Millions Of Pounds Spent On Personalised Reg Plates
Business partners Adel Abdul Aziz Al Matrooshi and Khalid Salmeen spent around Dh4.5m to buy several fancy plates during the 95th Open Auction of the Roads and Transport Authority (RTA) at Grand Hyatt Hotel on Saturday. They were also happy to take home the second most expensive plate 'H33' which they bought for Dh2.82m.
Aside from the 'H33', the duo also won the bidding war to grab K8888 (bought for Dh670,000); O120 (Dh350,0000); R3030 (Dh130,000); P7700 (Dh116,000); K8800 (Dh84,000) and a few more special plates. As we go to press, the auction is still going on and the two are aiming to buy more plates with triple, quadruple and quintet numbers.
"We are going to sell these special plates, We have been trading fancy plates for 14 years and it's a good business," he added.
It was, however, "family legacy and heirloom" value that moved Emirati Rashid Ahmad to buy a special plate for Dh290,000.
He said he spent around Dh800,000 in the previous auction and although it was very tempting to re-sell a special plate he bought last year, he opted to keep it as a "family legacy."
"Special plates are not just fashionable, it's an investment like gold which will fetch you really good money," Ahmad explained.
"At the last auction, I bought a three-digit code for Dh325,000 and after a few months, someone offered me to buy it for Dh370,000 but I did not sell it. The money I spent is for charity and the special plate is a good bragging right," Ahmad underlined.
Meanwhile, the winner of the most expensive R13 which fetched a price of Dh2.92m declined to be interviewed. He carried the auction ID number 410.
Sultan Al-Marzooki, director of Vehicles Licensing at RTA's Licensing Agency, said, "The RTA's auction has witnessed a huge footfall from various community segments as they contribute immensely to realising our strategic goal of bringing happiness to people. The auction is part of RTA's third strategic goal which is "people happiness."
The UK in particular has a relationship with personalised number plates. According to estimates by the DVLA (Driver and Vehicle Licensing Agency), the UK reported an excess of two billion pounds in tax revenue from tax auctions over the past 25 years. As they are keen to state, an expression of interest in a particular plate by three people or more is enough to push the price of that Reg plate through the roof. It has also been documented that the buyers let their hearts take control of their heads when they bid for these plates.
Personalised number plate auctions are constantly rewriting the record books with regard to the highest price paid for a plate. The record currently stands at £518,000 which is quite impressive. The prices of these Regplates does not seem to be slowing down either.
Of particular interest is the recent auction of the highly-hyped 250 C Reg plate which sold for £21,500. This is a clear indication that the expectations for the prices of personalised number plates will continue to increase.
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