Last year brought the demand for pre-owned vehicles to center stage, giving the industry a massive boost in terms of growth and potential.
2022, is forecasted to ride high on this trend, as customers opt for gently used vehicles due to the shortage in supply or the wait time to own a brand-new automobile.
In view of the recent events and witnessing the roaring success of last year, one of the UAE's leading government-accredited auction houses, Pioneer Auctions hosted this year’s first live auction session and it was attended by customers and displayed various offerings.
The pre-owned automobile market is witnessing a substantial increase in interest by customers in the GCC and worldwide. Pioneer Auctions has been in the middle of navigating the rapidly growing demand for the second-hand automobile industry.
With the reduced supply of brand-new automobiles from agencies during COVID-19 in 2020, the demand for used automobiles increased, and sellers began seeking ways to profit from the situation by selling their vehicles through auction firms, car trading organisations, and other means.
Established in 2008, Pioneer Auctions was one of the first auction houses in the UAE to allow customers to bid in real-time through its live-streaming services.
The company started as a place to auction cars only and, over the years, has expanded exponentially, adding diverse categories to the list of offerings. Armed with years of unmatched experience, Pioneer Auctions has observed a fluctuation in the market trends with the gaining popularity of Japanese, Korean & European brands of used cars.
In line with their mission of bridging the gap between buyers and sellers by offering a quick, easy and reliable automobile auctioning experience, Pioneer has profited from the recent trends adding a jewel to their crown with the sale of the Bentley Continental GT W12 – 2019 for Dhs690,000.
Pioneer Auctions, as a significant online vehicle auction operator, invites clients and viewers from a wide range of industries, including car dealerships and tradespeople, banks, contractors, developers, and individuals as sellers or buyers.
In addition to large enterprises, such as construction corporations, and end-users, such as passionate vehicle collectors.
This season, 85% of the most returning customers have been car dealers, traders, middlemen, and brokers, with only the balance of 15% being new customers & end-users.
While the new car manufacturers remain halted due to the lack of operating chips, car dealers and traders have turned to cars more readily available. The chips that would ordinarily go into new automobiles were being redirected to the consumer electronics industry during the pandemic. Commenting on the recent turn of events, Jayaraj Balasundaram, General Manager, Pioneer Auctions said: “As the industries gain momentum, the supply chain pipelines within the automobile sector are yet to recover fully resulting in buyers of new cars having to wait for several months to have their vehicle delivered. As a result, this has positively impacted the demand for used cars and we have had a surge in that area of business.”
He added, “Although soon, the market is expected to experience a positive increase in the prices of second-hand cars and we at Pioneers aim to work towards matching our supply to the demand, to ensure the best possible service to our clientele.”
Navigating the surge of interest in pre-owned vehicles, Mercedes E, S & G Class, Dodge Challenger & Charger, Ford Mustang, Ford Raptors, Jeep Wrangler, Toyota Landcruiser, Range Rover, Mini Cooper, Lexus Lx 570 & LS 430/460 & and within commercial vehicles like Toyota, Mitsubishi, Nissan Pickups, Canters, Coaster & Civilian buses, are some of the most viewed and purchased brands in the UAE.
For Pioneer Auctions, unparalleled transparency and convenience have always been at the core of running successfully over the past two decades. To showcase the same and ensure the buyers’ peace of mind, all automobiles enlisted for sale at Pioneer Auctions undergo comprehensive inspections with authorized government and transport authorities. As such, potential buyers can easily access the authenticated car reports online with just a few clicks, without the physical hassle and time of having to inspect cars at a mechanic or waiting in long queues to register a vehicle.
In addition to their renowned live auction offerings, recently, Pioneer Auctions also released their state-of-the-art mobile app. This was aimed to cater to the set of clients who prefer browsing and participating from the comfort of their location.
The Highland Green 1968 Ford Mustang GT featured in the film "Bullitt" was sold Friday at a Florida auction house for $3.74 million.
BMW has also raised the possibility of projecting augmented reality images on the windshield and turn it into a full-fledged screen with technology that mixes "real and virtual worlds."
A collection of luxury cars confiscated by Geneva authorities from a son of the president of Equatorial Guinea is estimated to fetch 18.5 million Swiss francs ($18.67 million) this weekend, Bonhams auction house said on Friday.
Intelligent cars have been a part of our culture since the 1980s starting with the Knight Rider’s “Kitt”, a car probably far more intelligent than its driver. The Batmobile is always on call for Batman and with a push of a button it would locate him and drive there.
The director general of the World Trade Organisation, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund to help female entrepeneurs
In the presence of Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED),
The growth opportunities and continued resilience of the aviation sector in a challenging environment will dominate discussions at the 11th Arab Aviation Summit (AAS 2024)