‘Buy it now’ expands the market
Online-style deals are proving a hit with buyers
Classic auctions are finding that onlinestyle Buy It Now deals are powering a growing section of the market.
North Yorkshire classic auction house Mathewson’s introduced the system last year and says that it has sold several classics that would normally only be available at auctions this way, including a 1966 Morris Oxford and 1990 Alfa Romeo Spider.
Manager Derek Mathewson stressed that it only sells classics that have failed to find new buyers in its auctions at least once this way, and that the Buy It Now prices are non-negotiable. He says: ‘ The Buy It Now system is working well for us – not only have we sold the Alfa Romeo Spider and Morris Oxford but we’ve also sold quite a few of the classic motorcycles that come to us the same way.
‘With the cars we’re selling being here all the time and our staff being based on site throughout the week, it makes sense for us to do it.’
Keith Murray, auction manager for Morris Leslie Vehicle Auctions, says: ‘Buy It Now is definitely a positive thing both for us and for the buyers, and helps to open the cars up to a wider portion of the market. It’s something we’ve always done, and typically we’ll always sell perhaps ten or 15 cars in this way.’
But CCW markets editor Richard Barnett reckons the deals are confusing buyers and blurring the lines between dealers and auction houses. He says: ‘When is an auctioneer not an auctioneer? When it offers ‘Buy It Now’ sales it seems.
‘A ‘Buy It Now’ approach makes me wonder why, if this method of selling is so successful, an auctioneer bothers running sales. They’re an auctioneer or a dealer, not both at the same time.’ David Simister We drive Mathewson’s Spider, p18.
This Alfa Romeo Spider is one of the classics North Yorkshire-based auction house D.T Mathewson has sold under its Buy It Now scheme.