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Auction Market Strengthens as McCormick's Palm Springs Car Auction Posts All Time Record Sales

Palm Springs, CA - March 7, 2012 - Sales and revenue records were smashed when 515 unique and high-end vehicles crossed the blocks at the 52nd McCormick's Palm Springs Collector Car Auction, held February 24, 25 and 26 at the Spa Resort Casino in downtown Palm Springs.

By the second day of the auction, the number of registered bidders had not only broken company records, but underscored McCormick's chart-topping gross sales of more than $6,555,250 million. Throughout the weekend, the bidding continued to be competitive as buyers vied to purchase nearly 74% of auction inventory, including a 1969 Ferrari 365Gt 2+2, which sold to the highest bidder for $105,000.

Other notable sales were a 1940 Cadillac 62 Series Convertible which sold for $71,925 and a 1960 Chevrolet Corvette for $65,250.

"Experts have been telling investors classic cars are a great place to put their money, and they're listening," says Keith McCormick, founder of the 26-year auction. "In 2011, our total sales were up 30% to $11,645,439; sold lots were up 26% with 701 sold. Our February 2012 auction blows even that impressive growth away with an 11.3% revenue increase over this past November's auction and a year-over-year increase of nearly 14%, thanks in large part due to a record-breaking sales rate!"

Additionally, sellers and buyers were at the Auction to trade in higher quality cars, as reflected in a 10.6% increase in the median price of a sold vehicle, while novice collectors still found a great selection of quality entry-level vehicles from which to choose. McCormick's Palms Springs Collector Car Auction holds two events a year in February and November.

The 53rd auction is scheduled for November 16-18, 2012. To learn more, please visit McCormick's Collector Car Auction at www.classic-carauction.com or follow McCormick's news at our Facebook Page.

Classic Car Auctions
Classic Car Auctions

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