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Many businesses have struggled to swim above an impending global recession, supply chain issues, and feverish fuel price hikes.
Look at Toyota in South Africa for a prime example.
But not Bring a Trailer, the online car auction platform that has already surpassed $1 billion in sales for the first time ever.
Last year, the auctioneer’s sale record was $829 million, and this year’s final figure is set to completely obliterate that.
According to Robb Report, the website is now on pace to sell more than $1,3 billion worth of cars by the end of the year.
Randy Nonnenberg and Gentry Underwood founded BaT in 2007, and it has just been getting bigger and bigger every year since.
At the moment, the website is auctioning off 683 cars, including a 1961 Maserati 3500 GT Coupe, a 1978 Ferrari 512 BB, and a 2021 Mercedes-AMG G63.
Car nuts must feel like a kid in a candy store:
In fact, the car community has really kept BaT afloat nicely:
In September, Nonnenberg told Bloomberg Businessweek that that website currently runs 700-plus auctions a week, has over 880,000 active users and 390,000 registered bidders. The fact that it only takes a 5 percent commission on each sale, which is capped at $5,000 no matter how much a car sells for, certainly doesn’t hurt either.
The website clearly does not need the prestige of RM Sothebys or Gooding & Company, as it has sold some incredible vehicles over the past 11 months all on its own:
This includes its current most expensive sale, a 2017 Ferrari LaFerrari Aperta that sold for $5.6 million in May, along with a 2021 Bugatti Chiron Pur Sport that sold for $4.4 million and a 1927 Mercedes-Benz 680 S Sport/4 that sold for $2.2 million.
Nonnenberg said that BaT’s record-setting year is down to its “deeper track record, transparent data, and community-centric approach” which he reckons gives RaT an edge over competitors.
Indeed, the fact that they’ve managed to sell close to $300 000 million worth of cars since passing the $1 billion mark earlier this year says a lot.
[source:robbreport]
