"Obviously, growth is important and we're gonna run as many M3s and 911s and all that as people can handle," DeMuro admitted. Other than personal car collecting plans, though, I asked whether the Cars & Bids business might start to change or begin pulling a Bring a Trailer-esque shift to the higher end of the market. In fact, shortly after revealing the Carrera GT purchase, DeMuro also decided to sell his beloved Audi RS2 to make room in his four-car garage. But what about the notoriety surrounding the Carrera GT's squirrely rear-wheel-drive traction and the Paul Walker crash? For a guy who had literally just told me, "I'm not really a big Porsche guy," DeMuro was starting to sound a lot like a Porsche guy. It's a lot of money driving down the road and some idiot might hit you and that's always worrying to me."ĭeMuro recounted a story about working at Porsche when he was younger and crashing a company car, then deciding he needed to find something that could replicate the perfection that only P-cars can deliver-only to struggle to find anything that can match the all-rounder nature that leads so many Porsche owners to swear off other brands for life. But the biggest is that you're just worried when you drive it, you know. "I wish they weren't so expensive, obviously for a lot of reasons.
"I truly believe it's probably the best-driving exotic car in the whole world," he told me. Other than investment potential, though, DeMuro also clearly loves his CGT-he gets excited just talking about it, in classic Doug DeMuro fashion. "The goal is just to make the process easier, to make the process better, and to do stuff to make things a little bit easier for people to use it." "We're gonna be able to use the money for a lot of different kinds of new initiatives that will help us grow," he explained. But taking into account the obvious success, why did DeMuro even consider taking on investment from The Chernin Group in the first place? So obviously it has been an expansion, just the 12x growth there, but we still want more."Ĭars & Bids typically hovers around a sale rate of 80 to 85 percent-with a 4.5% buyer's fees, the math isn't too difficult. "We were at around one or two auctions a day and we're up to like 25. "We're definitely looking for more sellers, kind of perpetually," he replied.
But I asked DeMuro whether he thinks that finding sellers or buyers presents the bigger challenge. Instead, buyers and sellers can expect a more reasonable range than, perhaps, the current crop of air-cooled Porsches and Pebble Beach Concours winners that Bring a Trailer typically fields. The more noteworthy sales that Cars & Bids can notch, the bigger the site's audience grows-and not necessarily just because of the high values.
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