Cover image courtesy of Inglis
Inglis has unveiled a major expansion with the sales company to establish its successful digital platform in the United States in a move Managing Director Mark Webster has been considering for some time.
A wealth of opportunity
Under the new identity of Inglis Digital USA, the platform will mirror the successful model of Inglis Digital in Australia.
The first Inglis Digital Sale back in May 2017 sold 72 horses at a 29 per cent clearance rate with a top lot of $42,500 and a gross of around $285,000.
By the end of 2023, Inglis Digital facilitated $85,667,030 in purchases, at an overall clearance rate of 75.39 per cent. Three individual lots sold for over $1 million in the regular sales, with the annual average sitting at $13,901 for 2023, peaking in the July (Early) sale at $22,670.
Inglis Managing Director Mark Webster noted, “The US market is the largest thoroughbred market in the world. There are almost twice as many active broodmares in North America as there are in Australia.
Mark Webster
“Australia is the second biggest market, and we've done well here with our digital platform. Expanding to another market has been a consideration for some time. We identified North America as a key market worth pursuing due to its size and opportunity, and there’s increasing engagement between Australia and North America.
“Digital trading is still in its early stages in North America, with no established player in the market, presenting us with a significant opportunity.”
Long-term vision realised
Webster highlighted the long-term plan to enter the North American market, despite obstacles along the way.
“We started looking at North America before COVID hit, but the pandemic slowed everything down. I remember going over in late 2019, coming up with a plan and reporting to the board, and then everything got put on hold.
“Post-COVID, Wanamaker’s emerged, and we were impressed with their platform. It’s well designed and engineered, making it easy for us to enhance.”
“Post-COVID, Wanamaker’s emerged, and we were impressed with their platform. It’s well designed and engineered, making it easy for us to enhance.” - Mark Webster
Wanamaker's, as a digital sale platform, is a relative infant in comparison to the numbers turned over by Inglis Digital. Its most recent April Online Sale grossed US$19,500 (AU$29,263) for eight horses, however Webster expressed confidence in the ability for growth using the platform, explaining that 'Wanamaker’s has grown considerably since its inaugural offering in June 2020.'
Notable sales include Fiya (USA) (Friesan Fire {USA}), who sold for $400,000 (AU$600,276) in July 2020 and became a multiple Stakes winner, and Bandonarun (USA) (Uncle Lino {USA}), who sold for US$330,000 ($AU495,227) after an impressive allowance win at Laurel Park in October 2023.
The new platform will more closely follow the successful Inglis Digital Australia model, which continues to improve. “We’ll be enhancing the registration process for bidders and applying bidding limits,” Webster said of the new Inglis Digital USA platform.
“We’re also applying AI and machine learning to improve customer experience and results for our existing platform, and we plan to bring these advancements to Inglis Digital USA.”
Fiya (USA) | Image courtesy of Maryland Horse Breeders
The current market leader in the US digital landscape is Fasig-Tipton Digital, who set a new top price record in the online space with the sale of Mensa (USA) (Complexity {USA}) to John Stewart's Resolute Racing for US$740,000 (AU$1,110,510)
The previous Fasig-Tipton Digital record of US$600,000 ($AU900,414) was for broodmare Eileen's Dream (USA) in April, with her Curlin (USA) foal at foot and in foal to Charlatan (USA).
Local knowledge key
Under the new ownership, Wanamaker’s co-founder and CEO Liza Hendriks will continue as CEO of Inglis Digital USA, based in Lexington, KY. She will be joined by Kyle Wilson, formerly assistant director of sales development at Keeneland, as senior director of sales and recruitment, and Kelly Brophey, owner of Clarity Bloodstock, as director of sales operations.
“We have already gathered a strong team with local knowledge, which is crucial for understanding customer behaviours in a new market. We have expertise in sales, marketing, finance, senior management, and operations. Our team will continue to grow over time”, Webster elaborated.
Godolphin Flying Start graduate Liza Hendriks, co-founded Wanamaker’s with fellow graduate Jack Carlino.
Hendriks expressed her excitement about the partnership. “We couldn't be more delighted to announce our partnership with the esteemed auction house, Inglis,” Hendriks said.
Liza Hendriks | Image courtesy of Wanamaker's
“As we embark on this exciting journey together, I am personally thrilled to continue serving as CEO, with our newly formed team. Digital sales in the American market have already proven immensely beneficial, offering year-round trading opportunities and eliminating the need for horses to endure extensive travel for physical sales."
Positive outlook preceding launch
Looking ahead, Webster is optimistic about the platform's growth in North America. “We expect growth over time but don't anticipate immediate changes. We've been operating in Australia for nearly eight years, even though some people think it's a recent development. It takes time to build momentum.
“Despite North America's reputation for great technology, they have been slow to adopt digital trading platforms (for thoroughbreds), so there's some catching up to do. First, you need to educate vendors and buyers about the process and build their confidence. We made significant progress with our Australian platform during COVID, which fast-tracked our efforts. In North America, once they see what we've accomplished here, I think the uptake will be quicker.”
Entries for the first sale under the Inglis Digital USA banner will close on Monday, July 8. The catalogue will be released on Friday, July 12, with final bidding on Wednesday, July 17.
The commission rate structure has changed to 5% commission on sales, 3.5% commission on sales $100,000 or more, and no commission on RNAs.
Each monthly sale will follow the same structure as the Australian platform: entries close on a Monday, with the sale running from the following Friday to Wednesday.
