Bring a Trailer, an online classic car marketplace, achieved record sales of $1.5 billion in 2024, as reported by CEO Randy Nonnenberg. This success occurred despite an overall decline in classic car prices, with the company conducting 45,000 auctions and attracting over 1.3 million bidders.
- Bring a Trailer sold $1.5 billion in cars.
- Classic car prices are experiencing a slump.
- Younger collectors prefer modern supercars.
- High-end sports cars remain in demand.
- Baby boomers are selling their collections.
- Election period saw increased bidding activity.
In 2024, Bring a Trailer (BaT) saw significant activity in the classic car market, holding 45,000 auctions across various vehicle types, including cars, trucks, and motorcycles. This resulted in record sales of $1.5 billion, showcasing a strong demand despite a general decline in classic car prices. The classic car market overall experienced an 11% drop in sales at live auctions, totaling $2.18 billion, according to Hagerty.
Factors contributing to this trend include higher interest rates, which have made classic cars less appealing as investments compared to risk-free cash equivalents that yield 4% or 5%. Additionally, the aging baby boomer demographic is selling off collections, leading to an oversupply of 1950s and 1960s vehicles that are less attractive to younger collectors. These new collectors, primarily from Gen X, millennials, and Gen Z, prefer modern supercars and sports cars from 2005 or later.
Nonnenberg noted that while the high-end market for cars priced above $2 million has struggled, there remains strong interest in high-end sports cars priced between $200,000 and $500,000. The most expensive car sold on BaT last year was a 2022 Bugatti Chiron Pur Sport for $4.1 million, followed by a 2018 Bugatti Chiron at $3.1 million. The auction featuring a 1991 BMW 850i that once belonged to Michael Jordan drew significant attention, selling for $109,000.
Overall, the classic car market is undergoing a transformation, with younger collectors favoring vehicles they can drive and enjoy rather than those that are purely collectible. This shift in preferences is reshaping the landscape of classic car sales.
In summary, Bring a Trailer’s record sales in 2024 highlight a divergence from broader market trends, driven by changing collector demographics and preferences for modern vehicles. The classic car market continues to evolve as new generations of collectors emerge.
