In 2022, Bring A Trailer blew past its record year in 2021, recording a 63 percent increase in sales over the prior year. While the winds of change are blowing with recession fears and interest rate hikes moving in, BaT's founders don't foresee a major slow-down in its booming business.
In addition to recording $1.35 billion in sales, the online auction merchant also saw an increase in its average sale price per vehicle, rising to $54,495, up from $47,500 in 2021. Other notable metrics include BaT selling 145 cars for more than $500,000, a 172% increase in its half-million dollar sales from 2021.
BaT co-founder Randy Nonnenberg isn't worried about a looming recession, either, noting that BaT's low cost of entry compared to many traditional in-person auction houses will only work to its advantage should the economy take a dive.
The company's big goal for 2023 is a noble one, and eminently achievable should a slow-down occur: get the auction house's notoriously long listing wait time down from 26 days to 10, which will only work to its advantage in the coming years.
Read more at MSNBC: Online car market Bring a Trailer closing out year with record $1.35 billion in sales