After a very rough Q1, the market came roaring back in July 2020! We saw total sales* of $120.2m, 146% higher than July 2019, with the average transaction increasing 40% to $39,715 from $28,289. Even compared to the previous month, the market was up 177%!
So what exactly happened? We see multiple variables at play:
- several months of repressed demand and supply,
- government stimulus trickling through the economy, and
- offline auctions getting very serious about doing business online.
The big question on everyone’s mind is whether it’s sustainable – or just a blip on the radar? What do you think? Comment below.
Note: Stats quoted in this post are as of July 31, 2020 @ 7pm eastern.
Mecum was the auction house to watch, capturing every one of the top 10 sales for the month. Leading the rankings was this 1965 Shelby GT350R Prototype for $3,850,000. It’s worth noting that four other Carroll Shelby cars made the top 10 as well. Mr. Shelby would be proud!
Welcome, Cars & Bids!
A new online auction website called Cars & Bids has come out of the gate strong. Powered by Mr. Doug DeMuro of YouTube stardom, they are specializing in 1980’s or newer cars while offering competitive seller fees. We already found multiple worthy gems in their daily listings, including this 1988 BMW M5 just begging to be driven.
Chart of the month: Submarkets
Have you been digging into our new charts? One of our favorites is the Submarkets chart for a Make or Model – where you can quickly see the major variants and the size of the market for each in the last 5 years (and click on the model name and dig even further). Check out the Porsche 993 submarkets chart for example:
Markets of the Month: Summer Rides
Want to track sales of your favorite make/model? You can follow your favorite markets and we’ll keep you up to date with alerts on new listings and sale prices. If you’ve got your eye on a new summer ride, here are some of our favorites:
If there’s a market you’d like us to add, please let us know in the comments… we are adding markets every day!
* These reports include sales reported in US Dollars only. Sales reported in other currencies are not taken into account… yet.