Beloved auction house that’s sold vintage sports cars for four decades set to close

A BELOVED auction house that's sold vintage sports cars for four decades is set to close.

Shannons Auctions has announced it will close for business in Australia as a result of "an increasing number of competitors."

The company has showrooms in Melbourne, Sydney and Brisbane and was a major part of the Shannons brand, which also provides insurance services as a subsidiary of Suncorp.

But despite holding auctions since 1981, an increase in competitors offering frequent and low-cost online auctions has taken its toll.

A company statement said: "Shannons has been at the forefront of catering to the unique needs of motoring enthusiasts for many years.

"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.

"This 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.”

Shannons has showcased numerous vintage, modified, and sports cars throughout its tenure.

The company 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 (£175,000).

However, its biggest sale was a set of New South Wales heritage number plates with the number 262.

They sold for $431,000 (£227,198), according to .

More expensive plates have gone under the hammer, though, with NSW ‘4’ plates going for $2.45million (£1.29million) 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, before the company moved to online auctions in 2020.

They subsequently opened a new showroom in Brisbane in 2021, although it is now set to close.

Elsewhere, a major car sales brand with 190 locations around the UK is planning an ambitious dealership upgrade.

Vertu Motors is hoping to undertake a major redevelopment of its adjacent BMW and Mini sites in Sunderland.

Another UK car dealership is looking for a new lease of life after closing its shop after 30 years.

The popular showroom has announced it will move out of its current site as a redevelopment gets underway.