Shannons is widely known as both an insurer and an auction house, but it’s dropping one of those businesses.
The company has confirmed it will end its auction business in Australia after four decades.
Shannons will continue to provide insurance as a subsidiary of Suncorp.
“The car auction landscape in Australia has changed significantly in recent years with an increasing number of competitors offering frequent and low-cost online auctions to keep up with customer demand in real time,” the company said in a statement.
“Shannons has been at the forefront of catering to the unique needs of motoring enthusiasts for many years, and our auctions business has been a key part of our offering.
“Recent years have seen a notable increase in the options our customers have in buying and selling vehicles and plates, which has prompted us to review the offering to determine whether auctions is still a unique need alongside Shannons Insurance and Club.
“As part of this review, a decision has been made that Shannons will no longer be facilitating auctions as part of its core business.”
The company has auction showrooms in Brisbane, Melbourne and Sydney.
It has held auctions since 1981, with innumerable vintage, modified, and sports cars crossing the block since then.
Shannons has also auctioned off motorcycles, as well as automotive memorabilia and even number plates.
The most expensive vehicle at its winter auction in August was an R34 Nissan Skyline GT-R M Spec, which went for $332,000.
The most expensive lot, however, ended up being a set of New South Wales heritage number plates with the number 262, which went for $431,000 – though more expensive plates have gone under the hammer, with NSW ‘4’ plates going for $2.45 million back in 2017.
The auction house was founded by Robert Shannon, who teamed up with auctioneer Bill Weld to hold the first auction in Melbourne in December 1981.
Auctions used to alternate between Melbourne and Sydney, but the company moved to online auctions in 2020 and subsequently opened its showroom in Brisbane in 2021.