Despite a downturn in the broader classic car market, Bring a Trailer (BaT), an online auction platform for cars, trucks, motorcycles, memorabilia, and parts, reported a record $1.5 billion in sales for 2024, CNBC reports.
The company held 45,000 auctions throughout the year, attracting more than 1.3 million bidders, and demonstrated impressive resilience amidst a general market slowdown.
Randy Nonnenberg, co-founder and president of Bring a Trailer, attributed the strong results to favorable conditions, including a buoyant stock market and ample liquidity in the market.
“With the stock market up and money flowing around, we had good velocity,” Nonnenberg explained.
This success came in spite of broader challenges in the classic car market, where a combination of higher interest rates and changing consumer demographics have contributed to a decline in investment interest. According to data from Hagerty, live classic car auctions saw an 11% drop in total sales, amounting to $2.18 billion in 2024. Furthermore, many baby boomers, who had previously driven the market’s growth, are now selling off their collections, flooding the market with vintage vehicles from the 1950s and 1960s that are less appealing to younger collectors.
Nonnenberg noted a shift in the preferences of newer generations, such as Gen Xers, millennials, and Gen Z, who favor modern supercars and sports cars from 2005 or later. These collectors are generally more interested in cars they can drive and enjoy rather than museum-quality artifacts that remain stored in a garage.
“Today’s younger collectors like cars they can use, where they can turn the key and just drive it,” said Nonnenberg, “They’re less hobbyist.”
Despite challenges at the top end of the market, where cars valued at $2 million or more have become harder to sell, BaT continues to thrive with its focus on high-end sports cars in the $200,000 to $500,000 range. Notable sales included a 2022 Bugatti Chiron Pur Sport, which fetched an impressive $4.1 million, a 2018 Bugatti Chiron sold for $3.1 million, and a 2022 Lamborghini Countach LPI 800-4 that went for $2.5 million.
Additionally, the auction of a 1991 BMW 850i 6-speed, previously owned by basketball legend Michael Jordan, garnered widespread attention. The sale of the vehicle, which was purchased new by Jordan, brought in $109,000 and became the most popular auction on BaT, with the highest levels of bidder engagement, views, and comments.
The company also experienced a spike in activity following the US elections, which extended into the typically slow months of December and January. Nonnenberg noted that demand for high-end vehicles surged, with luxury cars like $250,000 Porsches being bought on Election Day and even notable sales occurring on Christmas Eve.
