What are ‘price events’?
I use this term to refer to pricing-related ‘events’ that occur which help to establish or represent market value for a certain vehicle at a certain time. Price events fall into four major categories:
-Sale (at auction or by a dealer or private seller)
-High Bid (the highest bid on an unsold lot at auction where the reserve was not met)
-Asking Price (from a dealer or private seller)
-Valuation (a professional appraisal or market assessment, such as an auction house estimate)
Price event categories are prioritized largely in the order above from top down, in terms of how they are incorporated into my analytics. Certain categories may be included or excluded entirely from some analytics, depending on the context.
Which vehicles are covered by Data Driven?
I collect data for essentially any vehicle that has a following of buyers and collectors beyond that of a standard consumer vehicle. This includes vehicles from all eras, all countries of origin, all makes, and all price points. Motorcycles, too. As a rule of thumb, if a model ever trades at collector vehicle auctions in-person or online, I have data for it.
Where does the data come from?
Nearly all of my auction results come directly from auction houses. Asking prices come from online and paper for-sale listings, which are posted by dealers and private sellers. Valuations are almost always estimates provided by auction houses as part of their listings.
What do auction result prices represent/include?
Each auction result, whether the lot met reserve or not, has the buyer’s premium included, if applicable. This is a fee that an auction house collects on top of the bid price. I include buyer’s premium on high bids that did not meet reserve because the inclusive, total price is what the highest bidder was willing to pay if the reserve had been met. Taxes, import duties, and other government fees are excluded whenever possible because they vary immensely with each individual buyer’s circumstances.
What about wholesale values?
Data Driven does not cover wholesale values, which are the prices that vehicles trade for between dealers and at dealer-only auctions. This is an entirely separate market. Data Driven focuses on consumer-facing market values.