New acquisition brings auction monitoring into the Motorsport Network Driven Lifestyle Division.
Miami, May 20th, 2021 – Motorsport Network has acquired Hammer Price, a pioneering collector car pricing tool and auction data aggregator, presenting a new business solution for clients, the first and only way to follow multiple international car auctions in one streamlined format on a smartphone or tablet providing comprehensive data insights for car collectors, dealers, and enthusiasts worldwide. This comes as recent reporting suggests a growing interest in collectible cars worldwide.
For dedicated collectors and dealers, Hammer Price presents an unmatched experience with intricate hand-crafted auction data in real-time and an impressive reach as the largest source for international collector car auction results. The platform offers users the ability to view and follow multiple car auctions simultaneously. With year-round reporting, users can reference deep historical data on past sales, preview upcoming auctions, and receive customized alert notifications on vehicles of interest. Auction results instantly update as each car crosses the block. The advanced pricing tool features complete final sales results with buyer premiums and it seamlessly converts USD pricing into foreign currencies, with multi-language integration to follow shortly.
Hammer Price joins Motorsport Network’s Driven Lifestyle division along with the recently announced duPont Registry acquisition. The new division is the culmination of the culture, community, and commerce of the world’s luxury and classic automotive lifestyle in one ecosystem. The Driven Lifestyle portfolio features Canossa Events, synonymous with excellence in road touring, that organizes nearly 270 marquee experiences per year for driving enthusiasts. Part of Canossa Events, Cavallino is a preeminent media and concours events company, hosting landmark events for high-end automotive collectors and admirers such as the 30th Annual Palm Beach Cavallino Classic. Hammer Price is positioned as a perfect fit with Cavallino, which has established a powerful network of content serving a global Ferrari community. The new Hammer Price website will benefit from the cross-promotion and integration within the Driven Lifestyle division. Additionally, with FerrariChat, the leading global social platform and foremost voice on Ferrari, with 20 years of experience connecting 200K engaged registered members, Hammer Price has direct access to a highly engaged and knowledgeable Ferrari audience.
Harley Cluxton IV, the current owner of Hammer Price, will continue to work with the business, joining Motorsport Network as Product Manager for the service. Leveraging Motorsport Network’s global audience reach, Cluxton will oversee the launch of the new Hammer Price platform, elevating the service from an app-only product to a diverse portfolio of integrated solutions.
The new business grows Motorsport Network’s reach in the Automotive sector, expanding their expertise and knowledge to a new audience. The invaluable data on high-end luxury and classic cars auction history cataloged by Hammer Price provides an incredible opportunity for Motorsport Network to offer car collecting to more consumers, through their 56-million monthly users, and gain appeal to a new set of potential partners and business associates.
Harley Cluxton IV of Hammer Price said: “I am looking forward to joining the team at Motorsport Network. I believe in their vision for Hammer Price and its pivotal role in the expansion of the company’s portfolio. Motorsport Network’s powerful ecosystem of upmarket luxury and collector car automotive businesses provides the optimal stage for growth.”
Nik Komarov, VP of Business Development, Motorsport Network said: “We welcome Harley Cluxton IV to Motorsport Network, and believe the acquisition offers the most data-rich insights into classic car auction history. Motorsport Network intends to launch a new website and offer new features and solutions to the existing experience enabling dealers and car collectors with a greater understanding of the market value of classic cars.”
For more information, please contact:
About Motorsport Network
Every month over 56 million dedicated users visit a Motorsport Network digital property, to buy, to learn, to be entertained, or simply to feed their passion for cars and racing.
We sit at the heart of the Racing and Automotive industries and provide authoritative thought leadership as well as unique experiences to our customers. We take them on a customer journey that encompasses news and insights, events, tickets, games, and eSports, so we leverage the network effect to add value to their experience. We use our in-house technology and modern data tools to continuously test, learn, and improve. Our processes, content creation, and products are constantly evolving to better serve our audience.
Forward-Looking and Other Cautionary Statements
Completion of Motorsport Network’s acquisition of duPont Registry remains subject to customary closing conditions which are set forth in the parties’ definitive written purchase agreement, which closing is expected to occur in 2021. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Network and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether all conditions precedent in Motorsport Network’s definitive agreement to acquire duPont Registry will be satisfied, whether the closing of such acquisition will occur, what the ultimate impact of the ongoing and prolonged COVID-19 pandemic will have on Motorsport Network and its results of operations and financial condition and whether Motorsport Network will achieve its goals, including as to the Company’s plans to expand its portfolio and as to its future business growth. Additional examples of such risks and uncertainties include, but are not limited to (i) Motorsport Network’s ability (or inability) to maintain and/or expand the Drive Lifestyle portfolio; (ii) Motorsport Network’s ability to successfully manage and integrate any joint ventures, acquisitions of businesses, solutions or technologies; (iii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (iv) the ability to attract and retain qualified employees and key personnel; (v) adverse effects of increased competition on Motorsport Network’s business; (vi) the risk that changes in consumer behavior could adversely affect Motorsport Network’s business, results of operations and/or financial condition; (vii) Motorsport Network’s ability to protect its intellectual property; and (viii) local, industry and general business and economic conditions. Factors other than those referred to above could also cause Motorsport Network’s results to differ materially from expected results. Motorsport Network anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. Motorsport Network assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Network’s plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Network’s websites or any other websites referenced or linked to this press release shall not be incorporated by reference into this press release.