The Ledger
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DeMuro: Almost 30 online car auction copycats launched and failed
“We, I would say, 30 other auction, car auction, online car auction sites popped up in the last couple years, and 29 of them have failed, or 27, and the other three are barely hanging.”
DeMuro: Solo YouTube Business Ran At Roughly 90 Percent Net Margins
“Except for travel. There were a few things. I was paying an editor. My best friend, like read, reads my emails, so I pay her. And there was some travel, but the, it was, the expenses were, yeah, I mean, I was, we were probably 90% net.”
DeMuro: Cars & Bids auctions 30 cars daily at 85% sell rate
“I mean, we're selling basically 30 cars a day or we're auctioning 30 cars a day. We have about an 85% sale rate. And so, and the average transaction value, I don't know, but you could figure it out very easily just from looking at the site. It's somewhere in t…”
DeMuro: Enthusiast car buyers use cash far more than expected over financing
“We thought financing would be a bigger thing than it is. I think that it is a big purchase, but since we're selling mostly enthusiast cars, I think that A lot of people, we found more people are buying with cash than you might expect, even for higher value car…”
DeMuro: Chernin Group Invested Roughly $37 Million In Cars & Bids
“They threw in like thirty seven million or something like that. And some of that was secondary. And then there was additional that they kind of threw on our balance sheet to help us grow.”
DeMuro: Cars & Bids charges buyers a 4.5% fee capped at $4,500
“We take four and a half percent of the final sale price from the buyer. So there's no fee for the seller. The buyer pays us four and a half percent and we cap it at, A 100,000 dollar car. So 4500 dollars. And so if it's a 200,000 dollar car, we still only take…”