Yep, you read that right…
Unfortunately, 2020 has been a year fraught with economic strife for many, particularly those in food service. And while government-mandated shutdowns and the general paranoia of sections of the public has led to devastating losses in some sections of the economy, when it comes to classic car sales it’s been a tremendous year. Apparently, time at home is best spent wrenching on an old car, a notion we wholeheartedly agree with.
This isn’t news to us, but not everyone has been paying attention to the market closely. A recent report features an interview with Tom Wood, CEO of Car & Classic (a European collector car marketplace), who details out how good 2020 has been for classic car sales.
When the shutdowns began, the fear was that with traditional auctions closed there would be few vehicles changing hands. Those fears proved to be unfounded as people sought out old cars online, buying them after viewing photos and videos, instead of inspecting their acquisitions in person first.
Wood notes visits to his site have been up 30 percent this year. He also mentioned that online auctions are even hotter, something we thought might come about from the COVID-19 shuffle. After all, with traditional auctions people feel like they have to be physically present to place bids, even though most offer some online or phone bidding option.
With the ease of online auctions also comes a broader appeal. You can be sitting literally anywhere in the world and be bidding on classic cars you otherwise wouldn’t have access to. This is what Wood and others believe has fueled the increase.
We’ve also seen a significant increase in no-reserve lots at online auctions.
Another factor we’ve seen is with fewer options to get out and pursue hobbies, people are looking for something they can do at home. Enjoying that classic vehicle they’ve always dreamed of owning seems to be a popular option among quite a few people. With the promise/threat of more shutdowns in 2021, we might see this trend continue.
Source: City A.M.