Bring a trailer of cars sold for $ 829 million last year
Just as some automakers are slowly moving towards an online car buying process, so are used car makers are shifting their business towards digital selling. In fact, it turns out that online auctions are already beating live auctions, or at least they are with a particular online auction platform.
Bring a trailer, “a digital auction platform and community of enthusiasts,” reported $ 828.7 million worth of cars sold on its site in 2021, improving its year-to-date result by 108%, from 398 million. dollars in 2020. More importantly, Bat left behind the competition of the digital sector and far behind the nearest live auction company.
In the closing days of 2021, Mecum, one of the world’s largest live auction houses, announced that it sold cars for $ 578 million last year, while RM Sotheby’s – another major player segment – reported $ 407 million in cars sold in 2021.. According to Bloomberg, Barrett-Jackson had $ 191 million in sales and Gooding & Co. was just behind at $ 150 million. No figures are yet available for Bonhams, although it is highly unlikely that the company has done better than BaT.
“Big auctions will always have a market. They put on a great show, ”BaT president and co-founder Randy Nonnenberg told the publication. “But people are finding that we are a very effective way of [buy and sell cars] if you want to do it in a more personalized and simplified way.
Data from classic car insurer and data company Hagerty shows online auctions topped live auctions for the first time in 2021. About 20,000 vehicles were sold digitally in North America last year versus around 16,000 cars sold direct. The first figure represents a significant 107% year-over-year jump in online sales on the continent.