Dubai auction: Over 300 bidders took part with the most expensive vehicle sold for Dh340,000
02 November 2023, 12:00 AM
30 November 2023, 12:00 AM
Around 77 cars of various brands and models, confiscated by the government and banks in the UAE, were auctioned with prices ranging between Dh8,500 to Dh340,000.
The government can confiscate cars abandoned by the residents while banks can also take custody of vehicles for non-payment of auto loans obtained by companies and individuals.
All UAE residents who have a driving licence and are aged 18 and above can take part in the auction.
Land Rover Defender manufactured in 2022 was the most expensive vehicle sold for Dh340,000 while Toyota Camry manufactured in 2011 and JAC J5 manufactured in 2014 were sold for Dh8,500 at the auction hosted by Emirates Auction, a public and electronic auction company. Over 300 bidders took part in the auction on Wednesday. These include end-users, companies and dealers.
Omar Matar Almannaei, executive director of Emirates Auction, said that the prices at the auction are usually higher than the market rate as people compete for their preferred cars.
On average, they auction off 10,000 to 15,000 vehicles a month. The most expensive car ever auctioned off was a classic Ferrari 1971 three years ago for a whopping Dh4 million.
“We have international bidders so most of the cars that are exported are sold at higher prices. These include SUVs which go to Saudi Arabia and Qatar, then classic cars that are exported to Europe and classic car collectors. Cars are also exported to South Korea and Japan. These cars usually go at a higher price,” Almannaei said in an interview during the auctioning of the confiscated cars late on Wednesday.
He added that people from Europe and other regions also take part in the bidding.
“People should take part in the auction to buy cars because it has a transparent system, vehicles are checked properly, people can bid from anywhere and anytime, confidentiality of the buyer and after-sale services such as exporting, preparing documents,” he said.