Dubai: Cars sold for just Dh8,500 at auction – News
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More than 300 bidders participated and the most expensive vehicle sold for Dh340,000.
Photo: Exterior
Around 77 cars of various makes and models, confiscated by the UAE government and banks, were auctioned at prices ranging from Dh8,500 to Dh340,000.
The Land Rover Defender manufactured in 2022 was the most expensive vehicle sold for Dh340,000, while the Toyota Camry manufactured in 2011 and the JAC J5 manufactured in 2014 were sold for Dh8,500 in the auction organized by Emirates Auction, a public auction company and electronics. More than 300 bidders participated in Wednesday’s auction. These include end users, businesses and distributors.
All UAE residents who have a driving license and are 18 years or older can participate in the auction.
The government can seize cars abandoned by residents, while banks can also take custody of vehicles for non-payment of car loans taken out by businesses and individuals.
Omar Matar Almannaei, CEO of Emirates Auction, said that on average they auction between 10,000 and 15,000 vehicles a month. The most expensive car ever auctioned was a classic 1971 Ferrari three years ago for a whopping Dh4 million.
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He said prices at auctions are often higher than market prices as people compete for their favorite cars.
“We have international bidders so most of the cars that are exported are sold at higher prices. These include SUVs being shipped to Saudi Arabia and Qatar, then classic cars being exported to Europe and classic car collectors. The cars are also exported to South Korea and Japan. These cars usually have a higher price,” Almannaei told Khaleej Times in an interview during the auction of the confiscated cars late on Wednesday.
He added that people from Europe and other regions also participate in the tender.
“People should participate in the auction to buy cars because it has a transparent system, vehicles are properly checked, people can bid from anywhere and at any time, buyer confidentiality and after-sales services like export, document preparation,” he said . .
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