OAKBROOK TERRACE, Illinois – Mecum Auctions presented during the monthly Midwest Automotive MediaAssociation meeting last week and gave members an insight into its world. Mecum is a world leader of collector cars, vintage and antique motorcycle, and Road Art sales, hosting auctions throughout the country. They’ve been specializing in collector car sales for 29 years and has become a well-established organization.
The very engaging John Kraman, Director of Consignment for Mecum Auctions and commentator on Mecum’s broadcasts on NBC Sports Network, addressed the group. To get a sense of just how big the organization has come, check out these numbers:
· Mecum receives 20,000 entries per year.
· Averages more than one auction each month with events scattered throughout the country.
· Generates $100 million in sales – in just the Chicago market alone.
· 9 semi-trucks needed to bring the auction supplies to each location.
· 200-250 Mecum staff needed to run the auctions.
· 40 staff to run the TV show (on NBCSN) – for show times, click here.
· Each minute of the auction, there’s a new car featured on the block – talk about action-packed.
· 60-70 cars on average are sold per event.
Another fun statistic: there are 2.6 million collector cars out there, but only 1 percent trade hands domestically.
So, why the need for an auction and not just sell the cars? According to Mecum, the competitive spirit changes the mindset a bit and excites buyers. They feel a sense of competition and a desire to have the vehicle on the block – there’s not a lot of time to think the decision through. However, Mecum doesn’t have too many issues with buyers’ remorse. Only 2-3 percent of people regret their decision and try to get out of the deal.Overall, it was a very engaging and interesting meeting and members had tons of questions. Mecum certainly left attendees wanting more. Good news for MAMA members, Mecum has offered a media pass to MAMA members to attend the Chicago 2016 Mecum Auction at the Schaumburg Convention Center, Oct. 6-8. To obtain your pass, contact David Morton, Mecum Manager of Communications and Event Marketing, at DMorton@mecum.com. For more information on Mecum Auctions, visit Mecum.com.