Record-breaking Porsche sale shows rise in online auctions

When cars are selling for record high prices, you would expect those sales to come from very reputable auction houses like RM Sotheby’s, Bonhams or Mecum Auctions. However, the last top-notch sale to hit the headlines came from a native online auction site, another signal of the rapidly changing landscape in the classic car world.

Wednesday, low mileage 2005 Porsche Carrera GT sold for $ 1.9 million on Bring a Trailer, the highest price ever paid for the coveted sports car at auction. It broke the record for a $ 1.3 million Carrera GT sold on Bring a Trailer in September 2021 and a $ 1.21 million example sold to Mecum the previous month, as reported. Bloomberg. The original price of new cars started approximately $ 450,000.

The record-breaking price did not surprise Brian Rabold, vice president of Automotive Intelligence at Hagerty, who told Bloomberg that the V10 car – of which only 1,270 were produced over four years – has doubled in value over the past five years. last years. What’s surprising is that Bring a Trailer, a once-rambling online auction site that started as a blog in 2007 and didn’t start selling cars until 2014, was able to court high-profile sales like this Porsche and generate enough interest to beat sale prices at long-standing in-person auctions like those at Mecum, which has been around since 1988.

Part of the reason for Bring a Trailer’s success is its dedication to building a community, as we explained in 2019. It’s not just a point of sale, but a website that encourages users. discuss vehicles, even those they are not bidding on. After all, a $ 1.9 million Porsche is a one percent car.

This emphasis on community building extends to arguably the most important factor: low fees. Bring a Trailer only requires that sellers pay $ 99 to list a vehicle, whether it’s a $ 2,000 or $ 2 million car, and that buyers pay a 5% fee in plus the final sale price, which they cap at $ 5,000. It’s a lot cheaper than most auction houses, but that’s okay for newer sites online. For example, Cars & Bids and Rad for Sale both cap buyer fees at $ 4,500.

That’s not to say that anyone can replicate the success of Bring a Trailer. Confidence in the classic car space comes with time. But trust is exactly what older auction houses can tap into, and they are trying to regain some traction with their own online auction sites.

A good point to watch out for is another Porsche Carrera GT 2005 going up for auction through Gooding & Company (which has been in existence since 2003) when they are sold in person on Amelia Island in March. Mileage isn’t as low as this recent example (although it’s less than 2,500), but it’s the only Polar Silver in the US, and they’re hoping to set the price record again. Gooding & Company’s estimate puts it between $ 1.8 million and $ 2.4 million.