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License plate bid success rate hits new low
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THE success rate among people bidding for private car license plates in Shanghai yesterday fell to a record low of 6.5 percent.
Of the 114,121 people who took part in the auction, just 7,400 secured a plate, for which they paid an average of 74,503 yuan (US$11,950) — up 390 yuan from last month — with the lowest winning bid being 74,400 yuan.
The ceiling price for first-round bids set by the government for this year is 72,600 yuan.
The number of plates available yesterday was 700 fewer than last month. The government’s full-year quota is 100,000 plates.
“Price is no longer a major concern for the bidders,” said Eddie Zhang, a car dealer in the city.
“The rules are very effective in stabilizing prices, but they make it hard for people to use clever bidding strategies.”
Under auction rules, participants must bid under the price ceiling in the first round. In the second round they can bid up to 300 yuan more than the real-time moving average.
“Because of that, almost everyone waits until the very last second to place their final bid,” Zhang said.
This surge in last-minute bids is the main reason for the data transmission problems, he said. Local man Jason Shen said he blamed Internet traffic congestion for his failure to secure a plate for his second car yesterday.
He said he even hired a bidding agency in the hope its high-speed computer and Internet connection would swing the odds in his favor. They didn’t. “If I fail to get a plate next month, I’ll consider transferring my existing one to my new car,” he said.
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