An auction company has completed the sale of two lots of confiscated vehicles owned by the public and managed by the HCM City Traffic Police.
On August 20, a lot of 8,566 vehicles, including 8,328 motorbikes, sold for VND 5.58 billion (USD 212,000) after about 30 minutes of online bidding, around VND 200 million above the starting price of VND 5.38 billion.
The deposit for the lot exceeded VND1 billion, while the average price worked out at about VND 620,000 per motorbike.
A second lot of 28,526 vehicles, including 28,011 motorbikes, was auctioned on August 21 for more than VND 22.47 billion (USD 854,000), around VND 400 million above its starting price of VND 22.07 billion.
The deposit exceeded VND 4.4 billion, with the average price amounting to more than VND 770,000 per motorbike.
Both lots were sold as scrap, bringing the total number of motorbikes auctioned to 36,339. Many still had registration plates, chassis and engine numbers and included brands such as Honda, Yamaha and SYM, but were in poor or damaged condition.
A storage facility for vehicles impounded by HCM City police. Photo by Nam Anh
In January, another auction company sold three lots of confiscated vehicles managed by the HCM City Traffic Police.
More than 24,000 motorbikes with a combined starting price of over VND 13 billion were auctioned. All three lots sold within about 30 minutes of online bidding, fetching a combined VND 1.4 billion above their starting prices.
Experts say auctioning confiscated vehicles helps recover value for the state, but lengthy procedures often leave them badly deteriorated, significantly reducing their value.
