Gooding's Auction at Monterey Car Week: Successes and Strategic Missteps

Gooding’s recent auction in Monterey delivered mixed results. Despite an increase in the percentage of cars sold at 78.26% (144 out of 184) compared to 77.57% last year, Gooding only achieved half of its projected revenue, compared to a solid 70% of last year’s target. The total value reached was $92,739,200, which is close to the previous year’s total but with 16 more cars sold and an average price per car of $644,022 compared to $733,500 last year. From a marketing standpoint, Gooding's decisions seemed to have overestimated many lots. It's one thing to have no reserve on a car, but when the reserve price is set too high, the risk of a no-sale becomes almost guaranteed.