Will Corona effect the Supercar Market

[jonah35]

So said:

jonah35 said:

Coys of Kensington gone pop

They'll be back no doubt. Coys of Kensington 2020 Ltd or similar.

Some creditors may lose out of have lost a car etc - I don’t know but it’s possible

Who would have a car on SOR at the moment or allow it out of their sight!

[DeltaOne]

jonah35 said:

Some creditors may lose out of have lost a car etc - I don’t know but it’s possible

Who would have a car on SOR at the moment or allow it out of their sight!

I've got a couple on SOR at the moment with different dealers (one a Ferrari franchise dealer and one an independent). As I said before I think its about knowing and trusting who you're dealing with.

[jonah35]

DeltaOne said:

jonah35 said:

Some creditors may lose out of have lost a car etc - I don’t know but it’s possible

Who would have a car on SOR at the moment or allow it out of their sight!

I've got a couple on SOR at the moment with different dealers (one a Ferrari franchise dealer and one an independent). As I said before I think its about knowing and trusting who you're dealing with.

Fair enough

But who would have guessed specialist cars of malton or coys would go pop?

Plus they’re never gonna tell you about their financial situation if it’s bad

But as long as you’ve assessed the risk and are happy with it then that’s that

[B3NJY]

jonah35 said:

Fair enough

But who would have guessed specialist cars of malton

Me

[Fckitdriveon]

jonah35 said:

DeltaOne said:

jonah35 said:

Some creditors may lose out of have lost a car etc - I don’t know but it’s possible

Who would have a car on SOR at the moment or allow it out of their sight!

I've got a couple on SOR at the moment with different dealers (one a Ferrari franchise dealer and one an independent). As I said before I think its about knowing and trusting who you're dealing with.

Fair enough

But who would have guessed specialist cars of malton or coys would go pop?

Plus they’re never gonna tell you about their financial situation if it’s bad

But as long as you’ve assessed the risk and are happy with it then that’s that

Weren’t coys subject of several threads where owners struggled to get paid after sales had gone through?!

Sure I’ve read / heard a few instances of them being unreliable with money.

So that being said , it comes as no surprise .

[B3NJY]

Fckitdriveon said:

jonah35 said:

DeltaOne said:

jonah35 said:

Some creditors may lose out of have lost a car etc - I don’t know but it’s possible

Who would have a car on SOR at the moment or allow it out of their sight!

I've got a couple on SOR at the moment with different dealers (one a Ferrari franchise dealer and one an independent). As I said before I think its about knowing and trusting who you're dealing with.

Fair enough

But who would have guessed specialist cars of malton or coys would go pop?

Plus they’re never gonna tell you about their financial situation if it’s bad

But as long as you’ve assessed the risk and are happy with it then that’s that

Weren’t coys subject of several threads where owners struggled to get paid after sales had gone through?!

Sure I’ve read / heard a few instances of them being unreliable with money.

So that being said , it comes as no surprise .

Definitely the case with the other firm mentioned not sure about Coys

[marky7seven]

Just had this email from Classic & Sport Car Finance:

There is encouraging news within the collector car market at present. It gives me great confidence that despite the terrible circumstances we are faced with, the appetite for cars and the associated lifestyle is as healthy as ever and transactions not too far behind. News from across the global market of cars being bought and sold reaches me daily and as reported by Bloomberg https://www.bloomberg.com/news/articles/2020-04-16... the market for classic cars is still reassuringly strong.

I'm also working building a new dealer portal for a large UK car finance provider, and they told me yesterday that business is down, but are surprised on how many new deals are been done in the circumstances.

Like some people have said, with all the government support currently the full effects won't be know until this ends. Fingers crossed for a quick bounce back. Its worth noting the while recession are terrible for the majority, it also gives the opportunity for new money others to make a killing.

[jonah35]

marky7seven said:

Just had this email from Classic & Sport Car Finance:

There is encouraging news within the collector car market at present. It gives me great confidence that despite the terrible circumstances we are faced with, the appetite for cars and the associated lifestyle is as healthy as ever and transactions not too far behind. News from across the global market of cars being bought and sold reaches me daily and as reported by Bloomberg https://www.bloomberg.com/news/articles/2020-04-16... the market for classic cars is still reassuringly strong.

I'm also working building a new dealer portal for a large UK car finance provider, and they told me yesterday that business is down, but are surprised on how many new deals are been done in the circumstances.

Like some people have said, with all the government support currently the full effects won't be know until this ends. Fingers crossed for a quick bounce back. Its worth noting the while recession are terrible for the majority, it also gives the opportunity for new money others to make a killing.

I had the same email

Seems a blatant lie to me and so makes me not trust that company

They’re just trying to ramp up business for themselves but in doing so coming over as disingenuous

[So]

jonah35 said:

marky7seven said:

Just had this email from Classic & Sport Car Finance:

There is encouraging news within the collector car market at present. It gives me great confidence that despite the terrible circumstances we are faced with, the appetite for cars and the associated lifestyle is as healthy as ever and transactions not too far behind. News from across the global market of cars being bought and sold reaches me daily and as reported by Bloomberg https://www.bloomberg.com/news/articles/2020-04-16... the market for classic cars is still reassuringly strong.

I'm also working building a new dealer portal for a large UK car finance provider, and they told me yesterday that business is down, but are surprised on how many new deals are been done in the circumstances.

Like some people have said, with all the government support currently the full effects won't be know until this ends. Fingers crossed for a quick bounce back. Its worth noting the while recession are terrible for the majority, it also gives the opportunity for new money others to make a killing.

I had the same email

Seems a blatant lie to me and so makes me not trust that company

They’re just trying to ramp up business for themselves but in doing so coming over as disingenuous

I've just come off the phone from what I will call a "dealer in discretionary purchases" who was telling me how very, very busy they are at present. People can't buy from them fast enough, apparently.

I was ever so polite, I don't think my giggling was audible.

[Double gauche]

B3NJY said:

jonah35 said:

Fair enough

But who would have guessed specialist cars of malton

Me

Me

[jonah35]

Double gauche said:

B3NJY said:

jonah35 said:

Fair enough

But who would have guessed specialist cars of malton

Me

Me

You two are a bit smarter than me then!



So without the benefit of hindsight which other dealers do you think are facing difficult times

[B3NJY]

jonah35 said:

You two are a bit smarter than me then!



So without the benefit of hindsight which other dealers do you think are facing difficult times

The ones that can’t or won’t pay their debts

[Juno]

I'm sure there was a thread on here a while back where someone was struggling to get either their car or money back from Specialist Cars Of Malton

[B3NJY]

Juno said:

I'm sure there was a thread on here a while back where someone was struggling to get either their car or money back from Specialist Cars Of Malton

I’ve got the creditors list which is obscene

[Cheib]

So said:

I've just come off the phone from what I will call a "dealer in discretionary purchases" who was telling me how very, very busy they are at present. People can't buy from them fast enough, apparently.

I was ever so polite, I don't think my giggling was audible.

The Thursday before lockdown a Savills Estate Agent rang me to tell me about a property that had just come onto the market and they had four viewings for that afternoon. I nearly called him a liar but thought better of it.

[Fckitdriveon]

B3NJY said:

Juno said:

I'm sure there was a thread on here a while back where someone was struggling to get either their car or money back from Specialist Cars Of Malton

I’ve got the creditors list which is obscene

Weren’t a debt collection firm quite successful in extracting money from the director ?!

I wouldn’t hesitate in turning the screws on someone in this situation ....feel for all of those who lost out.

Quick search online showed money issues going back some time ....

[Juno]

B3NJY said:

Juno said:

I'm sure there was a thread on here a while back where someone was struggling to get either their car or money back from Specialist Cars Of Malton

I’ve got the creditors list which is obscene

I can't help but say anyone who does this SOR stuff and runs off with people's money are nothing but scum, IMO its not bankruptcy but legalised theft.

The accounts are normally littered with assets and asset values that are either overvalued or don't exist at all to make a posh shop front look like a going concern!

When you look at the turnover of some high end specialist dealers you can quickly see almost all the sales are SOR,they are not the elitist purveyors of all things at the finest level,in fact quite the opposite in may cases, very sad for those that have lost out.

[LooneyTunes]

This might be a dumb question, but why doesn’t SOR operate more like estate agency model? Cash moves directly from buyer to seller, or via an escrow account, with a fee paid by the latter to the agent.

Never offered anything on a SOR basis but with the number of dealers that seem to have problems the model seems far from risk free for the seller.

[21ATS]

LooneyTunes said:

This might be a dumb question, but why doesn’t SOR operate more like estate agency model? Cash moves directly from buyer to seller, or via an escrow account, with a fee paid by the latter to the agent.

Never offered anything on a SOR basis but with the number of dealers that seem to have problems the model seems far from risk free for the seller.

Thats effectively what the business model of Collecting Cars is. Without the bricks and mortar setting. With the added advantage of a auction type bidding system so the market finds it's own level.

Private sales are still private sales of course but I think it has a big future in the way all types of cars are sold and I think it's going to get some traditional Auctions to take a long hard look at their own business models.

The CV-19 has proved to be a perfect storm for Collecting Cars as it's enabled some dealers that might not otherwise have been on there to move some stock.

Be interesting to see where this kind of platform is in a year or so - i can see it growing as more people accept it.

[Wilmslowboy]

Some suggestion that THJ's 991.GT3RS (Ad at £147k) - sold - 48 hours or so

There appear to be buyers out there for value.