Edward Lovett certainly got his timing right when he founded the Collecting Cars online auction site in summer 2019. After coronavirus hit six months later, buying and selling through internet auction sites quickly became the norm, and Lovett’s tempting combination of zero seller’s commission and a minuscule five per cent plus VAT buyer’s premium – capped at £6000 – must have seemed irresistible to even the most diehard of traditional auction-goers.
The firm has now sold more than 1800 lots since launch for a combined value of £55m, has opened offices in mainland Europe and Australia to enhance its service to more clients and is currently preparing to roll out a version of the platform in Australia. In March, Lovett is also set to introduce a similar operation for wrist watches called Watch Collecting.
The Market is the most obvious competitor to Collecting Cars and operates a similar model. It too reports impressive figures for 2020: turnover of £10.5m, an 88 per cent sales rate and 561 cars sold in total.
HERE AND THERE., August 1928
HERE AND THERE. CAR PARKING AT THE MOTOR SHOW The R.A.C. announces that it has Made the following arrangements for the parking of cars and motor cycles belonging to visitors…
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