Fostering excitement by expanding the car culture: a next-generation online marketplace for classic cars
For people new to the classic and collectible car market, the search for the perfect vehicle can be daunting. Therefore, Marqued, a venture of Porsche Digital, Inc., expands into online marketplace to widen appeal of classic car ownership. With the product, the brand demonstrates how Porsche uses the digitalization of the classic car market to combine tradition with the future. Stephan Baral, Managing Director at Porsche Digital, explains, why the platform makes a difference for classic car enthusiasts.
Porsche’s history goes back to 1931, when Ferdinand Porsche founded his engineering office in Stuttgart, setting the pioneering spirit for the company to this day. Nowadays, Porsche combines this heritage with innovation power not only within the company, but also outside its core business.
Marqued, launched in June 2021 in Palo Alto as a venture of Porsche Digital, Inc., preserves this heritage by adding an online marketplace for classic and collectible cars featuring all brands. The platform makes the search easier by providing more context, more background, and more time for potential buyers to act.
Its mission is to create a brand that celebrates everything it can mean to be a car enthusiast. When we launched the editorial platform, our initial goal was to share unique automotive content with enthusiasts. But soon, something else became apparent: We at Porsche Digital saw good early traction, in the form of subscriber growth and at the same time a developing interest in owning the vehicles we were writing about. While there are already some great auction sites out there in this space, we identified a need to complement them by building something aimed at those new to the world of classics.
Welcoming a broader audience for classic car ownership
Marqued was created by a small, passionate team of young enthusiasts with experience in building and scaling digital products who really want to create their ideal site — one that would welcome a broader audience and perhaps appeal to those new to owning classics with the level of detailed information, guidance, and reassurance they might need.
The process of purchasing a classic car for the first time is perceived by many people to be cost prohibitive or overwhelmingly complex. I experienced first-hand how hard it is to overcome this barrier when I bought my first classic, a 1984 911 Carrera, a couple months ago. Since then, I have discovered a whole world of great encounters and experiences that I cannot imagine living without. We want to breakdown these barriers and demonstrate how attainable the goal of owning a classic car really is and by doing so, provide an entry point for many more people to experience the great joy and fulfillment that comes along with classic car ownership.
The marketplace is geared towards people new to participating in online auctions. The listings are highly curated and experts carefully vet every vehicle submission. Each accepted listing includes extensive photos, detailed descriptions, and a vehicle history report. While most online auctions run for one week, Marqued’s auctions are two weeks long. Bidders have ample time to arrange inspections and ask questions. Sellers have more flexibility to promote their vehicles.
Since the first auctions launched in late 2021, the team of Marqued has steadily added additional vehicles and will continuously scale the product as part of the launch.
Max Esslinger, Product Manager of Marqued, describes Marqued as a ‘brand agnostic’ platform for car enthusiasts. It’s about taking what the venture understands about the emotion and excitement around classic and collectable cars and sharing that with a wider community. By catering to the needs of new enthusiasts and listening to them about what they need and want from the platform, Marqued aims to democratize car enthusiasm and grow the space as a whole.
Porsche’s pioneering spirit is a large part of its heritage and is still anchored in our corporate culture. Preserving heritage while stepping into new spheres is no easy task. But now, we all can be a part of it and combine tradition with the future. Marqued’s online marketplace for classic cars brings us one step closer to this.
About this publication: Where innovation meets tradition. There’s more to Porsche than sports cars — we are developing new digital products and services — always with our customers in focus. On our Medium blog, we tell these stories. It’s about our #nextvisions, emerging technologies, and the people that drive our digital journey. If you want to know more, follow us on Twitter, Instagram and LinkedIn.