A digital classic car sales and auction site is taking an innovative approach towards future growth. Trade Classics was initially launched seven years ago as a free classic car classified site, but two years ago it expanded to provide a new online auction and sales service aiming to exploit what digital technologies can bring to the process.
Unlike a traditional auction, it’s all done online. By including over 200 detailed images of each car, lots of videos that ‘meet the owner’ and provide in an in-depth look at all areas of the vehicle, a link to contact the seller, and a comprehensive write-up including any history the car has, people are able to buy with confidence and in most cases feel they don’t need to visit the car. And because overheads are lower, there are no sellers’ fees, just the six per cent including VAT buyers’ premium.
Only vehicles that fit certain criteria are accepted, with cars valued and appraised before a reserve price is mutually agreed. Trade Classics will then market the car by listing details of the vehicle on all the top classified sites and linking back to the auction listing. Over the last year it has helped clients sell over £700,000-worth of classic cars, with completed sales listed on its website, along with testimonials.
To further accelerate its growth, and invest in more technology, the business is looking to raise capital. It plans to do this by running a crowdfunding campaign, allowing people to contribute to its future in exchange for a range of perks and the possibility to acquire shares. Pledge can range from £10 to as much as you like. For more information see www.tradeclassics.com/crowdfunding.