The GAA July auction has just wrapped up, and the results will give you hope!
To say there's a lot of heavy-handed uncertainty in our everyday lives is almost insulting to highlight at this point, but it also can't be ignored. This year has been plagued with tragedy, the death of many businesses, and civil unrest. Navigating through any of this has been a challenge, to say the least, for any sector, but car people have been smacked around since the beginning of the shutdowns. With events been cancelled all over the place, and economic uncertainly, car collectors have been filled to the brim with questions. The main question being: Is the car collector industry going to survive this? But we've seen glimmers of hope in unexpected areas since the whole mess began.
One recent light started to shine through the stormy skies of 2020 this past weekend when GAA Classic Cars had one of its best auctions in recent times. With 650 cars moved across the auction block during the July 2020 event, they landed with a sell through rate of 83-percent when it was all added up. For reference, this is a great rate for any auctions, and the pre-COVID world.
The bids weren't thin either, some of the top sales include a 2009 Rolls-Royce Phantom that sold for $115,000, a 1958 Chevrolet Impala that sold for $108,00, a 1959 Ford Galaxie that sold for $106,000, and a 1968 Ford Shelby and a 2020 Chevrolet Corvette that each sold for $100,000.
Auto enthusiasts of all walks should take these numbers as a beacon of hope. Even casual car collectors should see this as a positive sign, heck, anyone looking for a positive sign in any industry needs to pay attention. People are out there spending money and moving along with their lives.
As a personal note, and as someone who works in the industry, I want the takeaway from this article, and the results in general, is that adapting to overcome this current situation is the only choice. When the lockdowns began, Motorious saw auction houses and consignors immediately start to adjust the way they reached people to sell cars. This ambition should be applied to every aspect of this industry possible, even when it seems impossible.
We're looking forward to the next GAA Classic Cars auction that takes place on November 5-8. While we're holding onto the optimism that we will be able to attend in person, we're exciting to see this trend continue.