Record Crowd Shows Strength of Collector Car Hobby at the 6th Annual Event
WEST PALM BEACH, Fla., – April 2, 2008 – Record crowds, over $1 million raised for charity, interactive experiences, expanded live SPEED coverage and scores of new bidders for a strong group of collector cars were the hallmarks of the 6th Annual Barrett-Jackson Collector Car Event in West Palm Beach, Fla., from March 26-30, 2008. Bidders from around the world competed for 509 vehicles that sold at No Reserve for a total of $23,301,250 at the automotive lifestyle event.
“Car collecting continues to thrive and Barrett-Jackson has become the center of the hobby,” said Craig Jackson, Chairman/CEO of Barrett-Jackson. “In Palm Beach, an unprecedented number of people attended the event, consignors sold a great slate of cars, major companies created spectacular interactive exhibits and a group of vendors offered an amazing selection of items for sale. The feedback from our bidders and consignors was extremely positive and the mood throughout the week was very upbeat, which quieted concerns about the unsteady economy.”
Approximately 67,900 people attended the automotive lifestyle event, setting a record and surpassing last year’s attendance by 5 percent. Barrett-Jackson also raised over $1 million for various charities during the auction, including $300,000 from the KITT Ford Shelby Mustangs to benefit Ford’s Salute to Education charity program. SPEED captured 19 hours of high-definition coverage during the auction, while cars ranging from premium American muscle cars to European classics crossed the block. In addition, SPEED and Barrett-Jackson announced a new long-term contract extension through 2011.
“Even with questions about the economy, we built an impressive docket of collector vehicles that brought solid prices across the board,” said Steve Davis, president of Barrett-Jackson. “We continually attract the best vehicles and savviest bidders each year. Every vehicle sells for a fair price at Barrett-Jackson where the marketplace determines the real value of a collector car.”
New bidders bought 44 percent of the cars and were responsible for 39 percent of the sales, which are significant increases from last year. Sales of automobilia were $289,120, which represents a 21 percent increase. Additional increases from last year include a 180 percent boost in total Internet sales and a 12 percent increase in total sales to foreign buyers.
Eighteen vehicles were sold to benefit various charities such as “The Soprano’s” Escalade and seven other vehicles from the award-winning HBO drama, the “Project American Heroes” 1957 Chevy Bel Air, a 2008 ROUSH P-51 Mustang, a Saleen Mustang prototype, a custom Ford F-150, the two KITT Ford Shelby GT500KR style Mustangs, a 2008 Saturn Sky and an Eliminator Daytona boat.
“We had one of the most exciting, amazing days in our history at Palm Beach on Saturday,” added Jackson. “The energy in the room was unbelievable as an impressive run of cars repeatedly fetched over $100,000. And during this excitement, some people were driving Corvettes and Mustangs on our test track. At the Ford display, individuals were drag racing to win a new V6 Mustang from the South Florida dealers. And many came just to see all of the fantastic vehicles at this amazing show.”
Overall, values held steady for the 509 vehicles sold this year in Palm Beach.
“We consigned a well-rounded selection of vehicles for our customers,” explained Davis. “While MOPARS were very hot in early 2007, GM and Fords grew in value this year to make the market more balanced. Shelbys remained strong and other rare muscle cars commanded high values as well. Another trend we are witnessing is that cars sold at Barrett-Jackson are not typically flipped between auctions, as our buyers keep and drive them.”
The excitement surrounding the hobby in Palm Beach translated into increased anticipation for Barrett-Jackson’s upcoming Las Vegas event on Oct. 15-18, 2008. A pristine 1971 Hemi ‘Cuda owned by Al Jardine of The Beach Boys was on display in Palm Beach and will be one of the crown jewel cars sold at the Las Vegas event.
“We’ve already received hundreds of inquiries from people who are interested in consigning their cars for Vegas,” noted Jackson. “We believe that bringing our auction to Las Vegas will continue to fuel the growth of the collector car industry while adding a dynamic third dimension to our event lineup.”
Established in 1971 and headquartered in Scottsdale, Ariz., Barrett-Jackson specializes in providing products and services to classic and collector car owners, astute collectors and automotive enthusiasts around the world. The company produces the “World’s Greatest Collector Car Events™” in Scottsdale, Palm Beach, Fla. and Las Vegas. Visit www.barrett-jackson.com for more information.
Luke DeRouen firstname.lastname@example.org or (214) 520-3430 ext. 301(www.timepiecepr.com).