Bring a Trailer Achieves Record Sales Amidst Slowing Classic Car Market
Bring a Trailer (BaT), the online classic car marketplace, bucked the trend of a slowing classic car market by achieving record sales of $1.5 billion last year, according to CEO Randy Nonnenberg. BaT’s performance occurred despite a continued slump in classic car prices. The company hosted 45,000 auctions in 2024, featuring cars, trucks, motorcycles, memorabilia, and parts, and attracted more than 1.3 million bidders.
“With the stock market up and money flowing around, we had good velocity,” Nonnenberg, co-founder and president of Bring a Trailer, which is owned by Hearst Autos, said.
The results stand in contrast to the broader classic car market, which has been affected by higher interest rates. These rates have dissuaded some investments, as collectors can now generate 4% or 5% in virtually risk-free cash equivalents. Data from Hagerty, a classic car insurance and auction company, indicates a decline in total sales at live classic car auctions by 11% last year, reaching $2.18 billion.
Several factors have contributed to the changing landscape of the collector car market. The aging out of baby boomers, who were long the market’s primary drivers, has led to an increase in the supply of vehicles from the 1950s and 1960s. This generation’s preferences do not align with those entering the market.
Nonnenberg mentioned that the surge in interest in older trucks and off-road vehicles diminished following the COVID-19 pandemic. “A lot of that was seen as a Covid bubble, and that’s cooled,” he said, referring to the decline in demand.
According to classic car experts, the new generation of collectors leans toward modern supercars and sports cars, particularly models from 2005 and later. Nonnenberg noted that younger collectors, including Gen Xers, millennials, and members of Gen Z, seek cars that are ready to drive. “They’re less hobbyist,” he said, adding that they prefer a more accessible experience with their vehicles.
The demand for high-end, seven- and eight-figure cars has also stayed weak. Collectors are currently prioritizing less-expensive cars they can drive and enjoy. “The market is super strong for high-end sports cars in the $200,000 to $500,000 range,” Nonnenberg noted. “Cars over $2 million have had a tougher time.”
Among the top sales on BaT last year was a 2022 Bugatti Chiron Pur Sport, which sold for $4.1 million. Other notable sales included a 2018 Bugatti Chiron for $3.1 million and a 2022 Lamborghini Countach LPI 800-4, which sold for $2.5 million.
The auction for a 1991 BMW 850i 6-speed that was first owned by Michael Jordan was one of the most popular, drawing significant interest regarding the car. The car sold for $109,000.
Nonnenberg observed a spike in bidding and demand following the election, which continued through December and January. “We saw people buying $250,000 Porsches on Election Day,” he noted. “And we even saw awesome stuff selling on Christmas Eve.”
