Bidder numbers soar at Shanghai's license plate sale
Print Edition
AN expected tightening of restrictions on non-local vehicles led to a huge surge in the number of participants at yesterday’s license plate auction.
A total of 132,690 people took part in the monthly online sale, an increase of 29 percent from February, making it the second-most popular in the auction’s history. But with just 7,406 plates up for grabs, the nominal success rate on the day slumped to a measly 5.6 percent, from 7.4 percent a month earlier.
The passion for participation was fueled by a recent announcement that cars with out-of-town plates will soon be subject to more stringent restrictions when driving in Shanghai.
Though the details have yet to be disclosed, rumors are circulating that the policy will take effect next month, a view supported by the fact that new traffic signs have already begun appearing across the city.
Despite the huge number of bidders at yesterday’s sale, the mean selling price fell by 1,788 yuan (US$288) from February to 74,830 yuan, while the lowest winning bid dropped 1,900 yuan to 74,600 yuan.
“As we all know, under the current price ceiling mechanism, the price does not reflect the real supply-demand dynamic,” said Eddie Zhang, a local car dealer.
A maximum of 73,600 yuan — the mean winning price in the fourth quarter of last year — was placed on all first-round bids yesterday. At each sale, participants are allowed to increase their bids in the second round, but timing can be critical, as the huge volume of traffic often leads to congestion problems with the online system.
First-time auction-goer Samantha Sun said that her second bid failed to register even though she placed it ahead of the deadline.
“There were still two minutes to go before the end of the auction, but I wasn’t able to get my bid in,” she said.
“Maybe I’ll buy a new-energy car instead as they come with a free license plate,” she said.
The city traffic authority said it is debating whether or not to continue with the ceiling price mechanism and is currently assessing market sentiment.
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