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Wednesday, Feb 21, 2024

The Book on Barrett-Jackson

Marketing VP Neri: “more aggressive” promotion for OC auction this year

Barrett-Jackson has longstanding credentials at the high end of the auto market.

The company has been running collector car auctions for more than 40 years. Its flagship event in Scottsdale had its 41st run in January, when it saw all but 17 of the 1,291 vehicles on the auction block sold for a total of $92 million in revenue, up 32% from 2011, according to Phil Neri, vice president of sales and marketing at Barrett-Jackson.

The auctioneer also gets revenue from ticket sales and drew nearly 300,000 attendees to the weeklong event in Arizona, where tickets range from $9 to $55, depending on day and time. The event drew about 3,000 bidders, who pay a $450 fee. Then there’s an 18% cut from each car sale—about 8% from sellers and 10% from buyers.

Barrett-Jackson holds annual auctions in Las Vegas and Palm Beach, Fla., in addition to the Scottsdale and OC events.

It tapped Irvine-based Woodside Credit LLC as its financing partner when other banks it had worked with “stepped away a couple of years ago” amid troubling times for the financial industry in general, Neri said.

“Woodside reached out to us, and they have a good program,” he said. “We believe we’ve partnered with a good company.”

Neri said he’s expecting about 400 cars on the auction block at the three-day show this weekend at the Orange County Fairgrounds in Costa Mesa.

Last year’s show here featured 300 cars, produced almost $14 million in sales and drew 60,000 attendees.

Tickets this year cost $10 to $18, depending on the day. Registered bidders pay an additional fee, which is $250 this year.

“We’ve done a little more aggressive campaigning from a marketing point,” Neri said.

Jane Yu

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