A recent car auction in Dubai witnessed vehicles being sold for as low as Dh8,500. Approximately 77 confiscated cars, spanning a variety of brands and models, were up for grabs, with prices ranging from Dh8,500 to a high of Dh340,000.
The auction was organized by Emirates Auction, a prominent public and electronic auction company in the UAE. Among the vehicles auctioned, a 2022 Land Rover Defender fetched the highest price, selling for Dh340,000. On the other end of the spectrum, a 2011 Toyota Camry and a 2014 JAC J5 each sold for the starting price of Dh8,500.
The event attracted attention from over 300 bidders, including individual end-users, businesses, and car dealers. Eligibility for participation in the auction is straightforward: any UAE resident above the age of 18 with a valid driving license can bid.
The cars available at the auction were primarily those confiscated by the government due to abandonment or repossessed by banks due to non-payment of auto loans.
Omar Matar Almannaei, the executive director of Emirates Auction, revealed that the company typically auctions off between 10,000 to 15,000 vehicles monthly. He recalled the most expensive car they ever auctioned – a classic 1971 Ferrari – that went for an impressive Dh4 million three years ago.
In a recent discussion with Khaleej Times, Almannaei mentioned that auctioned cars often fetch prices higher than market rates due to international competition and a strong preference for specific models. Cars, especially SUVs and classic models, are frequently exported to countries like Saudi Arabia, Qatar, South Korea, and Japan, as well as Europe, often commanding higher prices.
Emphasizing the auction’s transparency and convenience, Almannaei encourages more people to consider this avenue for purchasing vehicles. He assures potential bidders of the vehicles’ thorough inspections, the confidentiality of buyers, and comprehensive after-sale services.