Outstanding Growth and Performance in 2024
Broad Arrow has demonstrated remarkable progress and success in 2024, achieving a staggering total of $316 million in transactions derived from auctions, private sales, and financing. This represents an impressive year-over-year growth of 75%, compared to 2023. This achievement is particularly notable given the challenges faced in the collector car market.
Record Auction Sales and Sell-Through Rates
The company sold 820 lots throughout the year, amounting to total sales of $164 million. The auction house achieved an exceptional 92 percent sell-through rate. Among the standout sales was a 1997 Porsche 911 GT1 Rennversion, which fetched $7,045,000 during the prestigious Monterey auction.
Success in Private Sales
In addition to its auction successes, Broad Arrow facilitated 86 private sales, generating more than $67 million in total sales. This indicates a robust buyer interest and confidence in the offerings presented to collectors. With an average sale price approximating $785,000, these transactions were particularly noteworthy.
Financing Innovations
Broad Arrow has also ventured into financing, underwriting about $84 million in new financing transactions this past year. This strategy allows clients to secure loans and financing solutions tailored to their collector car purchases, bolstering both sales and customer satisfaction.
Celebrating Achievements and Future Aspirations
Reflecting on the year’s accomplishments, Kenneth Ahn, President of Broad Arrow and Hagerty Marketplace, expressed gratitude towards the team and clients worldwide for their role in the company’s incredible success. He noted that while many competitors faced stagnant sales, Broad Arrow soared above expectations, with notable improvements in auction sales.
Curating a Diverse Offering
In recognizing diverse collector interests, the team at Broad Arrow has curated an impressive lineup of cars. With a focus on both established collectors and new entrants to the hobby, Broad Arrow is committed to providing a younger selection of cars, which is essential for sustained growth in the market.
Record-Breaking Auction Highlights
Broad Arrow Auctions held multiple successful live auctions, resulting in significant achievements. The standout auction of the year, a result of their role as the official auction house for The Amelia, yielded nearly $63 million in sales, nearly doubling results from the previous year. Other successful auctions include specialized Porsche events and collaborations with renowned festivals.
Global Participation and Market Impact
With a diverse clientele, bidders came from an unprecedented 37 countries, displaying a 43 percent increase in registered bidders from 2023. The auction house successfully set 18 world records, highlighting its competitive edge within the collector car community.
Looking Ahead: Expansion into Europe
Broad Arrow is excited about its upcoming expansion into Europe. Plans are underway for the company to host its inaugural European live auction by partnering with BMW AG. This will position Broad Arrow as the official auction house for the prestigious Concorso d’Eleganza Villa d’Este starting in May 2025, further elevating its international presence.
Unique Financing and Private Sales Expertise
The accompanying Broad Arrow Capital division focuses on providing bespoke financing solutions. Led by seasoned experts, the team has significantly catered to clients in the U.S., UK, and Europe, instinctively responding to the growing demand for innovative financing options related to collector cars.
Frequently Asked Questions
What is Broad Arrow's total transaction value in 2024?
In 2024, Broad Arrow achieved nearly $316 million in total transactions across auctions, private sales, and financing.
What was the top sale at Broad Arrow in 2024?
The top sale was the 1997 Porsche 911 GT1 Rennversion, which sold for $7,045,000 during the Monterey auction.
How many lots did Broad Arrow sell?
Broad Arrow sold a total of 820 lots in 2024, resulting in $164 million in auction sales.
What percentage of items sold through auctions?
Broad Arrow achieved an impressive 92 percent sell-through rate for items auctioned in 2024.
Where will Broad Arrow expand next?
Broad Arrow will launch its first European auction in May 2025 as the official auction house of the Concorso d’Eleganza Villa d’Este.
