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 and many others did not sell 5 cars yesterday!

🔥💥 Monday Auction Frenzy! 💥🔥

The sales vibe was strong yesterday, setting a fantastic tone for the week ahead—I'm buzzing with anticipation! Take a quick glance at the leaderboard; those numbers speak for themselves. 📈 I'm all in for a riveting week filled with hefty sales, especially given the sheer volume of listings hitting the auction block—a record-breaking sight in my time here at The Daily Vroom.

But hey, did anyone else catch a peculiar trend yesterday? 🕵️‍♂️ Something caught my eye, and it’s worth a mention: 3 out of 4 Premium listings over at Bring a Trailer didn’t find new homes. Each listing tells its own unique tale, and these three are no different. Now, it could be a one-time fluke, but you bet I’m going to keep a hawk’s eye on this and circle back with the deets. Stay tuned! 🚗💨

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

2019 Porsche 911 Speedster $350,000

2002 BMW Z8 $304,888

1996 Porsche 911 Turbo $280,000

1966 Mercedes-Benz 300SE Cabriolet $280,000

2019 Porsche 911 GT3 RS Weissach $262,000

I hardly expected to find myself discussing Hemmings again so soon after my post yesterday, yet in the fast-paced world of online auctions, change is the only constant. 😱

For those who caught my latest candid critique of Hemmings in my post yesterday, you're aware that while I may not be their biggest advocate, I remain an optimistic supporter, eagerly awaiting their evolution. I've been persistently voicing my opinions for quite some time now.

After expressing my dissatisfaction with their User Experience (UX) yesterday & many times over the last few months, I was pleasantly surprised to wake up to numerous emails from our amazing community, urging me to explore Hemmings' revamped website. It left me wondering, could they have possibly heeded my advice and revamped their site in under 24 hours? Astonishingly, they had... 😜

With that in mind, let's delve into my assessment, covering the good, the bad, and the ugly aspects of their updates.

The Good: The website now sports a much cleaner look. The auction page's top section, in particular, stands out as exceptionally well-designed. Their mobile app, while basic (especially when compared to BaT), is user-friendly and functional.

The Bad: There's room for improvement, rather than anything explicitly bad. The site hasn't been thoroughly cross-tested on Safari, resulting in a less than smooth experience. Live auctions don't auto-refresh—a major drawback during the heat of bidding. On the iPhone, the mobile site is marred by an intrusive pop-up urging users to subscribe to their daily email, and the absence of an obvious way to close it renders the site nearly unusable.

The Ugly: The persistent and irrelevant pop-up ads continue to tarnish the user experience, undermining the positive changes made elsewhere on the site. If anyone from our community has a direct line to Hemmings, please, urge them to address this issue.

In summary, while they might not have been directly influenced by my feedback, Hemmings seems to be gradually stepping into the 21st century, showing a 50% improvement. They're on the right track.

I have a plethora of suggestions that could further enhance their platform, but I'll save those for another time. Today, I simply want to acknowledge their progress and say, "Well done."

Now, the question remains: Can they address the remaining 50%?

In a previous post last week, where I delved into the financial intricacies of Bring A Trailer, I reached out to you, my trusted community, posing the question: which company should we turn our analytical gaze to next? The response was overwhelming, and PCarMarket stood out as one of the top contenders. 📊 Today, we're dedicating our time to unraveling the financial tapestry of PCarMarket.

However, before I dive in, let's set the stage. This conversation won’t venture into the detailed workings of PCarMarket or explore my personal views on their services. Today, it’s all about the numbers, and we're here to dig deep and uncover any intriguing findings. 🕵️‍♂️

PCarMarket isn’t just a haven for those in search of luxury and extravagance; they boast a diverse inventory spanning across various vehicle types. And while they do deal in memorabilia and a slew of other car-centric items, let’s be clear—our spotlight today is firmly on the vehicles. 🚗 In October (thus far), PCarMarket exhibited a strong and dynamic performance in the automotive sales arena, successfully closing deals on a range of high-value vehicles. Our mission now is to dissect the revenue streams that have played a pivotal role in the platform’s triumph this month. 💪 

Figures below are from the 1st-29th October.

💸 Breaking Down the Numbers:

Big Picture: PCarMarket accelerated to impressive revenue heights, generating a total of $190,836.30 this October. (1st-29th)

High Rollers:

• Deals Above the Cap: 20 transactions hit the maximum buyer's fee cap of $5,000, showcasing a luxury vehicle extravaganza.

• Total Revenue from High Rollers: $100,000

Bread and Butter:

• Deals Below the Cap: 46 sales settled with a buyer's fee below $5,000 but above the minimum.

• Total Revenue from Bread and Butter: $79,748.30

Across the Board:

• Average Fee: The average buyer's fee across all transactions comes out to approximately $1,815.13.

To give you how I worked out the numbers (for those that enjoy Math)

Revenue Components:

1. Listing Fees (Sold Cars): $99×Number of Sold Cars$99×Number of Sold Cars

   • $99×66=$6,534

2. Listing Fees (Unsold Cars): $99×Number of Unsold Cars$99×Number of Unsold Cars

   • $99×154=$15,246

3. Below Cap Buyers Fee: Sum of all individual buyers fees below $5,000

   • $79,748.30

4. Capped Buyers Fee: Sum of all individual buyers fees capped at $5,000

   • $100,000

There is one small assumption with the numbers for the ‘Unsold Cars’ listing fees. I have used their average sell-through rate which hovers around 30%. Therefore there are another 70% of listings that are on the site, where sellers have paid $99.

The bar chart above showcases the distribution of buyers' fees at PCarMarket in October 2023, with the number of sales on the y-axis and the percentage of sales shown above each bar:

1. Max Cap: 20 sales, accounting for 30.3% of the total.

2. Below Cap: 46 sales, representing 69.7% of the total.

📊 Buyers Fee Distribution Summary:

• Concentration: A significant concentration of sales resulted in buyers' fees between $500 and $2,500, reflecting a substantial portion of the market focused on mid-range transactions.

• High-End Sales: There is a noticeable spike in the number of sales at the $5,000 mark, indicating a healthy presence of over $100K sales.

• Diversity: The distribution showcases a wide range of buyers' fees, reflecting the diversity of the vehicle prices and the broad appeal of PCarMarket to different segments of the car buying market.

Scatter Plot Summary:

The scatter plot vividly captures the relationship between daily sales numbers and the amassed buyer's fees at PCarMarket throughout October 2023. On days where the marketplace buzzed with a flurry of sales, the total buyer's fees surged, painting a picture of bustling activity and substantial revenue generation.

Interestingly, the plot also highlights instances where a modest number of transactions still culminated in impressive buyer's fees, hinting at the presence of high-value, luxury cars changing hands. This underscores the platform’s appeal to both ends of the market spectrum—from the more economical choices to the premium, high-ticket vehicles.

In essence, the scatter plot serves as a window into the daily ebb and flow of sales at PCarMarket, providing insights into how the quantity of sales intertwines with the financial outcomes in terms of buyer's fees. It tells a story of vibrancy, diversity, and the capability of the platform to cater to a wide array of automotive preferences and budgets.

Line Chart Summary:

The line chart unfolds the story of PCarMarket's financial journey through October, highlighting the cumulative revenue amassed from buyer's fees. Each point on the chart is a testament to the platform’s active transactions, and the overall upward trajectory paints a picture of financial prosperity.

As we traverse through the month, the steady incline in cumulative revenue becomes more pronounced, signaling sustained activity and successful sales. The chart eloquently captures days of significant revenue jumps, likely correlating with high-ticket sales or a surge in transactions.

What stands out is the platform's ability to maintain a consistent revenue flow, showcasing resilience and appeal to a broad audience. Whether it’s a steady climb or sharp spikes in revenue, PCarMarket demonstrates its prowess in facilitating lucrative automotive transactions.

This visualization serves as a financial compass, guiding stakeholders through the platform's revenue landscape and providing valuable insights into its economic pulse.

Not really a surprise to see Porsche top the list. As PCarMarket started off being the Porsche site. Even though they now sell regularly other cars, Porsche’s are still number one.

Fun Fact: Did you know that Porsche have had their own auction site for a couple of years?

This is a story for another day, but it in summary, it’s been a disaster 🤮!

The chart displays a clear view of how buyers' fee revenue varies day-to-day, capturing the dynamism of the platform's financial performance. There are days with significant spikes in revenue, indicating successful sales of high-value cars or a higher volume of transactions. Conversely, there are also days with lower revenue, highlighting the variability in the platform’s performance.

This time series analysis is crucial for understanding the financial trajectory of PCarMarket, aiding in forecasting, resource allocation, and strategic planning. Identifying days with consistently high or low revenue can lead to deeper investigations to understand the underlying factors, ultimately driving informed decisions to optimize platform performance.

No deep dive would be complete without my favorite chart, days of the week! Not sure what is happening on Thursday for PCarMarket, but Friday is THE day for them.

And that wraps up our comprehensive exploration into PCarMarket's revenue landscape for this month. Just a heads up, this is a snapshot of a single month's activity. That being said, after a swift glance at previous months' data, it's clear that the figures we've seen aren't out of the ordinary.

While I haven’t had the pleasure of meeting the PCarMarket crew (though I’d love to!), it's evident from their revenue streams that they’re on the right track—kudos to them! 🎉

Now, is there room for growth and enhancement? Absolutely! There are vast opportunities for refinement across various sectors. Pulling in an annual revenue of $2.5 million from vehicle sales, especially with what I assume is a lean team, definitely deserves a hearty thumbs up from yours truly! 👍