Automotive Industry Digest

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Residual value update

Record month for online classic car auctioneer, The Market

Leading online classic car auctioneer, The Market, has completed its March auctions with an impressive 86 per cent sales rate and a new record in total monthly sales for the company of over £752,000.

The results show that many classic car enthusiasts are still incredibly active and continuing to buy and sell despite the coronavirus lockdown. This is only practically possible with online auctioneers like The Market while public auctions are prohibited.

Furthermore, The Market’s online auction platform and app have seen a 50 per cent increase in traffic over the past week, as well as an increase in bidder registrations.

“Our March results are great news for us at The Market but also for the whole classic car industry,” comments Tristan Judge, director at The Market.

“Classic car enthusiasts should feel reassured. We’ve upgraded our website server to cope with demand and although our premises are currently closed to the public, we are able to provide delivery transport and storage for sellers and buyers as well as personal, live video viewing of cars if needed.”

Highlights from the March auctions include a 1973 Ferrari 246GT ‘Dino’, one of just 498 UK right-hand drive cars made, which sold for £215,500, and a pristine 1976 Ferrari 308GTB Vetroresina, which sold for £87,000.

Other notable lots include an early 1962 Jaguar E-Type 3.8 FHC with features found only on the very first examples made which sold for £91,000, and a 1979 Volkswagen Golf GTI 1.6 Mk1 Series 1 with just 17,000 recorded miles which sold for £27,695.

“Sellers and buyers of classic cars are currently faced with new challenges and options when it comes to selling with an auction house and should pay close attention to T&Cs. As a business which has always been 100 per cent online since day one, we host unlimited image galleries and descriptions on our auction lots, and we return an industry leading 95 per cent of the sale price to the vendor. What’s more, we have the opportunity to offer cars for sale on every single day ensuring sellers can move their cars on to new owners in an incredibly short space of time, if needed.” concludes Tristan.

Classic car owners looking to sell their car with The Market benefit from just 5 per cent sellers’ commission and no entry fee, while buyers only pay what they bid with no additional fees.

To see all the results from The Market’s auctions visit https://themarket.co.uk/ or download the free app from Apple Store or Google Play.

*Article Source https://themarket.co.uk/

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