Barrett-Jackson president, Steve Davis, responded to this question from Fox News’ most talked about news show, Strategy Room, on Friday. As one of the foremost experts in the industry, Steve spoke about how Barrett-Jackson is revving up profits in a tough economy.
The Strategy Room’s Chris Cotter and Tracy Byrnes, both collector car enthusiasts, didn’t shy away from asking Steve what we all wanted to know, “How has your business [weathered] this recession?”
Steve responded enthusiastically about the growing number of bidders and consignors, as well as investment and collector value of traditional classics and new collectibles.
“The cars really represent a value in many ways,” added Davis. “It represents memories, it represents passion [and] it represents fun that you can enjoy with your grandfather, your great-grandfather [and] your children.”
Over the past three years, Barrett-Jackson has introduced two successful auction locations, including Las Vegas and Orange County, and enjoyed a 50 percent increase of bidders attending the events. Just recently at the inaugural Orange County auction, Barrett-Jackson reported that 53 percent of the vehicles that crossed the auction block were purchased by new bidders.
“We’ve seen an incredible amount of new people coming into our world as a result of some of the things happening on Wall Street,” said Davis. “These vehicles are tangible assets. They have an incredible amount of fun attached to them and if someone sneezes on Wall Street, I guarantee the whole car isn’t going to disappear.”
Want to know Steve’s thoughts over the collectability and future value of today’s cars? Click here to see the full story.