The Cars & Bids Dilemma Ignites Discussion

The Daily Vroom

Hey Vroomers!

Right, we're keeping things brief and to the point today. We saw yesterday quite a few motors that seemed on the verge of selling but never quite made it over the line. When they're that close, there's usually a deal to be struck, but you've got to move sharpish before any potential buyer loses interest.

Your thoughts on the Cars & Bids situation were absolutely fascinating - you can have a gander at them below. I've chucked in my two cents' worth as well. Whatever happens, I'm eager to see what they and others get up to over the coming months.

Have a cracking weekend, and I'll catch you on Monday.

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's sale pretty much encapsulated this week as a whole, with just over $5m worth of vehicles changing hands. The entire week's been a bit of a damp squib, really, with overall sales taking a notable dip. It'll be intriguing to see how this plays out over the course of the month, especially since next week's auctions aren't looking much more promising, bar a few standout lots.

Now, let's not get ahead of ourselves - plenty of vehicles are still being flogged daily on these auction sites. But over the past week, we've witnessed a decline in both sell-through rates and total sales. I'm not quite ready to sound the alarm bells just yet, mind you. We need to take a step back and evaluate the month as a whole, even the quarter, and then stack it up against previous periods.

In the meantime, tomorrow might just see us flirting with a million-dollar sale, courtesy of that 2022 Ford GT that's up for grabs. Let's see how that pans out, shall we…

YESTERDAY’S TOP 5 SALES

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

1974 Ferrari 365 GT4 BB $359,000

2011 Mercedes-Benz SLS AMG $166,000

2021 Porsche 992 Carrera S Coupe 7-Speed $124,000

2023 Ford F-150 Raptor R $122,000

1969 | Mercedes-Benz 280SL $107,000

Camaro Conundrum: Silent Seller Leaves Buyers in the Dark

We've got an interesting situation with a 2010 Chevrolet Camaro SS here. It's a potential bargain, but there's a significant catch.

Let's break down what we're looking at:

  • Rally Yellow paint

  • 6.2L V8 with a Magnuson supercharger

  • 6-speed manual transmission

  • Only 32,800 miles on the clock

  • Numerous mods: 20-inch Motegi wheels, SLP cat-back exhaust, Cold Air Inductions intake, and more

Sounds tempting, doesn't it? But here's the problem: the seller has gone silent.

They're completely unresponsive, which no doubt has frustrated potential buyers. Critical questions about underbody pictures and clutch replacement remain unanswered. This raises a bigger question about how auction platforms handle these situations.

I imagine at the beginning of the process, the platform reminds all sellers to stay engaged. However, in this case, it seems those reminders have fallen on deaf ears, and it highlights a need for improvement in the system.

Here's my take: These auction sites need to be more proactive. They should have someone reviewing auctions with limited time left, identifying problematic listings like this one. A final push to get the seller to answer pending questions could make all the difference.

It's not just about selling cars. It's about maintaining the integrity of the platform. If buyers feel they're taking shots in the dark with every purchase, confidence in the system will erode quickly.

Bottom line: This Camaro could be a great deal or a potential nightmare. Without the seller's input, it's a gamble.

Cars & Bids Feedback

Right, let's get into it. Yesterday we outlined what might be the "path of least resistance" for Cars & Bids to boost their listings. We're talking about accepting cars older than 1980 - something Doug's consistently opposed. But you can bet the PE owners are likely keen on more listings, more users, more traffic, and more sales. It all translates to growth and higher revenues.

So we put this question to you, and crikey, did we get a response! The majority of you voted that they should be expanding to older car listings.

The sheer volume of comments was overwhelming. We can't publish every single one or we'd be here till tomorrow, but I've selected a handful of standout responses for you below. After that, I'll chuck in my two cents on the matter.

Alright, here’s the poll we asked you yesterday and below it, is what you had to say!

It will make more work for a group that has been about modern cars, the research into older cars to find the data C&B displays for the modern cars will take longer, as it is a little more obscure.

Limiting market share intentionally makes no sense, especially when they aren’t moving modern iron any better than the competition.

Coming from a live-event auction world, you really have to have a wider knowledge base about older cars and the right people to know how to vet them properly, decode VINs etc. BAT falls down there with their team that just doesn't know the right questions to ask to protect buyers. Newer cars have more resources to verify and if that's their jam, they should work to be the very best

Expanding their offerings would make the site more interesting to follow. I seldom look at it as I have little interest in later model cars. There were a lot of mediocre products around in the 80’ and 90’s, imo.

Doug’s arbitrary cut-off has never really made sense to me. I understand the concept, but in execution it falls down. One can list a 1980 Corvette but not a 1979? They’re the same car. As you say, PE wants to see growth, and this is an easy way for them to immediately have access to more listings. To me, C&B has an opportunity to highlight that they’re number two: big enough have a large user base whilst not having a listing get lost in the 150+ that BaT has every day. Keep on Vroomin’! Really appreciate what you’re doing with the daily news.

One of the best business tactics is to do what the "leader" does.... what does BAT do??

They need to try something to increase their number of listings, sales, and ultimately revenue. Expanding their range will give them access to more collectible dealers with large inventories. As we saw earlier this year, The Chernin Group is hungry for a big return here, and if the Cars & Bids team can’t figure out a way to make that happen there will be more blood in the water.

I reckon that last comment really hits the nail on the head. We all know how PE firms operate. If things aren't panning out, they'll burn it down and start fresh. So the current team needs to make a move that'll change their trajectory.

Now, I'm all for a company focusing on its core strengths and doubling down on them, but in this case, it hasn't quite worked out. For a small or medium-sized company with private ownership, that might be the best approach. But when you've sold the company and a Private Equity firm's bought in, you've got to roll with the punches. You need to set aside that romantic notion of your core values and be flexible - because those big bad bosses want to see the money.

In this instance, they've resisted change since the new ownership came on board, and unfortunately, their chosen path didn't yield results (which happens quite often). So now might be the time to pivot, and I'm sure Doug could sell it to the audience. Just think about all those cool cars from the 60s and 70s - no one's going to bat an eye (no pun intended). If they need to bring on some folks with older car knowledge, I'm sure that can be arranged. That can't be the reason holding them back.

Just consider how many potential listings they've either turned away or lost due to that 1980 cut-off. In my opinion (which, let's face it, doesn't count for much), it's time to make that move. If it were up to me, I'd dive in fully. But if they wanted to test the waters, they could start with just 70s cars.

From where I'm sitting, now's the time. Let's see what they decide to do...

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