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Russo and Steele is an American collector and classic car auction company that is headquartered in Phoenix, Arizona. [1] [2] The company specializes in the sale of European sports cars, American muscle cars, hot rods and customs. [3] [4] The company was founded in 2001 by Drew and Josephine Alcazar.
On Jan. 25, 2025, the first retail production 2025 Chevrolet Corvette ZR1, VIN 001, sold at the Barrett-Jackson Scottsdale Auction for $3.7 million.
The auction was originally meant as a one-time event, [9] but was more successful than expected, garnering 3,000 attendees. It became an annual event, [6] and eventually prompted the creation of other collector car auctions in the Scottsdale area. [10] Jackson's wife Nellie was a car enthusiast and also took part in the business. [11]
By 1947, the new building with four lanes to auction vehicles opened and soon the partners realized the general public was purchasing their vehicles at the auction instead of their dealership franchises. This action prompted the partners to make Manheim Auto Auction a dealer-only enterprise, making Manheim the largest auto exchange in 1959. [2]
A dealer auto auction is a specialized form of auction. Millions of vehicles are sold at such dealer auto auctions every year. These auctions are restricted to the general public and only licensed dealers can participate. Prices of vehicles sold at dealer auctions tend to be lower than those advertised on any dealer's lot.
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After the success of this auction, the Kruses were asked by Tom Barrett to have a sale in Scottsdale, Arizona, the next January. This was the first annual sales that continues today. The Kruses were the first to sell a car for a documented $1 million in cash — a 1934 Duesenberg Model SJ La Grande long wheelbase dual-cowl phaeton.
In the 1980s, Manheim acquired its first non-U.S. auction in Toronto, Canada, making Cox an international company. In 1997, Autotrader.com was founded revolutionizing the way people buy and sell used cars. In 2014, Cox Enterprises brought its automotive-related businesses (which by then included vAuto and NextGear Capital) together under the ...
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