IMG Purchases Majority Stake In Barrett Jackson

IMG, an entity under Endeavor and a global leader in events, media, sports and fashion who also own the UFC and Miss Universe, has acquired a majority stake in Barrett-Jackson, the collector car auction and live events firm.

As CEO of Barrett Jackson, Craig Jackson has developed the company into a premier destination for premium and top-of-the-end collector cars. The merger is set to see Barrett Jackson utilize IMG’s connections and expertise in developing and helming world-class events and brands to grow their business further.

IMG operates, owns, or represents numerous events around the world at present including New York Fashion Week, Frieze art fairs, both the Madrid and Miami Open tennis tournaments, and Formula Drift.

Barrett Jackson’s events and auctions attract celebrities, car collectors, and fans from all over the world whilst being broadcast to TV viewers. Its flagship Scottsdale event, founded in 1971, auctions classic, valuable, and very unique automobiles with an average annual attendance of 300,000 people, making it one of the oldest and largest car auction events in the world.

Endeavor CEO, Ari Emanuel, said on the acquisition: “We have long been admirers of Barrett-Jackson and have seen first-hand the scale, excitement and 50 years of tradition surrounding their events. Like IMG, Barrett-Jackson is a pioneer of its industry, and we look forward to working with Craig and his team to build on its impressive legacy across categories including experiences, hospitality, content, marketing and partnerships.”

“Pairing Barrett-Jackson with the unique power of the Endeavor network is an unparalleled opportunity for our company, immediately opening doors to amplify and accelerate the growth of Barrett-Jackson as a global lifestyle brand,” remarked Craig Jackson, CEO of Barrett-Jackson. “I couldn’t be more excited to have the best partner as we look to optimize our fan experience and create new touchpoints for car enthusiasts around our live events and media offerings.”

Steve Davis, the President of Barrett-Jackson, added: “After more than 25 years with Barrett-Jackson, I can’t wait for this next chapter for our customers. We’ve built something incredibly special and with the expertise and relationships of IMG, Craig and I look forward to elevating our offering and attracting a whole new generation of fans.”

The acquisition deal and overall investment in the industry comes when general enthusiasm around collector cars, auto-related content, and live events, is at a high. On top of that car collectors are increasingly trending younger.

Alex Manos, President of Beverly Hills Car Club (BHCC), said about the state of the market and the merger:

“I think it’s great for the industry and draws more eyes to classic cars. If an entity like IMG, which I’m sure has advanced analytics and is very future-focused, makes an investment like this and puts its money where its mouth is, it’s saying something.”

BHCC is one of America’s most successful classic car companies, specializing in European luxury and sports models and operating out of a 135,000-square-foot showroom in downtown Los Angeles.

“This period reminds me a lot of 2008 when I was at the beginning of this classic car journey,” Banos continued, “as the stock market plummeted, investors turned their attention to more reliable assets, like classic cars. We’re seeing a similar trend today with the problems the economy is currently experiencing.”

“We’ve of course had many famous names walk through our doors but the business isn’t just for high-flyers and celebrities, it’s for every classic car fan. Our showroom has hundreds of classic cars on display. They range from $5000 Mustangs to million-dollar Ferraris, as well as classics like Lamborghini, Maserati, Alfa Romeo, Porsche, Mercedes-Benz and additional luxury European and American marques. The industry is for everyone and this deal clearly plans to help more people understand that.”

Though admiring the direction IMG has taken in the acquisition, Manos cautioned that the car world is now a very competitive place. Yet he’s for anything that helps spread “the message” around classic cars that helps the world appreciate them as an art form.

On the new trend of more young people being interested and interacting with the classic car sector he concluded, “I get an endorphin rush just looking at a photo of a classic car, let alone driving one. I want as many people as possible to join this club and enjoy the same sensations.”

“I also want to share my knowledge and expertise with younger generations. It feels important to me that car lovers of every age understand how these beautiful, hand-made masterpieces of engineering ingenuity were designed and built. I hope to help as many young people as possible to understand the history of automotive culture and I hope a mainstream deal like this one helps in that as well.”