Barrett-Jackson's Palm Beach auction took place between April and October, and no one knows the fate of the company's Northeast auction, which is scheduled for June. However, Barrett-Jackson has recently online auction only “Barrett-Jackson continues our legacy of adapting to market conditions,” says Craig Jackson, president of the Auction House and CEO. “It's an unprecedented thing we see in the market today, but that just means we have to be creative. Innovation arises from difficult times. "
As Jackson stated, the auction company was one of the first companies to bring an online component to its sales, this feature can be traced back to the early 1990s. Jackson says his passion for digital-based sales is important. “The collector car community really gathered around our new online format,” he says. “Feedback from enthusiasts was tremendous. This shows how passionate we are about this hobby and how flexible we are; Despite what the world throws at us, we are merging with this common interest. ”
When the auction bids open on the second Friday of May, potential buyers will discover that up to 75 collecting cars carry a reserve – a sharp contrast from Barret-Jackson's modus operandi. (Around 1,900 lots were offered as backups of vehicles at Barrett-Jackson's Scottsdale auction earlier this year.)
"Our business model has always evolved," says Jackson, acknowledging that live auctions mostly involve spare parties, but have turned into a largely unreserved system because customers don't want what they want. As explained, the decision to keep reserves for most parties at the next auction was made to instill confidence in both tenderers and senders.
While Barrett-Jackson's only online event has a wide variety of tools, sales according to Jackson are "three of the most productive and popular collector's tools" – 1969 Ford Mustang Boss 429 and 1963 Chevrolet Corvette Custom Split-Window Coupe.
“All three of these vehicles symbolize the perfection of American performance,” says Jackson. “Restomod Corvette combines the iconic style of the '63 split window with the technology and drivability desired by many collectors; The boss is one of the most important muscle cars of his day and was created to help Ford fight Ford Chrysler in NASCAR by homologizing this huge 429 engine; and the big block Shelby was a limited edition car inspired by Carroll Shelby's victory in Le Mans. "
It is difficult to predict the future success of Barrett-Jackson's upcoming online auction. Jackson is excited about the potential, including his ability to attract millennial buyers. “There are a lot of positive things that can result from this new online auction,” he says. “And we intend to make this as successful as our live auctions. This is an exciting new era in our company's 50 years of history. "