While investor’s eyes will always likely keep a focus on the stock market, other options have been gaining more and more attention in recent years. Crypto currency, real estate, and sports memorabilia have become increasingly popular investments. There has also been an explosion in the popularity and investment value of classic cars.
There are more ways for sellers and buyers to connect with auctions providing an exciting vehicle for both parties. One such auction house has become a more important barometer of the vibrancy of the classic automobile market is Greensboro Auto Auction, Inc. (GAA), a non-traveling auto auction facility located in North Carolina.
The Greensboro Auto Auction facility seats 500 auction goers comfortably, and features dining options, a full-time staff, and three significant auctions each year, in the Spring, Summer and Fall.
If this year’s summer auction is any indication, investments in classic cars is not just healthy, but reaching eye-opening levels.
The July GAA auction had an exceptional 91% sell-through rate, meaning over 90% of sellers were able to market their vehicles at prices they predetermined were satisfactory and above.
The GAA has been building their reputation for quality vehicles and professional management. They’ve been attracting superb vehicles and collections for auction building both seller and buyer confidence in their services.
For example, the July 2021 auction included a no-reserve auction of classic cars from the collection of George Shinn. Shinn is the former owner of the Charlotte Hornets who has built an intriguing mix of collectible vehicles, including a 2013 Porsche 911 Carrera S and several classic Ford Galaxies. His collection also included a 1970 Mercedes280SL and multiple Mustangs and Chevy Bel Airs. His collection also included a bright orange custom 1951 Crown Victoria. The ’51 Ford Crown Victoria is the one which George donated to Olympian Scott Hamilton’s foundation for cancer research. Thatvehicle generated $55,000 and contributed to the over $115,000 raised during the auction.
Other vehicles sold at the GAA summer event included a 1958 custom Corvette Resto-Mod built by Jeff Hayes of American Speed Shop that went for $190,000 to an Arabian investor. In addition, a 1970s Chevelle brought a $25,000 selling price and a Street Outlaws created ’72 customized Blazer sold for $80,000.
The next GAA Classic Cars Auction takes place November 4-6. As of now, over 650 vehicles have been registered for the sale. For more information on GAA, the November sale or the February 2022 sale, connect with Greensboro Auto Auction at https://www.gaaclassiccars.com/.
Classic car auctions provide a true boots-on-the-ground feel for what is popular with investors and the lengths they are willing to go to purchase their chosen vehicles.We will keep you updated.