How COVID is affecting exotic car sales

How COVID is affecting exotic car sales

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COVID-19 has turned the world upside down. With business closures, home quarantines, and bare store shelves it would seem that exotic and collector cars would not be at the top of anyone’s list.

But they are.

In fact, many companies’ sales are doing quite well.

Record breaking online only auction sale.

RM Sotheby’s held their annual Palm Beach auction online in March with a 69% sell through rate. In fact, it was an online only. They repeated this again with their Driving into Summer sale and set a new record for the most expensive car sold at an online auction. The 2003 Ferrari Enzo netted $2.64 million.

Other cars sold at the auction include a 1985 Ferrari 288 GTA that sold for $2.31 million as well as a 2017 Ford GT which cold for $836,000.

Can something good come out of this?

There is a silver lining to all this. All the restrictions and inconveniences that were imposed upon us as a result of COVID, have change the way many companies do business. In this case, it acclimated people to doing things more efficiently and faster in a digital world. People learned how to shop, purchase, get funding, even complete paperwork that was electronically signed.

The car market does not show any signs of slowing down. While sales were a little slow at around March 2020, they have picked up and the models are moving.

We are in uncertain times right now, but Woodside Credit is still open, still going strong. We are ready to help you whether you are purchasing a classic or exotic car. Visit our site today and complete a quick quote so you can see just low we can get your payments. You could be behind the wheel of your new car in no time.

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