Suncorp’s Shannons quits car auction business
Suncorp-owned Shannons has decided to quit the car auction business but will continue with its specialty motor insurance offerings for vintage, classic and rare vehicles.
Shannon says 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.
Recent years have also seen a notable increase in the options customers have in buying and selling vehicles and plates, leading the business to review whether auctions are 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,” it said.
“Shannons will continue to be Australia's leading insurance provider for motoring enthusiasts and will continue its strong involvement in the car club movement through the Shannons Club, Australia’s largest motoring enthusiast community.”
Shannons Insurance offers products aimed at motoring enthusiasts, with features like limited use and club plate cover, laid up cover for restorations, insurance for daily drives, as well as home and contents cover.