Is SBX Cars Running Out of Gas? An Insider Look

PLUS: What you think Cars & Bids should do next...

The Daily Vroom

Good morning Vroomers,

Not chitter chatter from me today. Let’s dive straight into the numbers.

See you tomorrow,

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.

As you can see from our leaderboard, it's the usual suspects making waves. Our fab four platforms racked up a total of $5.8m in sales. Now, don't get too excited - that's pretty much par for the course on a Monday.

Let's dive into the nitty-gritty:

Yesterday's Sales Breakdown: If you're looking for fireworks, you might be disappointed. This breakdown is about as vanilla as it gets. However, there's one nugget worth chewing on: the $5-$10k segment is punching above its weight at 15%. That's a fair bit higher than we typically see.

This leads into the average sale price across all platforms, which landed at a modest $38k. For those keeping score at home, that's well below our usual sweet spot of $42k-$45k.

So what's the takeaway, Vroomers? Are we seeing a shift towards more affordable rides, or is this just a blip on the radar?

YESTERDAY’S TOP 5 SALES

Vroomers, talk about timing!

Just yesterday we were chatting about Cars & Bids stepping up their game with pricier rides, and lo and behold, they've landed a spot in our top 5 sales. Leading the pack is that eye-catching 2000 Lamborghini sold by Collecting Cars that sparked quite the bidding frenzy.

Now, here's something new for you. Taking a cue from your feedback (keep it coming, folks!), I've added a little something extra to our sales roundup. You'll now see the first online auction sale of the same model listed alongside recent sales. This way, you can track the trend from when these beauties first hit the digital auction block all the way to their latest appearances.

It's like a little history lesson with each sale. You can see how these cars have appreciated (or depreciated) over time in the online auction world.

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

2000 Lamborghini Diablo VT 6.0 $316,500

There is not comparable sales for exactly the same year/make/model. The last 2000 model that sold 9 months ago was sold for a very similar price.

2022 Porsche 911 GT3 Touring 6-Speed $235,000

2001 BMW Z8 $205,000

1987 Porsche 911 Carrera Coupe 3.4L G50 $181,111

This was a backdate build. You have to watch and listen this driving video, pure bliss.

2016 Porsche 911 GT3 RS $170,9111

SBX Cars Update

I've been quiet about SBX Cars for a few weeks, taking time to see how things unfold. If you've been following along, you know I've written extensively about them before, mostly in a positive light. (For those who missed it, you can catch my interview with Supercar Blondie here.

Some of you have reached out, questioning why I've been so optimistic when sales aren't meeting expectations. The answer is straightforward:

  1. I genuinely believe in the concept of selling high-end cars online. In my view, this is the direction the luxury market is heading. I'm convinced people will embrace buying these exceptional vehicles through digital platforms.

  2. I always try to give new platforms the benefit of the doubt and offer encouragement. In my opinion, more successful companies in this market benefit everyone involved.

I'm not ignoring the challenges SBX faces. However, I remain supportive because I believe their success could positively impact the entire industry.

Now, let's pull back the curtain a bit on SBX. I've been inundated with emails and chats from dealers, bidders, and industry insiders about the platform. While I always take these with a grain of salt (we all know how opinions can be), it's clear SBX is facing some hurdles.

Word on the street is that SBX's grand plan was to leverage Supercar Blondie's star power and her 100 million social media followers to rapidly grow the platform and potentially sell the parent company. (Which, by the way, I've got no beef with - that's just smart business.)

But reality's hit a bit different. Despite a slick website and initial promise, it's been a bumpy ride. We've seen auctions go live only to vanish later, and their results section sometimes shows cars still up for grabs - not exactly instilling confidence.

I'm hearing rumblings that some big-name dealers are getting antsy, feeling like their carefully cultivated relationships might be going up in smoke. There's a sense that the experienced pros on the team aren't getting the autonomy they need, potentially leading to a messy situation.

It's not all doom and gloom, though. They are trying to attract buyers with certain additions to the site. For example, the addition of country-specific phone numbers for buyers and sellers at the top of the site - nice touch, SBX.

But let's call a spade a spade: aside from those Cybertrucks, SBX hasn't made major waves with high-end car sales at auction yet. They've got some jaw-dropping listings - we're talking amazing cars, a robot, and even a glass yacht on the horizon. The million-dollar question is: can they close these deals without getting desperate and burning bridges?

Here's my two cents: Let the team off the leash. Give them the freedom to make calls and own the consequences. And Alex (Supercar Blondie) - we need more of you, front and center. I get wanting to showcase the team on video’s, but you're the face of this brand. Your video and social media expertise could be the rocket fuel SBX needs, especially until they've got 10-20 sold auctions under their belt.

Speaking of social media, where are the Meta ads? The reels? Sure, the primary buyers might not be scrolling Instagram, but you can bet their brokers and reps are. That's a missed opportunity right there. Traffic is crumbling fast, so something needs to be done.

SBX traffic the last 3 months.

Bottom line, Vroomers: SBX is going through some serious growing pains, no doubt. But the potential is still there. With some tweaks and more hands-on involvement from Alex (on the video and social media side), this platform could really take off and add some serious muscle to the SBX media brand.

Let's keep our eyes peeled on how their auctions wrap up over the next few weeks. Could be telling.

Will SBX overcome its current challenges in the high-end car auction market?

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Cars & Bids User Feedback

Remember yesterday when we dove into Cars & Bids' growth strategy? Well, you folks came through with some killer feedback. We asked, "What do you think Cars & Bids should focus on to boost their growth and revenue?" And boy, did you have opinions!

The results? A whopping 80+% of you think C&B needs to go all-in on our suggestions. That means more dealers, weekend sales, expanding to older cars, and ramping up community events.

Now, let's peek at some of your comments:

I'm find it strange Doug Isn't into cars Pre-1980. After all he's been a Contributor For Hemmings Classic Cars writing very good articles. Strange indeed. Doug has had all of the above at his disposal at Hemmings. As stated. It's difficult finding help for weekend sales. One thing C&B might do. Lighten up in their comment section. One word may not meet their 'rigid community standards'. You're exiled for life. Is C&B a religious institution? Allow potential buyers to express within reason. After all they're paying C&B's. Again. Lighten Up.

I’ve bought and listed with them in the past. If it’s a car that I really want i’ll go all in for it with a sensible price in mind. If it’s a car that im not sure about, I’ll bid lower than what i think it’s worth, hope to be the top bidder and then negotiate on the back-end with them to lower my fee to get the deal done, which has worked well for me. When I listed a $100,000+ car the bid wasn’t close and it’s something I’ve noticed for those really expensive cars is that they don’t have the best closing rate.

taking on private equity money means selling your soul to the devil, and in exchange they need to grow at all costs. As we saw earlier this year, if that growth target isn’t achieved they’re willing to throw out the baby with the bath water.

I think you summed it up well. They have a lot they could do, but it kind of feels like a rudderless ship. With BaT you have Randy active in the comment section. I rarely see Doug involved. Does he still run it?

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