Online car auction site threatens ‘dinosaur’ rivals

Only about a tenth of buyers insist on viewing the cars before purchase, and they are typically older bidders more used to physical auctions and dealers’ showrooms.

Instead, buyers have access to hundreds of photos detailing any dings or scuffs and can question the seller before making a bid.

Meanwhile, “the younger generation, the Amazon generation, seem far more willing to look at the photos, register a car, click ‘bid’, and just get on with it,” Mr Lovett said.

Collecting Cars’ success comes amid a squeeze on the supply of new and used cars at the top and bottom of the market’s price range, with the average price of a second-hand car soaring more than a third last year.

A global shortage of computer chips has forced car makers to slow production and left buyers waiting up to 12 months for some new car models.

The rise in prices has led to a boom for car dealers. Lookers, one of the UK’s largest, is set to post a record profit, led by margins on new and used vehicles, it said last week.

This has also affected collectibles as the wealthy splurge the gains they have made on a soaring stock market, while new luxury cars are also at a premium, with wait times running to a year.

According to Swiss bank Credit Suisse, the number of global dollar millionaires jumped by more than a tenth in 2020, to 56.1m, a trend that will only have continued alongside a boom in global stock markets last year. 

This is good news for margins, but bad for finding more cars to sell.

“One thing that has been challenging however, with the market being so solid, is finding cars to list, because everyone’s out there hunting” for them, Mr Lovett said.

Related Posts

Will the Russian Federation use chemical weapons in Ukraine: an expert assessed the threat

Weapons of this type can be used effectively only in countries with a dry climate, noted Ivan Stupak. Russia may use chemical weapons in Ukraine / Ministry…

The Ministry of Defense of Poland explained why the Patriot complexes should be transferred to Ukraine

The Minister of Defense of Poland gave several reasons why Ukraine should receive these ABM systems. Poland explained why Ukraine should receive Patriot / US Army anti-missile…

The blogger showed what God of War Ragnarök looks like with the most degraded graphics (video)

The visual component of the game fell during the days of the PS2. The blogger showed what God of War Ragnarök looks like with the most degraded…

The Russian Army suffered heavy losses in Luhansk region: morgues and hospitals are full of occupiers – General Staff

The General Staff also confirmed the losses of the Russian occupiers in the temporarily occupied part of the Zaporizhia region. Hospitals are full of wounded occupiers, and…

How to store potatoes in an apartment all winter: simple tips

Especially prudent Ukrainians have already prepared their balconies for strategic stocks. However, there are several ways to save potatoes in a city apartment. How to store potatoes…

Get your umbrellas: Ukraine will be rained today (map)

Snow or sleet is expected in some places if the temperature drops. Weather today / Photo Today, November 26, it will be cloudy and wet in…

Leave a Reply

Your email address will not be published. Required fields are marked *