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What Have Cars & Bids Sold This Year?
The Daily Vroom
Good morning, Vroomers!
Today, weâre diving into some recent sales trends on Cars & Bids, along with your feedback on yesterdayâs âkey criteria for an auction platformâ discussion.
If you havenât shared this newsletter yet, go ahead and pass it along!
Catch you tomorrow,
Sam
MARKET LEADERBOARD
đ° The figures shared below donât 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.
The numbers really tell the story here folks. While our top 4 keep crushing it, look at these sell-through rates - Hemmings at 26%, PCarMarket at 20%, and others even lower. And remember, we're not talking about small-time operations here. I mean, Hagerty dumped millions into their platform and these are the results they're getting? Ouch.
Total sales hit $6.7m yesterday, which sounds decent until you see how it's distributed. It just shows that selling cars at auction isn't the easy money everyone thinks it is. Even with serious backing and infrastructure, if you're not one of the top players, you're struggling to move metal consistently.
Makes you wonder what it's really going to take to compete with the big boys, doesn't it?
YESTERDAYâS TOP 5 SALES
Want to dive deeper into any of these listings? Just click on the car to take you directly to the listing.
Cars & Bids 2024 Trends
I was watching Cars & Bids yesterday when a failed Wraith auction caught my eye. Got me thinking about Rolls-Royce sales on the platform and, honestly, they're not exactly flying off the digital shelf. That led me down a rabbit hole - what are they actually crushing it with?
Funny enough, I remember writing last year about how they needed to get more Rivians on the platform. Well, Rivian landed at #19 for most popular makes this year - decent showing, but not exactly setting the world on fire.
Let's dig into what's really moving on C&B...
Looking at BMW's dominance on C&B, I got curious about which models are really bringing home the bacon. Let's break it down...
Since the 3 Series is clearly king of the hill here, I wanted to see which generations are really hitting the sweet spot with buyers - and what they're willing to pay for them. Let's look at those numbers...
Finally let's see if there's any rhyme or reason to when these 3 Series are moving - do summer months get the cash flowing, or are winter warriors snagging the deals?
Your Feedback
So remember that wild SBX chart from yesterday? You all came out swinging with questions - and yes, that chart was 100% legit (though who they're measuring against is anyone's guess).
So we asked you in a poll âWhat do you think is the most important factor for an auction platform?â
And hereâs the results with a selection of your comments.
Transparency and genuine enthusiasm are what you get online vs a traditional auction house. Seeing Randy and Doug comment on auctions online and in podcasts is a big deal and shows their teams are not just about grabbing your money. SBX has been conspicuously absent from anything but their highest-price offerings (which donât sell anyway).
It take an awful lot of secret sauce. The list you gave is a given.
User experience can make or break an auction site. Look at Hemmings who have been around for ages but seem stuck in the past with a clunky site. Hemmings may have history, but theyâre missing the modern edge.
I think all of these play a big factor into an auction platformâs success. What is most important will change depending who you ask. Sellers care the most about reach because thatâs what gives them the best chance at a strong sale. Buyers will likely be more influenced by the fees and the user experience of the platform. The reputation and trust is a shared responsibility between the platform and the sellers to make buyers feel safe when bidding. We hear so often in this newsletter about cars being sold by a âreputable sellerâ and I agree that it truly does make a difference.
SBX is not doing great in any of these areas. I almost fell out of my chair when I saw that chart. They must be trying to compare themselves to the in-person auction houses because that chart in any context is optimistic, but in comparison to any major online platform, it would be a bold faced lie.
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