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Possession vs. Recession: Car auctions still a hit

Car AuctionJanuary has just passed—the month that a various motor homes are spread out. The Barrett-Jackson circus tent is just a place to be for would-be owners of the cars in auction. And so people thought it wouldn’t be a hit because of recession. But it seemed as if there was no economic crisis at all.

Six auctions took place around the saguaros. It was a profit-generating season for the auctioneers. Among the many that earned a lot were Bugattis, Packards, and Ferraris. There were big sellers. Financial breakdown didn’t seem to affect the auction market.

Craig Jackson, the Barrett-Jackson CEO, had one word to describe how their sales were this year: AWESOME! Imagine 17 cars being moved every hour. That must mean a lot of money. Jackson gladly announced that their market didn’t go down along with Wall Street. “…These cars don’t shrink when something happens on Wall Street,” he said.

Although they earned much this year, Jackson didn’t deny that the total earning is way lower than the income for the past two years. This year, he had an early estimation of $55 million in sales. If you compare it to last year, it’s $33 million lower. What more to last two years when they reached $100 million in sales.

True, recession has affected even the car auction industry but not as much as any other industry. Cars are still something people consider a need rather than a luxury. But take the kind of cars they sell in auctions, these are luxurious. Indeed, rich people are still into it no matter what.

I’m interested to know what ebay and other car auction sites are doing…

Posted in Car Auction

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