Because of this, the Monterey Car Week auctions exceeded expectations with sales of $ 343 million

Check out what’s clicking on FoxBusiness.com.

After all, used cars are a hot commodity these days.

The Monterey Car Week classic car auctions in California last week raised a total of $ 343 million, surpassing the $ 320 million that classic car insurer Hagerty had predicted.

A 1995 McLaren F1 supercar sold for $ 20,465,000 at the Gooding and Company auction. (David Paul Morris / Bloomberg via Getty Images)

The most expensive car sold during the week was a 1995 McLaren F1, which cost $ 20,465,000, but 82 cars retailed for over $ 1 million each.

The annual event was canceled last year due to coronavirus restrictions, but this year’s loot was 37 percent higher than 2019’s $ 255,710,000 and the top 5 of all time.

“What we saw at the annual Monterey Car Week auctions last weekend was that the market has a lot of energy – a measured energy,” Hagerty CEO Mckeel Hagerty told FOX Business.

“The prevailing observation is that bidders have been excited about buying cars at live auctions, whether they are bidding over the phone or actually doing the selling themselves.”

The result was driven by a strong 80 percent sell-through rate at the half-dozen auctions compared to 59 percent in 2019 and a higher average price of $ 428,004 versus $ 334,114.

“The auctions this year benefited from the pent-up demand of bidders, but also from consignors who brought better cars, which is reflected in fewer lots and a higher average sales price,” said

Hagty’s manager of Valuation Analytics John Wiley.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“In summary, car enthusiasts are ready to pay premium prices for premium cars,” said Hagerty.