Success rate at license plate sale falls to 7.4%
Print Edition
THE success rate at Shanghai’s car license plate auction fell to a four-month low of 7.4 percent yesterday, as the participation level rebounded on news that traffic restrictions on out-of-town registered cars will be extended.
A total of 7,653 car plates were up for grabs yesterday, with 103,224 bidders, 5,021 more than last month.
After several months of falling participation levels, interest in yesterday’s sale was bolstered by an announcement by the traffic authority that the management of non-local cars, which are banned from using elevated highways during rush hours, will be tightened in a bid to resolve the city’s congestion problems.
Though no details were released, the new rule dampened enthusiasm for out-of-town plates.
The increase in the number of bidders was also likely due to the fact that the weeks before the Spring Festival often see a spike in car purchase, said Shanghai car dealer Eddie Zhang.
The mean selling price at yesterday’s auction rose 2,402 yuan (US$385) from last month to 76,618 yuan.
Hu Yaping, who failed for a sixth consecutive month to secure a plate, said the market hasn’t changed much since the start of last year.
“It is all about timing. What matters most is when one chooses to place one’s final bid. I will consider getting a non-local car plate if I fail for another three months,” Hu said.
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