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This 34-year-old family-owned car auction brought in a record $675 million last year—by finally embracing the internet

By Tom Huddleston Jr.
Despite the popularity of websites like eBay, the world’s largest auction house for collector cars never really embraced online bidding.

Not until the Covid-19 pandemic stepped in. What started as a survival tactic — a failsafe in case live events never came back — turned into a strategy that helped Mecum Auctions bring in a record $675 million in revenue last year, according to CEO Dave Magers.

The business, based in the small town of Walworth, Wisconsin, has been around since 1988. It wasn’t exactly a small company pre-Covid: In 2019, it brought in more than $400 million in revenue from live auction events around the country. The auctions can attract anywhere from 20,000 attendees to 100,000 apiece, the company says.

http://www.cnbc.com/2022/10/04/classic-car-house-mecum-auctions-embraced-internet-set-record-revenue.html

 

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