Online marketplace Collecting Cars has broken the global online-only car auction record, selling a 433-mile McLaren P1 for an incredible $1,600,888. No other online-only platform for collectible cars has ever achieved a higher sales price.
Perhaps most remarkable of all was that the winning bidder has bought the car having never seen it ‘in the metal’. Although there was no physical viewing, the professional and transparent Collecting Cars presentation means that the buyer was able to conduct a ‘virtual viewing’ of this exceptional hypercar; with more than 250 photos of the vehicle and comprehensive detail on its condition and provenance.
The McLaren P1 in question is one of just 375 examples built. With just one owner from new, it was specified from the factory with Elite Fire Black paintwork, extensive gloss carbon-fibre options, and with red badging and brake callipers. An original US-market car; it was collected from the McLaren factory in the UK by the owner.
Service history was from McLaren Beverly Hills, and the P1 had covered less than 100 miles since its most recent maintenance, which also included full checks of all electrical and battery equipment, at a total cost of more than $7,000.
The Founder and CEO of Collecting Cars, Edward Lovett, said: “For around 60 years, car auctions have traditionally charged substantial commissions and premiums, often taking more than 15% out of the total value of the deal. We knew there was a better approach, and we have developed a world-class online marketplace for sellers and buyers without the unnecessary overheads, which is breaking records.
“This result shows the game-changing power Collecting Cars now wields in the global market, with online-only auctions that are cost-free and hassle-free for the seller, and which represent outstanding value for the buyer. In this case, the buyer’s premium for the winning bidder was just 0.3%.”
Compared to traditional car auctions, Collecting Cars offers significantly better value for sellers and buyers alike. For sellers, the detailed photographic presentation and professional descriptions mean their car is showcased in the best possible way, and it is marketed to a huge captive audience of passionate enthusiasts. Furthermore, there is no listing fee, and they receive 100% of the hammer price.
For buyers, the premium on auction lots is levied at just 5% (+ VAT for UK buyers) – substantially lower than traditional auction houses, which typically charge 12% or more – and is capped at £5,000 / $5,000 (+ VAT if applicable). On hammer prices above £1m, this means that the buyer’s premium is 0.6% or less.