- Bloomberg article reports that sales of classic cars have remained “positively stable” during global pandemic
- Two key acquisitions help firmly establish PRPI’s position in multibillion-dollar classic car market
- CEO notes that PRPI’s acquisition of Worldwide Auctioneers will lead to company’s greater growth
While COVID-19 may have dampened the new-car market, a recent Bloomberg article noted that the global pandemic had little impact on the sales of classic cars (https://ibn.fm/lkWMO). That’s good news for Perpetual Industries (OTC: PRPI), which earlier this year announced two key acquisitions — the Worldwide Group LLC, operating as Worldwide Auctioneers, and AutoGrafic Software System — both aimed at firmly establishing the company’s position in a multibillion-dollar classic car market.
“From Bentley to BMW, Polestar to Porsche, new-car sales have slumped in 2020,” Bloomberg reported. “Sales of classic cars, on the other hand, have remained positively stable.” The article quoted Brian Rabold, vice president of valuation services at Hagerty, a company that insures classic and collectible cars, who noted that last year “was a very strange year. There was a lot of appetite to buy cars.”
Rabold observed that the proliferation of online platforms from auction houses and startups alike fueled consumer hunger. “A lot of people had more time, they weren’t traveling, they weren’t leaving the house. You could just sit in front of the computer and shop. All of that conspired to make 2020 really strong. . . . In unstable times, car people tend to hang onto their blue-chip cars and get other ones, so there’s a lot of interest that has picked up there.”
PRPI reports that the U.S. classic car market has seen steady expansion over recent years, with revenue reaching approximately $12.63 billion in 2020 and forecasted to total an estimated $15.52 billion by 2023, representing a CAGR of more than 7% (https://ibn.fm/Fydhj). Classic car dealers have cornered a significant portion of this market opportunity.
With that market potential as a backdrop, Perpetual Industries completed its acquisition of Worldwide Auctioneers in January 2021 (https://ibn.fm/9wa4U). A U.S.-based boutique auction company specializing in the sale and acquisition of classic vintage motorcars at auction around the globe, Worldwide Auctioneers also has a stellar reputation for offering an extensive range of personalized services to collectors, including private sales, appraisal, collection direction and consultancy, estate planning, and asset management.
“I am excited to welcome the entire Worldwide team to Perpetual’s umbrella,” said PRPI CEO Brent Bedford. “Their entrepreneurial spirit is a good match with ours, and I am looking forward to achieving greater growth in Perpetual while playing a key role in reaching the future goals of Worldwide.”
A few months later, in April, PRPI took another critical step forward with the acquisition of AutoGrafic Software System, a software as a service (SaaS) and social application that utilizes cutting-edge technology to host many aspects of automotive promotion and preservation. AutoGrafic targets global collector car and automotive enthusiasts who want a unique, multifaceted, interactive automotive experience that is focused on a visual-based social community, collection management, social events, auctions, insurance, research, preservation and historical documentation.
“This acquisition provides another foundational piece in our quickly expanding blockchain division and, in addition to outstanding software, augments our team with some truly exceptional talent,” said Bedford. “It will also greatly benefit Worldwide Auctioneers, our newly acquired wholly owned subsidiary, by bringing much-needed new technology and innovation to their customers and the collector car industry at large.”
Perpetual Industries is an incubator for the development of new and innovative energy-efficient technologies. The company’s mission is to “perpetuate industry” by bringing value-added technologies to market. The company is expanding its expertise and knowledge of energy-efficient technology by developing low-cost, green-energy-powered solutions for a variety of industries while continuing its research, development and commercialization of the XYO Technology in key applications.
For more information, visit the company’s website at www.PerpetualIndustries.com.
NOTE TO INVESTORS: The latest news and updates relating to PRPI are available in the company’s newsroom at https://ibn.fm/PRPI
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