Interview with Craig Jackson: Bid In on the Classics!
By Gerald Calamia
Photography by Eric Fairchild
Location: Barrett-Jackson Showroom in Scottsdale
Forty years ago, Russ Jackson and Tom Barrett developed a vision for a car show fund-raiser to benefit local charities. Today, the Barrett-Jackson Collector Car Auction brings hundreds of thousands of spectators and car collectors to two—soon to be three—states, earning the auction a reputation for delivering rare or top-quality automobiles for auction. Last January, the event had over 1,250 cars up for bidding, and raised $112 million dollars.
Craig Jackson, son of cofounder Russ Jackson, is now chairman and CEO of the auction. North Valley Magazine met up with the dynamic leader to discuss the past, present, and future of the notable event.
North Valley Magazine: The Barrett-Jackson Collector Car Auction started as your mother and father’s business. What inspires you to continue their legacy and make it your own?
Craig Jackson: I grew up in the family business. I was young when it was my time to take over. I definitely had my opinions on what we should be doing and what hadn’t been done before. [I wanted to] change Barrett-Jackson into more than just a car auction, and to bring TV, other forms of media, and the Internet into the mix. In essence, I wanted to make Barrett-Jackson a lifestyle event and bring our great hobby to the masses.
NVM: In 1967, the Barrett-Jackson auction started out as the Fiesta de Los Auto Elegance. What changes have taken place over the years?
CJ: In the early years, Barrett-Jackson was a car show only. Now it is a lifestyle event and a destination all its own. It’s the only auction where people attend from all 50 states and a dozen foreign countries—with over 250,000 people coming through the gate just last year.
NVM: What new things can we expect to see in the January 2008 show?
CJ: We have elevated the experience. When you walk into the main area, you will see double-decker skyboxes, and there will be more interaction with our lifestyle pavilions. The auction itself will be just a little different—we cut down a little on cars, so it won’t go late. What you will see is a true Americana experience. And with the diverse range of cars we are offering this year, people both at and after the auction will be saying, “Only at Barrett-Jackson.”
NVM: You recently brought on a new minority partner, Endeavour Capital. Does this change the “family business” aspect that Barrett-Jackson has had all these years?
CJ: People have approached me for a long time. However, I wanted the expertise of a financial group that is used to family-owned businesses, and that was agreeable to a minority position. It was important to me that they were not coming in to change the culture of the business. They are bringing in expertise to help us grow, quantify what the growth is, and then help to execute a plan for that growth. We will still be a family business, but intend to take it to the next level. Our goals are aligned to make Barrett-Jackson an international brand and not just a car auction. We believe our events are closely approaching the experience one gets at the Masters, Kentucky Derby, and other great events. It is certainly our goal to get there.
NVM: Describe the typical Barrett-Jackson buyer and vendor, and how they hear of you.
CJ: The customers find us partly because of the national attention Barrett-Jackson has been getting. We have an inventory that’s unmatched—over 1,000 cars—offering them at a true no reserve [no minimum price]. This brings an amazing array of buyers. Many of our customers are first-timers buying their dream car. They are not financing it, nor are they are flipping [purchasing to resell] the car. They are literally buying their dream.
We also have a one-stop shopping atmosphere second to none. You can buy your dream on live TV and it creates an experience that is unmatched.
For our sellers, they get to sell their car with 5,000 bidders fighting over them, in one arena, live on TV. They know the last bidder holding their hand up is going to own their car. Most of the cars at our auction are not owned by dealers. A vast majority of cars has been owned for a while and need people selling to upgrade.
Approximately 40 percent of our sales have been to first-time buyers. And approximately 40 percent of our consignors are people selling to upgrade.
NVM: With all the work involved, is the same passion there year after year?
CJ: Yes it is. As you look toward the new venues like Vegas, that’s about as thrilling as it can be. But when an auction gets going and it’s about to happen, the excitement is always there. And for any of your readers who have never been, we encourage them to come out this January. They will have a great time!
NVM: What is a favorite moment from a past auction?
CJ: When I sold my 1948 Delahaye with a body by Figoni and Falaschi for $900,000. It was a car that I personally restored from the ground up. I did all the metalwork, all the restoration. That was pretty hard to give up. Or, when we sold an F88 for $3 million.
NVM: I was at the auction where Sammy Hagar sold some of his cars, and the excitement in the auction tent was boiling over!
CJ: We have had many celebrities sell their cars at our auction. We sold Don Johnson’s Cuda from Miami Vice. Last year, we had an Orange County Chopper.
But last year, the highlight was the CNN Hummer. They had a dream price and we exceeded it. To have a guy like Wolf Blitzer with tears in his eyes—you just don’t beat moments like that. All the proceeds went to the Fisher House. The vehicle is currently on tour, and it was at Mandalay Bay when we made our Vegas announcement.
NVM: How does the Scottsdale auction compare to the Palm Beach auction? How will it compare to the Las Vegas auction?
CJ: The Arizona auction has heritage. It started in Scottsdale, moved to Phoenix, then came back to Scottsdale. But it has grown as far as it can in the current facility.
The Palm Beach auction has really good infrastructure. The facility and the auction itself have an environment that is very comfortable for both me and the auction attendees.
Las Vegas has the most infrastructure, and the demographics, with the casinos, have the most growth potential. There is also a lot of experience. Vegas has become a town that is all about lifestyle, and that is what Barrett-Jackson is about. Vegas has some of the best shopping, restaurants, clubs—and our deal is to work together.
NVM: What is Craig Jackson’s favorite car?
I have a favorite in different categories: Favorite muscle, Hemi Cuda convertible; favorite sports, 427 Cobra; and favorite supercar, Jaguar XJ220.
NVM: What are you doing when you are not preparing to welcome 250,000 people to a weeklong auction and lifestyle event every January in Scottsdale?
CJ: Boating and spending time with my kids and traveling.
NVM: What would be your dream job?
CJ: I think I am doing it! Either that, or [Hugh] Hefner’s job.