💰 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+ cars in the chart below.

Yesterday proved to be another outstanding day, with $7.4 million worth of vehicle sales and an increased average sale price of $47,000.

Below, you can see the breakdown of sales into their respective price segments. Notably, the higher price segments witnessed significantly more activity compared to previous days. Any day when more than 10% of vehicles sold are priced at $100,000 and above is considered an above-average day in terms of high-end sales.

Analysis, where applicable, of the last three auctions underneath each sale.

To view each listing, you can click on the cars.

Since this was a RS made for Europe and not an RS America (which was a stripped down version of RS) there are no real comparable sales.

Again, it’s hard to find comparable sales as the condition of this one compared to others is so different, plus a few other factors such as an added hardtop on some etc..

The sale of the day has to go to this 2023 Porsche 911 GT3 RS that sold for $420,696!

This was Cars & Bids' second highest sale of the year, and their eighth highest auction sale ever. We all know how impressive the GT3 RS is as a top-tier sports car.

But what's really interesting is first off, that sale price. If you look at previous online auction sales, this exceeded what other platforms were getting. It also received a bid six days before the end that no one could top.

And the buyer 'ccarson' is someone who has now purchased six cars on Cars & Bids. While I don't have the stats in front of me, I've definitely noticed that name before as a very active bidder. They've got to be high up on the all-time buyer leaderboard.

More buyers like that is always better for the platform. Anyways, huge congratulations to Cars & Bids on such a massive sale...the highest of the day.

In a sort of surprising turn of events, this 1999 Lamborghini Diablo VT Roadster garnered a high bid of $221,067 but failed to sell.

Given the car's history and condition, I believe this bid was quite strong. Here's my take on why the car didn't meet its reserve.

Firstly, let's address the elephant in the room: the car's salvaged title and flood damage history. It's no secret that a salvage title significantly impacts a car's value, often reducing it to a fraction of what a clean title car would command. In this case, potential buyers were wary due to the numerous unanswered questions about the car's condition and history. The uncertainty surrounding the extent of flood damage and the repairs needed played a major role in bidders' hesitation.

From the comments, it's clear that there was a general consensus about the importance of a Pre-Purchase Inspection. A thorough PPI would have provided potential buyers with a detailed report on the car's condition, possibly alleviating some concerns. Unfortunately, without this information, bidders were left speculating on the potential costs and risks involved, which likely deterred higher bids.

Another critical point was the lack of transparency about the car's condition and repair history. Comments indicated that there were multiple insurance claims and a lack of comprehensive documentation on what exactly had been repaired or replaced. For a car enthusiast or collector, this kind of ambiguity is a red flag, as it suggests potential hidden issues that could lead to significant expenses down the line.

There was also a noticeable gap in knowledge among some potential bidders about what a salvage title entails. This lack of understanding for sure contributed to the lower-than-expected bids.

Despite these concerns, the high bid of $221,067 was a strong offer considering the circumstances. It indicates that there is still significant interest in this iconic model, albeit tempered by the car's checkered past. In a market where transparency and detailed histories are paramount, this auction highlighted the importance of thorough documentation and pre-sale inspections.

In conclusion, while the 1999 Lamborghini Diablo Roadster did not sell, the high bid it received was a testament to its enduring appeal.

However, the lesson here is clear: transparency and detailed inspections are crucial in the classic car market, especially for vehicles with complex histories. A well-documented PPI and clear communication about the car's condition could have potentially turned this nearly sale into a successful one.

While major disruptive innovations tend to grab headlines, enhancing the user experience through smaller innovative tweaks is also important for online auction platforms to stay competitive.

Collecting Cars exemplifies this by recently adding new sections and filters that may seem minor but ultimately improve the overall experience for buyers and sellers. I’m loving the air-cooled filter!

The best platforms understand that innovation isn't just about groundbreaking overhauls - it's an ongoing process of testing and iterating, both with big swings and incremental refinements, to see what resonates with their audience. Maintaining an innovative mindset on all fronts, including making these recent user experience upgrades, is key to longterm success.

In the spirit of innovation, SOMO's recent decision to add a "Buy It Now" section makes sound business sense, following the footsteps of many other online auction platforms looking to innovate their offerings.

While purists like Bring a Trailer have abstained from this move, believing it could detract from their core innovative auction experience, smaller players like Collecting Cars & SOMO need to explore innovative additional revenue streams. Offering both auctions and direct purchases is an innovative way to cater to different buyer preferences.

It's a bit surprising that a platform like Cars & Bids, which likely aims to innovate and grow significantly, hasn't at least tested an innovative "Buy It Now" offering as a potential major revenue driver. As platforms scale, innovating by striking the right balance between sticking to core principles and adapting with innovative new offerings is key.