Classic car auctions and their ability to drive the market
Classic car auctions are great places for buyers, collectors and admirers to appreciate and spark interest in rare models, makes and years of cars. Prospective buyers show up, pay admission, and bid on vehicles. There also might be exhibitors, memorabilia, speakers and other types of entertainment for sale. Classic car auctions drive the rest of the market because they set prices that the rest of the market occasionally use as guideposts.
Photo from Automobile Mag
At the start of the pandemic, the classic car auction industry was threatened, and most large, in-person auctions were cancelled. Most auctions quickly switched over to online platforms, and maintained businesses that way. Some guessed that the classic car industry would never be the same and it wouldn’t be able to rebound. However, according to Hagerty Media, the collector car market actually grew in 2020.
Photo from Automobile Mag
From 2017 to 2019, classic car auctions averaged about $1.3 billion in sales. Online platforms accounted for something like 12 percent of those dollars, with in-person sales accounting for the rest. Online platforms have earned 68% of all auction dollars since the beginning of April, 2020, according to Hagerty Media. Hopefully, classic car auctions will return to in-person events in the near future, but for now, online auctions seem to be working.
Classic cars tend to have simpler parts and are usually smaller and lighter than modern cars. Typically, most maintenance work can be done by the vehicle owner, so there is less of a hassle when it comes to servicing and maintenance work. Also, when properly looked after, classic cars appreciate in value as they get older. These benefits drive the modern car industry and inspire future cars to come.
Regardless of how the classic car auction industry is doing, Worldwide Vintage Autos will be here with a great inventory of classic cars. We communicate directly with you, on a personal level, to ensure you are satisfied with your purchase. Visit our website here to browse our inventory list. Our VIP list is the best way to get an exclusive look at unique vehicles before they hit the market. You can sign up here today!
