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The Daily Vroom

Good morning Vroomers,

Yesterday we discussed what could become the largest online auction sale ever and asked what fascinated you most about the Ferrari Enzo currently up for auction on DuPont Registry.

The results were pretty clear. The majority of readers voted that they'd like more information on the car's journey from its $11.1 million Mecum sale in January to where it sits today. That sentiment was echoed throughout the comments.

One reader wrote, "Something is fishy here. Though the DuPont folks are a quality organization, I would be wary of taking on this car because of the questions they know reasonable people would be asking. Some kind of full disclosure is vital here."

Another simply asked, "Lack of transparency, did Dana Mecum own it etc.?"

And perhaps the most succinct response of all was simply, "Things don't add up."

What's interesting is that very few readers seemed concerned about the car itself. It's an Enzo. It's one of one in Rosso Dino. It's a spectacular car.

My takeaway remains the same as yesterday. The most fascinating part isn't the ownership trail, it's the fact the car is being sold this way at all. Regardless of the explanation, somebody is willing to expose an eight-figure Ferrari to a no reserve auction and that takes confidence. A lot of confidence, kudos to them.

We'll find out soon enough whether that confidence was justified.

One result that caught my eye yesterday was the 2023 Rimac Nevera Time Attack that sold on BaT for $1.677 million against an original MSRP of nearly $2.7 million. That's still a huge result by any normal standard, but it's also a reminder of just how brutal depreciation can be in the hypercar EV world. The auction itself turned into one of those classic BaT marathons, with the buyer claiming his maiden win and eventually emerging victorious.

The World’s Largest PPI

Over the past few weeks I've written extensively about some of the issues surrounding online auctions. From bidding controversies to reserve strategies and everything in between, there are certainly areas where the industry can improve. But it's only fair that we also acknowledge just how much online auctions have done for the collector car hobby because, despite their flaws, I genuinely believe they've transformed the market for the better.

One of the biggest advantages, and something I don't think gets nearly enough credit, is what many people refer to as the "peanut gallery." Personally, I think that's selling it short. In reality, the comments section has become the collector car world's largest online pre-purchase inspection.

Think about what buying a collector car looked like twenty years ago. You'd find a classified ad, make a phone call, drive to see the car and hope you knew what you were looking at. Unless you were an expert on that particular model, you were largely relying on your own knowledge and whatever the seller chose to tell you.

Today, a listing might attract dozens of owners, marque experts, former technicians and enthusiasts who collectively have hundreds of years of experience with that particular model. One person spots an incorrect trim piece, another notices evidence of previous paintwork, someone else points out a common rust area or maintenance item that should be addressed. In many ways, it's like having a virtual PPI take place before you've even picked up the phone.

Of course, no single comment should ever be treated as gospel, and buyers should always perform their own due diligence. If you're spending your own money, do the work. Verify information, get inspections where appropriate and don't blindly trust strangers on the internet. I've bought countless cars through all sorts of channels over the years and while I'd consider myself fairly knowledgeable, I still value second opinions from people I trust. The comments section simply gives buyers access to a level of collective knowledge that wasn't available before.

Yes, there will always be overly negative comments and the occasional armchair expert. Some people enjoy picking apart cars more than others. But you have to take a little rough with the smooth. I'd happily accept a few unnecessary comments in exchange for the amount of knowledge being shared. For most buyers, especially those entering a market they're less familiar with, the comments section isn't a peanut gallery at all. It's an online PPI being conducted in public by people who genuinely care about the hobby.

Personally, I've found myself gravitating towards platforms with active comments sections. That's not because I don't trust platforms without them. In fact, if you look across the pond in the UK, comment sections are often barely used at all and those platforms still sell plenty of cars and have built loyal audiences over many years. Clearly there are a lot of buyers who are perfectly comfortable making decisions without dozens of enthusiasts weighing in.

For me, though, I'd rather have the information than not have it. Even if I don't agree with every comment, I'd still rather see people discussing a car than have no discussion at all. Everyone has to go with what they know best and what makes them feel comfortable when parting with their money.

Some buyers are happy relying on their own research and inspections. Others appreciate having an extra set of eyes, or in some cases hundreds of extra sets of eyes, looking over a listing. Neither approach is necessarily right or wrong, but I know which one I'd choose.

Beyond that, online auctions have opened up the market in a way that would have been difficult to imagine a generation ago. The car you dreamed about as a kid is no longer limited to whatever happens to be available locally. Whether it's a Porsche across the country, a Land Cruiser in Japan or a rare European sports car halfway around the world, the inventory is effectively at your fingertips. Online auctions didn't create those cars, but they made them visible and accessible to a much wider audience.

Personally, I'd much rather buy a car online than standing on the floor at Barrett-Jackson or Mecum (and I’ve bought a fair few) At a traditional live auction you've got an auctioneer talking a hundred miles an hour, a crowd feeding off the atmosphere and a car crossing the block once before it's gone. Online, I've got a week to think about it. I've got time to read the comments, ask questions, do my research, sleep on it and decide whether I really want to spend the money. That doesn't eliminate emotion from the process, but it certainly helps reduce the chances of making a rash decision.

And trust me, emotion is still part of it. I've absolutely been guilty of paying more than I should for a car because a completely different part of my brain takes over when I see something I really love. I'm sure many of you know exactly what I mean. But even with that human element, online auctions provide far more information and far more time to make a decision than most traditional alternatives.

Then there's the economics. Not necessarily the price of the car itself because ultimately that's up to the buyer, but the cost of the transaction. Compared with many traditional auction houses, buyer's premiums on most online platforms are remarkably low. In some cases they're so low that, unless a specific car is only available at a live auction, it becomes difficult to justify paying the additional fees elsewhere. Buyers get more information, more time and often lower transaction costs.

Are online auctions perfect? Of course not. I've written plenty about the areas where they can improve and I'm sure I'll write about them again. But the next time you find yourself scrolling through the comments section of a listing, remember what's actually happening. Dozens of enthusiasts are voluntarily spending their time helping complete strangers make better buying decisions. The car world didn't always work that way.

For all the criticism online auctions occasionally receive, that's a pretty remarkable thing.

Potential Bargians Ending Today

Maybe I'm crazy, but this one feels cheap.

Yes, it's an automatic. Yes, if it were a manual we'd probably be looking at a much higher bid. But that's also why I'm surprised this thing is still sitting where it is.

We're talking about a 59k mile California car that's been in the same family since new. It's got the Sport Package, the differential lock, M Sport suspension, service records, four keys, and that fantastic Bambus Red interior that you just don't see very often anymore.

The more I looked through the listing, the more I struggled to find anything particularly scary. There's some bumper damage, the driver's window actuator doesn't work, and there are the usual cosmetic marks you'd expect on a 30-year-old BMW. Big deal.

I think the problem is that it sits in an awkward middle ground. It's not an M3, which is what everyone wants. It's not a manual, which is what everyone wants. And it's a 318ti, a car that spent years being the slightly oddball member of the E36 family.

The funny thing is those are exactly the cars enthusiasts seem to appreciate more as time goes on.

Maybe this thing wakes up and doubles or triples from here before the auction ends. It probably will. But if it doesn't, I wouldn't be surprised if someone ends up with one of the better value buys of the week.

And if you're the type of person who spends weekends complaining that cars have become too expensive, this is probably the sort of auction you should be paying attention to.

There are plenty of auctions where I look at the current bid and think, "Yeah, that makes sense."

This isn't one of them. Now before everyone emails me, I know there's still plenty of time left and the bid will move. But this 1967 BMW 1600ti doesn't strike me as the sort of car I'd expect to be flying under the radar.

It's one of roughly 8,600 1600tis built, still has its twin-carb setup, a manual gearbox, and appears to have avoided the modifications that so many old BMWs seem to pick up over the years.

No, it's not perfect. The mileage is TMU, there are scratches, dents, some corrosion, and it's certainly not a freshly restored showpiece. Frankly, that's part of the appeal. I'd rather see an honest car than something that's been restored within an inch of its life.

What I like here is that the seller isn't hiding anything. There are underbody photos, nine videos, a detailed ownership story, and a long list of recent work. That's more transparency than you get on plenty of cars selling for considerably more money.

Will this still look like a bargain by the time the hammer falls? We'll find out soon enough.

What I do know is that if you're one of those people constantly telling me there are no interesting opportunities left in the collector car market, this is exactly the sort of auction I'd be watching.

It's entirely possible this thing explodes in the final few hours and makes this observation look ridiculous.

But with less than a day to go, I'm surprised by how little attention this Boxster S seems to be getting.

For years enthusiasts have complained that 911s have become unaffordable and that there's nothing left in the Porsche world for normal buyers. Yet here we have a six-speed Boxster S showing 87,000 miles with the IMS Solution installed, water pump replaced, suspension refreshed, a Fabspeed exhaust, and a seller who appears to be answering questions and adding documentation when asked.

No, it's not perfect. The service history isn't complete and the top is showing its age. But when I read through the comments, I don't see bidders uncovering major issues or the seller dodging difficult questions. If anything, I came away more comfortable with the car than when I first opened the listing.

The most likely explanation is that everyone is waiting for the final few hours before showing their hand. The other possibility is that a lot of potential buyers have simply overlooked it.

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