Dealers & Auctions to Benefit from Classic Car Demand, from Auto Remarketing.
NEW YORK – Auctions and dealerships that have a strong business interest in how classic cars are moving on the wholesale and retail fronts should be pleased to hear the upbeat projections from IBISWorld, which said the industry appears “to be back on the right track.”
The firm’s latest report showed that revenue is estimated to increase during the next five years, including a “robust” jump this year.
“Classic cars are highly discretionary purchases; therefore, demand for the industry is extremely elastic among most U.S. consumers and depends on prevailing levels of per capita disposable income,” IBISWorld economic analyst Nick Petrillo said.
When per capita disposable income levels fell and investor uncertainty increased during the recession, Petrillo explained that fewer consumers purchased classic and antique cars.