Russo and Steele announces Scottsdale Car Week results reaching $22M

Russo and Steele Collector Automobile Auctions announces market leading sales results (Submitted photo)

Russo and Steele Collector Automobile Auctions announces market leading sales results  with early totals reaching $22.1M on 780 lots offered with 606 hammering sold, according to a press release.

The release said this represents an impressive sell through rate of 78 percent, helping the auction company’s Scottsdale numbers grow seven figures over 2016s showing, which not only demonstrates Russo and Steele’s firm position as “the most exciting collector automobile auction company in the world,” but also as the industry’s most bankable.

According to the release, Russo and Steele was Scottsdale 2017s only major auction house to garner two consecutive years of positive growth momentum with sales that included:

• 1954 Mercedes-Benz 300 S Cabriolet A – $423,500

• 1973 Ferrari Dino 246 GTS Spyder – $379,500

• 1969 Ford Mustang Boss 429 – $335,500

• 2006 Ford GT – $261,750

• 2006 Mercedes-Benz McLaren SLR – $253,000

“Once again, our team has brilliantly demonstrated that our segment within the current collector car marketplace is highly robust, that true enthusiasts confidently perceive this and that they recognize Russo and Steele’s position as the resounding market leader within that segment,” said Russo and Steele CEO Drew Alcazar in a prepared statement. “This year, with our move to our incredible, long term new home at Salt River Fields at Talking Stick the enthusiasm captured by Russo and Steele has never been higher.”

Mr. Alcazar said it demonstrates that clients value the customer service-focused philosophy of cars, camaraderie and that “the most desirable core component of a successful automotive event in Scottsdale remains the cars.”

He added that it’s not about creating a “three ring circus where the auction becomes a secondary attraction,” but about offering the highest quality collector automobiles, with the most integrity, and maximizing the market value of those premium offerings on the block in a manner resonating with sellers, buyers and attendees.

“We are genuine automotive enthusiasts and we treat our clients like family. These results unquestionably point to that mentality, which we continue to maintain at Russo and Steele as being the best in Arizona, year after year,” Mr. Alcazar noted, thanking the new partners at the Salt River Pima-Maricopa Indian Community and the team at Salt River Fields at Talking Stick for their hard work and dedication to produce the most successful event to date. “We are incredibly grateful for their support and look forward to continually raising the bar with them for many years to come.”

While Scottsdale 2017 post sale continues, the staff at Russo and Steele is looking forward to returning to the coast for its Fifth Annual Newport Beach Auction on June 2-4 and the 17th Annual Monterey Auction on Aug. 17-19.

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