🥊 Hemmings vs Hagerty - Uber cool retro car up for auction.

🫤 Nearly Sale Of The Day - Why this Toyota GR Corolla Morizo Edition didn’t sell

🥳 Sale Of The Day - Very cool 1972 DeTomaso Pantera

📰 Vroomy Reads - The latest news brought directly to you

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 Hagerty, PCarMarket, Hemmings and many others did not sell 5 cars yesterday!

Yesterday marked a significant improvement from the previous day, with total sales amounting to $6.5m. Of this amount, Bring A Trailer contributed a substantial $4.5m.

Additionally, after some time away, Autohunter has made a return to our leaderboard. They successfully sold 5 vehicles yesterday. Congratulations to them! 👏

By clicking on the image it will take you directly to the auction.

1975 Ferrari 365 GT4 BB $500,365

2021 Mercedes-AMG GT Black Series $385,000

2022 Porsche 911 GT3 6-Speed $277,000

2019 Porsche 911 GT3 RS $259,000

1997 Porsche 911 Turbo X50 $215,000

HEMMINGS vs HAGERTY

Hemmings vs. Hagerty might not have the cinematic thrill of Ford vs. Ferrari (a film I can't recommend enough 🎬), but in the world of car auctions, it's equally riveting.

I've zeroed in on these two platforms for a mini deep dive because, to me, they both seem to be missing a gear. 🛠️ While I'll elaborate on my reasons for this sentiment shortly, I first wanted to rev up some actual data. Let's accelerate into the numbers and see if they align with my hunch, giving you a dashboard view of the current landscape. 🏎️💨

Hagerty:

• Total Sales: $2.7M

• Number of Cars Sold: 55

• Average Sale Price: $49.6K

Hemmings:

• Total Sales: $3.1M

• Number of Cars Sold: 131

• Average Sale Price: $23.7K

Summary:

• Volume: Hemmings sold more than twice as many cars as Hagerty in August 2023 (131 cars compared to 55 cars).

• Total Sales: Despite the higher volume, Hemmings' total sales value was only slightly higher than Hagerty's ($3.11 million vs. $2.73 million). This indicates that Hagerty had a higher average selling price for its cars.

• Average Sale Price: Hagerty's average sale price was significantly higher than Hemmings', at approximately $49,643 compared to Hemmings' $23,720. This suggests that while Hemmings sold more cars, Hagerty sold more premium or higher-valued cars on average.

Initial Observations: It's crucial to recognize that our analysis encompasses just a single month. Furthermore, this month—August—is often one of the peak months for many auction websites. To delve deeper into the trend, let's consider the sales data for the initial third of September, covering the first 10 days.

Sales Data: During this period, Hemmings successfully auctioned off 29 cars, accumulating a total sales value of $683K. In contrast, Hagerty sold 10 cars, yielding $317K.

Projections: If we project these figures over the entirety of September, both Hemmings and Hagerty appear poised for a significant drop in both the number of sales and the total sales value compared to August.

In-Depth Analysis: So, what underlies these trends? Let's commence our exploration with Hagerty.

Over the last 6 weeks, I've noticed a significant downturn in sales. The total revenue during this span was about $3.06 million, which breaks down to an average daily sale of around $46,413. What's most alarming is the near 77% plunge from the start to the end of these six weeks.

From what I gather, while there seems to be a consistent inflow of 3-4 cars daily, most of these cars don't strike me as particularly unique or exceptional.

Their promotional tactics on social media seem rather monotonous, see below. When I took a closer look, the promotions weren't enticing at all. Each ad lacked specific details about what makes each car special, and the wording was repetitive across all ads. It felt like they were using a one-size-fits-all approach to marketing, which, in my opinion, might be affecting their sales.

I must admit, I'm somewhat let down. At their launch, I genuinely believed they were poised to become a formidable player in this arena, especially given the bold and assertive approach they've consistently showcased in their insurance ventures, burgeoning events sector, and their strategic investments, notably the acquisition of Broad Arrow Group.

While it's still early days for them, I expected more. Perhaps they underestimated the challenge, thinking success would come easily. I'm aware of their resilience and their intrinsic expertise. What they need now is a strategy that differentiates them and sparks conversations because, as it stands, they're not generating the buzz they're capable of.

The sales for Hemmings over the past 6 weeks ($3.8m) appear to have decreased progressively. Starting from a peak in the earlier weeks, there is a clear downward trajectory towards the more recent dates. This carries over in terms of actual sale numbers as well.

Both Hagerty and Hemmings seem to be running a one-size-fits-all approach with their ads. Regardless of the vehicle on sale, the verbiage remains strikingly similar. This gives off an impression of an uninspired advertising team for both brands. I have to wonder, how hands-on are they with their marketing strategies? Are they experimenting with diverse formats, creative content, or even different word choices? From what I see, it doesn't seem like it.

Before I give my overall take lets take a look at the organic traffic they both get. We can assume they also get quite a bit of referral and paid traffic, although looking at their ads I’m not so sure!

I've included a chart that illustrates the web traffic for Cars & Bids, allowing us to draw comparisons on the online traction each platform garners. 📊

Consider this:

• Cars & Bids, with sales totaling $21m over the past 6 weeks, attracted 288,000 visits in the last month. 💰

• Meanwhile, Hagerty, with $3m in sales, saw nearly 948,000 visitors. 📈

• Hemmings, registering sales of $3.8m, boasted a staggering 2 million visits. 🚀

From this data, two clear insights emerge:

1. Hemmings' conversion of site traffic to sales is far from efficient. With their level of traffic, their sales should be outpacing their competitors. Just contrast their metrics with Cars & Bids, which realizes 7x the sales with significantly fewer visitors. 😮

2. Hagerty, pulling in close to a million visitors, should also be seeing more impressive sales figures. 😕

Summary: While I'm open to differing perspectives, it's hard to deny Hagerty's track record of overwhelming success in their ventures. They've showcased an assertive approach in dominating specific market niches. However, their performance in the auction sector seems to be lagging. They might have initially believed that acquiring listings and closing sales would be straightforward, but reality paints a different picture. It's crucial for them to amplify their marketing game and hone their value proposition to both buyers and sellers. 🤔

As for Hemmings, I've expressed my views on their platform in previous newsletters which you can read here. To put it bluntly, their current website experience is a sh** show.

Yet, they possess a significant edge over many competitors - their renowned brand reputation. It's perplexing why they aren't leveraging this asset more effectively. 🤨 

On a brighter note, I've observed a notable shift in their recent newsletter's format. Strikingly, it mirrors the layout of what you're perusing now, which I’ll take as a huge compliment 😀 A big thanks to those who brought this to my attention! 👍

🌟 2023 Toyota GR Corolla Morizo Edition 🌟
Bid Price: $58,500

🔗Link to auction here.

🚗 A Glimpse into the Pedigree:
The 2023 Toyota GR Corolla Morizo Edition is not just another car; it's a limited edition symbol of automotive excellence. With a mere 200 of these Morizo Edition models ever crafted, this particular beauty is #134. Symbolizing Toyota's deep-rooted racing legacy, the Morizo Edition is named after Akio Toyoda's racing alias, capturing the essence of Toyota's performance prowess.

📌 Standout Features:

• Powertrain: At its heart lies a 1.6-liter turbocharged 3-cylinder engine, delivering a punchy 300 horsepower and 295 lb-ft of torque, paired with a swift 6-speed manual transmission to drive all four wheels.

• Distinctive Roof: The car's crown jewel is its forged carbon fiber roof. Exclusive to Morizo and Circuit Editions, it ensures that no two roofs share the exact same pattern, offering a unique identity to each car.

• Exterior & Design: Draped in an elegant "Smoke" shade, this Corolla showcases its GR-specific wide-body kit, emblems, and sport seats adorned with GR-embroidered headrests, epitomizing its limited edition stature.

💭 My Thoughts:
The 2023 Toyota GR Corolla Morizo Edition represents an intersection of rarity, performance, and artistry. While this specific piece didn't seal a deal, it's undeniable that its value is a matter of unique consideration. The distinctive forged carbon fiber roof alone positions it in a league of its own.

With the seller referencing the sale of three other Morizos ranging between $65.5k to $79k, it's evident that the expectation was set within that ballpark. Determining the right value for such a limited edition vehicle is always a challenge. Given its unique features and the exclusivity factor, both potential buyers and sellers are navigating a fine line between desire and valuation.

🌟1972 DeTomaso Pantera 🌟
Sold Price: $165,000 

🔗 Link to auction here.

🚗 Vehicle's Storied Past:
The 1972 DeTomaso Pantera, a masterpiece shaped by Carrozzeria Ghia's visionary design, has its roots set deep in automotive royalty. Originally rolling off the showroom floor of Bob Estes Lincoln Mercury in Inglewood, California, this Pantera remained in long-term storage with its first owner, preserving its essence and charm. Today, it stands as a testament to a golden era of car design and engineering, with a mere 10k miles to its name.

📌 Key Features:

• Performance: Powered by a dynamic 351ci Ford Cleveland V8 and a swift five-speed ZF manual transaxle.

• Interior: Luxurious black vinyl upholstery with meticulously crafted perforated inserts, paired with modern comforts like a Becker Europa AM/FM stereo and power windows.

• Exterior: Its striking blue finish is complemented by chrome front and rear split bumpers, iconic pop-up headlights, and the distinctive roar of its ANSA quad exhaust outlets.

• Wheels: It rides on staggered 15" cast magnesium Campagnolo wheels, ensuring a grip on the road as captivating as its aesthetics.

📈 Recent Work:
Its recent rejuvenation in April 2021 has further elevated its stature. From engine refurbishments to wheel refinishing, every aspect has been touched upon to ensure it's not just a relic from the past but a beacon for automotive aficionados.

💭 My Thoughts:
The DeTomaso Pantera stands as a symbol of an era where automobiles were much more than mere machines; they were statements of artistry and engineering marvels. Every curve, every roar of its engine, and every glance it garners on the streets is a testament to its enduring allure.

Reflecting on the sale, I believe both the buyer and seller struck a commendable deal. The buyer has acquired a piece of automotive history, while the seller has passed on a legacy, ensuring it's appreciated and preserved. It's one of those rare occasions where both parties walk away with a sense of satisfaction and accomplishment.