But with 2024 being such a transformative year, I’m fascinated to see what they have in store for 2025. One thing’s for sure—BaT isn’t going to sit still, which should have everyone else on high alert.

There are, of course, many other platforms that haven’t been mentioned here, like Car & Classic in the UK, which regularly features on our market leaderboard. In the coming weeks, I’ll dive deeper into the trends and insights from the past year, covering specific makes and models, along with revenue figures for some of these platforms—something many of you have been eager to see.

This year, the online auction market surpassed $2 billion in sales—a clear sign of its growing influence and potential. Each platform brought its own strengths and challenges, and I genuinely hope they all continue to thrive. A competitive marketplace fosters innovation, improves buyer and seller experiences, and keeps this industry exciting for everyone involved.

Today’s overview was just the beginning. I’ll be sharing much more detailed data, trends, and takeaways in the weeks ahead. Stay tuned for a deeper look at what’s driving the market as we shift gears into 2025.

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