Car auction industry accelerated 'years' over COVID-era digital shift - Business Insider

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The pandemic forced high-dollar car auctions online. Their wild success accelerated the business by '2 to 3 years,' industry leaders say.

The record-breaking Enzo for most expensive car ever sold online."The fact that clients and buyers did not hesitate to bid on six- or seven-figure cars online, sight unseen, is amazing," Ahn said. "Whatever effort we were trying to make last year in terms of online investment and growth opportunity, this has accelerated it by two to three years."A car is always a big purchase, especially if you're prepared to drop six figures on it.

Indeed, in addition to Bring a Trailer's own team, the site also features a lively comments section where users frequently chatter about the car, remark on its quality, and question the seller, who is also free to engage in the discussion."All of [the Hemmings Auctions] sellers are required to fill out a detailed questionnaire that provides many critical details about the condition of the vehicle's mechanical, structural, interior, and exterior," Wyler said.

"We always recommend that bidders travel to see the car if possible, which is one of the reasons we made listings seven days, and longer for premium listings," Nonnenberg said. RM Sotheby's is a little different. Everything is sold through the company's licensed dealers and auctioneers, not your random neighbor with a shiny classic Mustang and boastful words. "The biggest obligation of the dealer is to deliver the car with a clean title, as represented," Ahn said.

"This process does restrict scalability," Ahn said. "But this way, there's more of a guarantee. There's a level of standard we have to uphold."As it turns out, a pandemic did nothing to dampen the appetite for classic and enthusiast cars. In fact, it seems to have increased it significantly.

 

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