ONLINE CLASSIC CAR AUCTION DISRUPTOR THE MARKET ACHIEVES 89% SALES RATE IN AUGUST

ONLINE CLASSIC CAR AUCTION DISRUPTOR THE MARKET ACHIEVES 89% SALES RATE IN AUGUST

Online classic car auction platform, The Market, has achieved a sales rate of 89 per cent with total sales of over £418,000 during the month of August via its state-of-the-art online bidding platform and app.

Successfully selling 24 out of 27 classic cars offered, the online-only auction platform saw multiple cars sell over their pre-sale estimates, with a 1937 Rover P2 20hp Sports Saloon and period-correct 1959 Austin-Healey 3000 Mk1 among the highlight lots.

Tristan Judge, director at The Market, commented: “Despite the holiday period, August has been another fantastic month which has seen our sales rate continue at the around 90 per cent level, reaffirming the power and popularity of a convenient, online-only format. As usual, we’ve seen a fine variety of classics, young and old, change hands via our platform, which offers the most comprehensive and honest lot descriptions around, giving buyers confidence and transparency in what they’re bidding on.”

Headlining August’s sales was a multi-award winning 1937 Rover P2 20hp Sports Saloon in outstanding restored condition. Rescued from a garage in 1996, the matching numbers example finished in Admiralty Blue won eight awards in the space of two years and was treated to three restorations during its life. Presented in its exact original specification, it reached a sale price of £22,000 at auction.

A lovely, period-correct 1959 Austin-Healey 3000 Mk 1 from 27-year ownership attracted exceptionally high levels of bidding. Treated to a chassis-up restoration in 1993 and regularly driven, including on the school run, it was sold for an above-estimate £36,575 accompanied by a certificate confirming its original build specification from the British Motor Industry Heritage Trust.

Of the modern classics offered, a 2006 Ferrari 612 Scaglietti with a 5.7-litre V12 engine and semi-automatic ‘F1’ gearbox sold above its auction estimate for £57,000. Reading just 49,000 miles, the car was presented in nigh-on showroom-condition.

Other notable results from the August sales include a museum-quality 1991 BMW 850i Auto reading 57,000 miles sold for £19,500, a 1980 Porsche 911 SC project estimated at £12,000 to £16,000 that sold for £20,360 and 2000 Lotus Elise S1 Type 49 ‘Gold Leaf’ special edition, one of just 100 cars made, which sold for £16,500.

“The sales in August marked a key milestone for the company having now successfully sold more than 400 classic cars and returning 95 per cent of the sales prices to the vendors,” concludes Tristan.

Classic car owners looking to sell their classic benefit from just 5 per cent sellers’ commission and no entry fee, while buyers don’t pay any fees.

To see all the results from The Market’s August auctions visit https://themarket.co.uk/ or download the free app from Apple Store or Google Play.

Source: The Market