Are Hagerty Finally Taking Online Auctions Seriously?

The Daily Vroom

Good Morning, Vroomers!

Let’s get right into today’s edition.

MARKET LEADERBOARD

💰 The figures shared below don’t 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+ cars in the chart below.

Yesterday's online marketplace buzzed with an impressive $6.2 million in sales—a figure that's not just good for a Monday, but downright stellar. The day might have been even more remarkable if that McLaren we've all been eyeing had found a buyer. A peek at the leaderboard threw up a surprise entry among the usual suspects: Hagerty. With 7 No Reserve listings from The Roger Boman Collection, featuring a mix of European and American classics, Hagerty has made a notable splash. And there are 23 more No Reserve auctions waiting in the wings from this collection. We touched on the strategy behind leveraging collections to spur sales as we wrapped up 2023, and Hagerty's move to assemble a No Reserve collection is certainly worthy of applause. This could very well be the turning point that propels Hagerty's auctions from obscurity towards a brighter, more promising direction. Only time will unfold this tale.

YESTERDAY’S TOP 5 SALES

Undoubtedly, what sets the top two platforms, BaT and Cars & Bids apart is the rich history behind every bid, sale, and comment, which makes for some enthralling stories for us enthusiasts.

Take, for instance, the buyer of the 2014 Ferrari mentioned below—who's not new to BaT, having previously snagged a 1968 Rupp D-300 Go-Kart, a 1966 Jaguar XKE and plenty of other very cool cars. It's akin to sneaking a peek into someone's private collection, which can reveal a lot about a person's tastes and personality.

Then, there's the other side of the coin: those who bid once and vanish without a trace. Could this describe the buyer of Doug DeMuro's 2013 Toyota Land Cruiser, which just yesterday fetched an impressive $35,000?

To view each listing, click on the cars.

2014 Ferrari 458 Spider $307,000

2023 Porsche 718 Cayman GT4 RS Weissach $242,750

2018 Porsche 911 GT3 Touring $197,000

2023 Chevrolet Corvette Z06 Convertible 3LZ Z07 70th Anniversary $195,000

1987 Land Rover 110 $180,000

Why The 2020 McLaren Speedtail Remained Unsold

In the auction world, not every story is a fairy tale, and the latest chapter of the 2020 McLaren Speedtail with just 426 miles on the clock is a prime example. Despite an impressive high bid of $1,677,000, this marvel didn't find a new home yesterday. But before we dive into the whys and hows, let's appreciate what we're talking about here.

This isn't just any car; it's the 97th of a scant 106 produced, a rarity that's as much a piece of art as it is an engineering masterpiece. Its Burton Blue finish is the stuff of dreams, and its interior? Straight from the future, with a central driving position that's more starship than street car.

Pop the hood, and you're greeted with a powerhouse: a twin-turbocharged 4.0-liter V8 paired with an electric motor, delivering a staggering 1,035 horsepower. The Speedtail is a symphony of speed and sophistication, boasting a carbon-fiber skeleton and aerodynamically honed 20" & 21" wheels. It's not just fast; it's an icon wrapped in Burton Blue.

Originally priced at a cool £1,803,000 in 2021, its failure to sell raises eyebrows. But let's unpack this a bit.

Presentation? Spot on. Seller 1600Veloce is known for showcasing gems in their best light.

Market trends? Let's crunch some numbers. Two previous online listings in 2022 didn't fare any better, failing to sell at $2,350,000 and $2,750,000, respectively. Yet, two live auction sales earlier this year each surpassed the $2m mark. Seems like the appetite is there, at least in some circles.

Why the miss, then? A few theories.

One, visibility could be a culprit. Previous auctions drew eyeballs in the 60,000 to 90,000 range, while this one barely crossed 40,000. That's significant. It hints at a potential issue with how auctions are discovered on BaT, a challenge they might be looking to tackle.

Two, is the market cooling on this model? I'm skeptical. With two recent sales breaking the $2m barrier, the demand for this Speedtail variant is out there. Perhaps the right bidders weren't tuned in this time, suggesting a need for broader promotion beyond the platform's regular audience.

In summary, this wasn't a story of an unworthy gem but rather one of missed connections and perhaps a hint that even in the digital age, the right eyes need to be on the prize. More than anything, it's a reminder that the auction world is as unpredictable as it is exciting.

Auction Highlights

Diving into the excitement with yet another stunning Factory Slantnose, and we're down to just over a day left on the clock. This is an alumni listing, having previously changed hands in January 2023 for $265,000. It's still got some ground to cover…


Here we go again… The first Cybertruck to grace BaT has gone live, and the bids have soared to $112,000 already. This beast has clocked 1,635 miles compared to the mere 70 miles on its predecessor that was listed on Cars & Bids.

So far, it's attracted 30,000 views, compared to the 180,000 views the last auction enjoyed, but hey, we've still got four more days on the clock. This time, the auction's finale falls over the weekend, a strategy I reckon is pretty clever. What's got me pondering is the seller's eagerness to close the deal? Will the final bid surpass the previous high of $158,000? My guess is we'll see a frenzy of last-minute bids before the curtain falls, but will it be enough??

And YES there is also another Cybertruck listing on Cars & Bids as well with the highest bid at $122k with 6 days to go.

Alumni Catchup

Below are the top 5 Alumni sales yesterday. The arrows in the diagram below show whether the vehicle sale has gone down or up in value.

At first glance, the auction of the '69 Jeep Jeepster Commando, which clinched $46k after previously selling for $18k five years ago, might lead you to believe it underwent significant modifications or refurbishments to justify such a spike in price. And you'd be right, but the story doesn't end there. The vehicle saw a revamp of its interior and 15″ wheels under the current owner's watch, along with the addition of a sleek black soft top and a practical rear cargo box. Plus, the current steward added roughly 5k miles to the odometer.

However, the seller made a particularly astute and strategic choice by enlisting one of the site's top sellers, DENWERKS, to represent the car—and, wow, did they deliver. For those out of the loop on DENWERKS & MRSDENWERKS, I highly recommend checking out their video. They take us on a journey through their experiences, making it an engaging and enlightening watch.