This past fall, The Market by Bonhams announced plans to expand to the American collector car industry after establishing a firm footing in the UK and continental Europe. Now, The Market's first auction lineup of 10 classic cars, one stunning engine, and even a Vespa (on consignment courtesy of the Petersen) looks set to attract bidders when the first four listings go live this Monday, January 24.

The Market's US platform will follow the same set of procedures that differentiate its European platform from competitors like Bring a Trailer and Collecting Cars—namely, 5% premiums up to $5,000 paid by the seller rather than the bidder, fully transparent reserve figures, and listings staying live after the action comes to an end. The backing of an established name like Bonhams should help The Market break into the clearly crowded online auction industry, which only grew further in 2021 as Bring a Trailer claimed the title of world's largest car auction house—including both in-person and online.

To learn more about the challenges The Market faces and how an initial slate of vehicles can make or break an auction site, I reached out for another chat with General Manager Caroline Cassini about the process leading up to this week's big debut.

First Up: An MG A Roadster

MG MG A Roadster
via The Market by Bonhams

Cassini and Bonhams originally hoped to launch The Market for America this past fall, but delayed the debut to coincide with the high-profile auction festivities that take place every year in Scottsdale, Arizona. The additional time also allowed Cassini to pull together a better slate to help attract attention.

"Initially, we were gearing up to just launch right away," Cassini told me. "We could have done it, but I think we’re doing it in a much better way waiting until January. We have a good lineup."

A little white MG MGA Roadster will kick things off this Monday for a seven-day run through January 31, which I hinted made a certain sort of sense.

"I think that’s quintessentially British," Cassini laughed. "We’re going to go with something that’s backed by our Bonhams British heritage."

But the next car will immediately shift gears, a loaded 1999 Mitsubishi 3000GT VR-4 with only 168 miles on the clock that will also go live on January 24 but will close on February 1. With Radwood culture blowing up these days, any pristine 3000GT should fetch serious bids—this one, though, might take the cake as one of the lowest-mileage examples the world over.

"It’s still on MSO," Cassini explained. "Whoever owns it next is, on paper, theoretically the first owner. So that’s a pretty rare occasion for somebody to be the first owner of a car that’s over 20 years old."

FOLLOW HERE: HotCars Official On Twitter

British Support From Bonhams

The Market By Bonhams 4
via The Market by Bonhams

When we spoke in October, Cassini told me that The Market will provide an online forum for Bonhams to sell cars valued around or below $100,000. But that rule will really serve as more of a guideline, as proven by the first batch of cars.

"I think there are certain cars that do better online," she said, "It’s not worth it for the consignor to be shipping the car out."

Finding the cars to sell apparently presented less of a challenge for The Market than expected, given the Bonhams support, but Cassini also told me that new auction startups typically worry more about finding bidders.

"The cars kind of come a little easier," she recalled. "Having that existing database, we're confident that we’ll be able to sell some really good cars selling the week of January 31."

Delaying the auctions through to January also gave the world more to adjust to pandemic travel, meaning that some of The Market's original team members made it to the US for an event at the Petersen earlier this month.

"It’s been exciting," Cassini admitted, "It was great to have my UK colleagues come out and support the launch and do it together as one, and not feel kind of isolated on a totally other island from the founding fathers."

RELATED: These Classic Cars Fetch Millions At Auctions

Porsche Stealing The Show Already

The Market By Bonhams 3
via The Market by Bonhams

Perusing the listings set to go live soon, a 2019 Porsche GT2 RS with the desirable Weissach Package looks like the car most likely to steal the show when it follows the MG and Mitsu on Monday—but surely, Cassini never expected this Nürburgring missile to fetch less than six figures.

"We’re looking for a platform to sell to the everyday buyer," she admitted, "It’s nice to have a couple of those star cars here and there, absolutely, but we’re still looking for the cars that are $100,000 and below."

In the case of the Porsche, Cassini told me the seller specifically wanted to sell online, rather than shipping to Scottsdale, Amelia Island, or Monterey.

"Of course, we were not going to say no," she said, "It’s a great star car for us to start with, so I think it’s the best of both worlds."

RELATED: These Are The Most Expensive Trucks Sold At Auction

Even Engines, And More

The Market By Bonhams
via The Market by Bonhams

Most auction sites online seem to attract a never-ending stream of Porsches and judging from the launch lineup, The Market looks no different. Even a rare flat-six engine that would have produced an impressive 210 horsepower from only two liters of displacement back in 1967 fit into the mix. I asked Cassini if car parts, like engines, or memorabilia always fit into her plan.

"This engine is an interesting little oddball," she replied. "Not many of those come about and we had to go to some experts to see what it’s worth. But this is more than just a coffee table engine.

"Basically, you build a car around it," Cassini explained, before hedging, "To each his own, if someone wants to pay what we think it’s worth to make it a coffee table..."

Apparently, the engine's seller also consigned other cars with The Market—including nice driver-level examples of a Porsche 914 and a 356SC. He also offered the motor and when Cassini checked with experts for an estimate of its value, she came away impressed. A bit of Porsche community notoriety for a former owner helped, too.

RELATED: These Are Among The Most Expensive Cars Sold On eBay

Car Conditions And Reserves

The Market By Bonhams 5
via The Market by Bonhams

The Porsche 914 listing from the engine's seller includes underbody shots that I checked out in the name of my own knowledge base for my own project car. Unlike so many cars for sale online, some dirt and grime revealed no evidence of pressure washing or dry-ice blasting—an honest presentation, not a museum piece, which Cassini and I both appreciated.

"My boss, Tim [Joslyn] from the UK," she explained, "On the listings where he was overly, overly honest with every little ding and chip, the cars did better because people felt more confident in bidding on something that didn’t seem like it was perfect and pristine and right out of the wrapper."

Cassini still wants The Market to list wash and prepped cars that show well in the extensive photography that Bonhams requires—other than barn finds, anyway—but in the end, the choice remains on the seller. I asked how she's coached the first batch with regards to reserve pricing.

“I think no reserve is very helpful when it comes to an auction," she said. "I also think that it’s very helpful when it comes to an online auction, even maybe more than a live sale. But initially, we are being careful and we understand that we don’t have a proven platform yet."

Unlike many other sites, including Bring a Trailer, The Market will reveal when a listing's reserve is both close and then met, right at the top of the page. Cassini hopes the strategy will help give bidders that extra confidence and eagerness knowing the sale will happen (though the contrapositive also applies, to a certain extent).

RELATED: Bring A Trailer Expands Auctions To 7 Days A Week​​​​​​​

Online Auctions On The Up And Up

The Market By Bonhams 6
via The Market by Bonhams

In terms of excitement, the current collectible car market seems absolutely perfect for launching another auction platform. And The Market benefits from the Bonhams heritage, to be fair, giving Cassini and her team a leg up over other sites that might not have a famous name (a la Doug DeMuro and his Cars and Bids site) to earn buzz. Amid the rush, I asked Cassini whether, given her experience working at Fantasy Junction and her new perspective as the head of a new auction site, she expects the boom to keep on booming.

"I don’t see it slowing down anytime soon," she predicted. "There are plenty of cars out there that need to change hands. And now we can do it 24-7."

Online auctions mean more cars sold with fewer logistical challenges for buyers and seller, less waiting around for the big calendar events like Scottsdale or Amelia Island, and the immediate gratification of closing a deal without travel (a crucial consideration during the pandemic). Only time will tell whether The Market by Bonhams can successfully crack into the game here in the United States, but Caroline Cassini sounds confident and ready to get up and running. A little "Coming Soon" primer for the site's next listing reveal might even entice enthusiasts who love a guessing game.

"This is just the start," Cassini teased. "We’re basically all set to sell and end a car almost all the way through March"

Sources: themarket.co.uk, bringatrailer.com, bloomberg.com, and carsandbids.com, and fantasyjunction.com.