The value of some vintage Holden models have risen dramatically following the news of the iconic brand’s shock $1.1 billion demise.
According to Lloyds Auctions, interest in Holden classics has surged, with the prices of some Holden car models doubling.
“We have been flooded with enquiries coming through our Classic Car Division Nationwide over the last 24 hours or so with people wanting to buy a Holden, showcasing a surge in demand for the vintage vehicles,” said Lloyds Auctions chief marketing officer Brett Mudie.
Related story: Holden brand to disappear in Australia; nearly 600 jobs gone
Related story: ‘Physically ill’: Australia reacts to Holden’s collapse
The market for Holdens will continue to “skyrocket,” he said.
“The value of Holden Classics has always been strong but this evidence that has come to us in the last day suggests that it is more than likely to create a booming market for them.”
Lloyds Auctions sold the first Holden Dealer Team HT Monaro 57D, built in 1969, for $500,000, but Mudie predicts that the value of this vehicle has now risen to seven figures.
Meanwhile, major discounts are slated on newer Holden models in order to clear out remaining stock. According to Car Advice, Holden dealers will be offering deals as showrooms gear up to close in the middle of the year.
Those who signed a contract to buy a new Holden car before Monday’s announcement could negotiate a new drive-away price, dealers have indicated.
Holden’s exit has put nearly 600 workers out of a job, and they will be given the choice to either transition into other brands or take a redundancy package.
“We are all hurting,” wrote Holden interim chairman and managing director Kristian Aquilina in an open letter on Tuesday.
“Unfortunately, all the hard work and talent of the Holden family, the support of our parent company GM and the passion of our loyal supporters have not been enough to overcome our challenges.
“We understand the impact of this decision on our people, our customers, our dealers and our partners and will work closely with all stakeholders to deliver a dignified and respectful transition.”
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.