New High-End Car Auction Site Launched
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For American drivers looking to bid on high-end cars, a new auction site is expanding the world of luxury car auctions. Collecting Cars, based in the U.K., is tackling the U.S. market with its first stateside office in Los Angeles, CA. The company has made over $140 million in sales since its founding just two years ago, and it doesn’t appear to be slowing down.
If you’re considering buying a collector car, don’t forget to protect your investment with the right car insurance. Jerry can help!
A new player in the US high-end car auction market
A high-end car auction site is live now
On its website, Collecting Cars promises a “streamlined process” and a “safe, smart and simple online auction experience where sellers can have confidence in the bidding and buyers can have confidence in the cars.”
The company touts its team’s experience with all kinds of cars, assuring buyers and sellers that personal help is there when they need it. Besides cars, the auction site also features motorcycles, car paraphernalia, and even a classic tractor or two.
What sets Collecting Cars apart
Collecting Cars favors sellers in its auctions—there’s no fee to list a car, and sellers receive the full sales price. Buyers pay the company’s listing fee, making the auction company an attractive place to sell a high-end car.
Another characteristic that gives the company a unique perspective is the view that collector cars aren’t investments, but objects of pleasure. As CEO Edward Lovett told The Drive, “We believe that cars are to be driven and enjoyed, and we want to foster a community that wholeheartedly agrees with that.”
While there are several other high-end car auction companies already operating in the U.S., Collecting Cars brings a new angle to the market, and its strong sales in the U.K. indicate that it will make waves over here, too.
According to The Drive, Collecting Cars has set world records for high bids on cars from Singer, Renault, Audi and Land Rover. Recent notable sales in the U.S. include an International Scout 800 and a 2004 Ferrari 360 Challenge Stradale.
State of the market
The rise of electric vehicles brings a new value to the kind of high-end car auctions that Collecting Cars offers. As more and more electric vehicles hit the market, drivers who value a traditional combustion engine experience are looking to build their collections.
A Pew Research Center report found that while most people surveyed agree that electric vehicles are better for the environment than gas-powered cars, many have a negative view of the reliability and driving experience of EVs.
Collecting Cars’ Lovett told The Drive that he anticipates continued interest in cars like mid-90s sports cars as drivers try to hold on to their valued driving experience.
Insurance for collector cars and beyond
If you’re a car collector, it’s important to have the right insurance for your vehicles—especially if, like Collecting Cars does, you believe that those cars should be driven frequently and not stored away in a garage. Jerry can help you find the right insurance at the right price for your collection (and for your everyday vehicles, too).