DEALER TALK & MARKET WATCH
Classic and sports car buying behaviour has altered significantly during the past few years. The pandemic has furthered change by pushing traffic to online-only sales portals. Now, from the team that brought you Silverstone Auctions and Classic Car Auctions, comes the web-exclusive Automotive Auctions... Congratulations on the launch of Automotive Auctions. Tell us the unique selling point of each of the auction businesses you’re currently operating, starting with Silverstone Auctions.
Silverstone Auctions was founded a decade ago, and is solely focused on offering what I refer to as ‘best of breed’. By that, I mean premium vehicles with provenance. Maybe they’re super-low mileage examples. Perhaps they’re rare models. Either way, Silverstone Auctions holds the exclusive automotive auction rights for Silverstone Circuit, where we host a number of standalone events each year, as well as our annual headline sale as part of the Silverstone Classic. We also host auctions at other major events, including the NEC Classic Motor Show and Race Retro. The venue might change, but the type of car doesn’t: the very best road and competition cars, many of which have smashed record-breaking final sale prices.
How about Classic Car Auctions?
We were turning away many cars which didn’t quite cut the ‘best of breed’ standard Silverstone Auctions aspires to. These vehicles weren’t deficient or bad in any way, but they lacked the exclusivity we were looking for. Many of the cars we turned down, however, could be classed as ‘everyman classics’. Recognising huge appetite for sensibly priced, usable sports cars, we established Classic Car Auctions as a way of providing the same professional service as Silverstone Auctions, but offering enthusiasts the opportunity to buy iconic classic cars at a lower price point.
And continuing with physical auctions?
That’s right. Classic Car Auctions holds four key auction events each year, one being staged at the NEC Classic Car & Restoration Show. Created in 2015, the business has sold more than £33 million worth of cars and, in 2020, Silverstone Auctions and Classic Car Auctions were named as the UK collector vehicle auction market leaders by Classic Auction Review.
Where does Automotive Auctions fall into all this?
Like many industries, COVID-19 presented a challenge to established auction houses. How could we host physical auctions in the midst of a pandemic?! We’ve always welcomed online and remote bidding (you don’t need to physically attend a Silverstone Auctions or Classic Car Auctions sale), but it wasn’t at the core of what our two established brands were offering. Adapting to the new normal, however, we set a date for the 2020 Silverstone Classic Live Online Auction and it turned out to be the highest grossing sale in the history of the company. Armed with this success, and witnessing the rapid growth of smallscale online-only auction houses during periods of lockdown, I decided to launch Automotive Auctions as a web-exclusive sales portal perfectly complementing Silverstone Auctions and Classic Car Auctions, which will remain primarily physical auctions at the UK’S popular motoring events.
Tell us how Automotive Auctions works.
In short, the company has been launched to provide an additional route to market, offering an efficient online process whilst supporting buyers and vendors with the same standard of service and professionalism they’d receive as if they were customers of Silverstone Auctions. Best of all, selling with Automotive Auctions is completely free of charge. That’s right, we charge zero percent selling fees on all items (cars, motorcycles and related accessories, such as cherished registrations) and no listing fees. There’s a five percent charge to the buyer (minimum £300 on number plate and automobilia, and a minimum £600 on vehicles, with a maximum of £6,000, all subject to VAT) when the hammer falls, but we think the complete elimination of charges to the seller is a very attractive proposition.
It certainly is. And it sounds like anything goes?
Automotive Auctions offers the ability to buy and sell a wide range of items, including classic cars, competition cars, modern cars, supercars, electric and hybrid cars, motorhomes, motorcycles... you name it, we sell it. Our dedicated and enthusiastic team members have a wealth of experience and knowledge of both classic and modern vehicles and are completely in touch with the international market through their experienced colleagues. We are delighted to be able to offer customers — old and new — an online route to market and the ability to buy and sell in total confidence.
We understand there’s a podcast, too?
Correct. Alongside Automotive Auctions brand ambassador, Mike Brewer, I host a show featuring special guests keen to chat about their love for cars. Alternatively, members of the Automotive Auctions team join us to discuss the latest results and vehicles currently available to bid on. Our most recent guest is Porsche enthusiast and Boxengasse founder, Frank Cassidy. Episodes are available to stream and download on Apple Music and Spotify. You can also watch Automotive Auctions vlogcasts on our Youtube channel. Enjoy!