Historics partners finance firm
Classic car finance is now being made available to the regular buyer
Historics’ March 4 auction at Brooklands, Surrey, marked the start of a new partnership between the auction house and Classic & Sports Finance (CSF). The venture is aiming to bring the availability of classic car finance to a wider audience.
Edward Legge, director of business development at CSF, explains: ‘ The perception is that classic cars owners always pay cash. But the reality is that about 10-15 per cent of classic cars are bought using some kind of finance.
‘In 2016, 20 per cent of our business was for cars over £250,000. We’re pleasantly surprised by the number of enquiries we’ve received during the auction and the viewing day.’
In total, 78 per cent of the 131 consignments found new owners at the auction – an almost identical ratio to Historics’ four auctions last year – with at least one of the higher-value auction results having been nanced through Classic & Sports Finance.
Edward Bridger-Stille, director of Historics, thinks this new partnership will not just bene t dealers, but also regular buyers. He says: ‘Our partnership with Classic & Sports Finance has enabled us to be the rst company with an online nance calculator under each lot on our website. I think its main appeal will be with end users [rather than with dealers] who are perhaps buying a classic for the rst time, but we’ll need to look back in a year or two to know for sure. The reaction has been really positive, especially in the 24 hours leading up to the auction, which bodes well for the future.’
Historics is now accepting consignments for its next auction, being held at Ascot Racecourse on 20 May.
‘About 10-15 per cent of classic cars are bought using some kind of finance’ csF’s edward legge
at Historics’ March 4 auction, this 1962 Jaguar e-type series i surged well beyond its estimate to reach a whopping £145,600.