Monterey Car Week Celebrates Post-Covid Return of Live Auctions; Online Auctions of Exotic and Vintage Cars Flourished in Their Absence
WOODBURY, Conn., July 29, 2021 /PRNewswire/ -- Serious car enthusiasts are welcoming the post-pandemic return of live, in-person auctions during the 70th Annual Monterey Car Week, scheduled for August 6 - 15. While those live auctions and related events – including the legendary Pebble Beach Concours d'Elegance – remained "on hold" during 2020, the participation in online auctions has skyrocketed, and that trend is unlikely to lose momentum soon, according to Premier Financial Services, the nation's leading provider of lease financing for exotic, vintage and collector cars.
In addition to online auctions conducted over the past 18 months by many of the well-known live auction houses such as RM Sotheby's, Bonham's, and Gooding & Company, a growing number of "online only" auctions – including Bring-a-Trailer, Cars & Bids, and the most recent newcomer ShiftGate Auctions – have been highly successful during the pandemic. "Increased participation in motorsports over the past year as a way to cope with the pandemic, combined with greater visibility and market interest in exotic and vintage cars generated by online auctions, has accelerated our lease financing volume," according to Doug Ewing, Premier's Vice President of Sales.
For many car enthusiasts, online auctions are a new experience, and there's a learning curve involved. Mr. Ewing noted that, "First, you need to determine whether it's worth the expense and time to properly research, communicate, and participate successfully in any online auction. Whether buying or selling a car, there are unique logistics involved; notably, managing the financial transaction as well as title, registration, insurance, and transportation issues."
Online Auction Tips for Car Buyers and Sellers
Premier asked a few of the leading online auction houses what first-time buyers and sellers need to know. For car buyers, their tips included:
According to Premier's Doug Ewing, "As the online 'Amazon Age' continues to encompass every aspect our lives, buying and selling cars through online auctions is likely to gain greater participation across all vehicle categories. The trend should also help to increase understanding that lease financing is a viable option not only for new cars, but for previously owned exotic, vintage and luxury cars as well."
About Premier Financial Service, LLC
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SOURCE Premier Financial Services
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