Rental units have held up relatively well at auction, surprising some industry watchers given the overall weakness of cars in the wholesale market.
Unadjusted auction prices for rental risk units remained near record levels in August, Manheim reports.
This was due in part of the low mileage of these units. When adjusted for mileage and other factors, auction prices were down 1.2 percent from a year ago.
However, supply was also higher, so that decline is fairly small.
By comparison, the average auction pricing for midsize fleet cars is running below the prior two years, despite lower average mileage at time of sale.
The rental units purchased at auction are almost all bought by independent dealers, said Manheim chief economist Tom Webb. Franchise dealers buy their off-rental units upstream for the most part.
These units appeal to independents as much because creditors like them as consumers.
“It’s still a good product that can get good financing,” Webb said.
This means a strong demand for these units among consumers buying cars out of need rather than want.
MONTEREY, Calif. — The 2016 classic car auctions in Monterey, Pebble Beach and Carmel - the extravaganza of highly-prized, highly-priced cars held here each August - reported sales of some $340 million.
That’s a lot of money and vehicles changing hands in the space of a week.
Beautiful cars selling for seven- and eight-figure prices pushed the sales total for the Gooding & Company to a respectable $129,789,000. The top three sellers were Ferraris: a 1959 250 GT Competizione brought $18,150,000; a 1960 250 GT short wheel base Berlinetta sold for $13.5 million., and a 1950 Ferrari 166 MM went for $5,445,000.
Bonhams, with 115 cars listed for sale at its chic Quail Lodge site in Carmel, had sales of over $33 million. Its top seller: 1931 Bugatti Type 51 Gran Prix Racer at $4.0 million.
RM-Sotheby’s reported $117.9 million in total sales with 82 percent of cars sold. Top seller this year was the 1955 Jaguar D-Type, winner of the 1956 24 Hours of Le Mans, which brought in a total of $21,780,000 - an auction record for a British automobile, RM said.
An elegant 1939 Alfa Romeo 8C 2900B Lungo Spider drew a price of $19,800,000 and made the record books as the most valuable pre-war automobile sold at auction, RM said. A Shelby Cobra CSX 2000 sold for $13,750,000, an auction benchmark for an American car, according to RM Sotheby’s.
Mecum sales in Monterey totaled $50 million and Russo and Steele reported proceeds of $10.9 million.
Copart Inc. announced the launch of its third annual Copart Rebuild Challenge.
The Annual Copart Rebuild Challenge is a contest designed for car enthusiasts and auto rebuilders to show how they restored, customized or rebuilt a vehicle of their choice. Contestants may enter the Copart Rebuild Challenge between now and Aug. 24 by submitting a before and after photo collage of their rebuild project at Copart.com/Rebuild.
In addition, each entry should include a caption with #CopartChallenge and a brief description about their rebuild project.
At the end of the entry period, a panel of in-house judges will choose 10 finalists. Public voting will then take place to determine the top three winners out of the 10 finalists.
The grand prize is $5,000, followed by a second place prize of $2,000, and a third place prize of $1,000.
Classics continue to sell for record amounts
Copart Launches Annual Contest
Rental Cars Perform Well
If a Tree Falls on a Dealership, Will the City Allow It to Rebuild?
IADA Honors a Pair of Veteran Dealers
STERLING HEIGHTS, Mich. -The Michigan Independent Automobile Dealers Association honored Jerry Drouillard and Maurice VanCoillie…
Jerry Hinton, general manager of ADESA Portland, is the incoming president of the National Auto Auction Association. He has been married to Dawn for 33 years. They have two children,...