The Fate of 32 Used Motorcycles Previously Auctioned for 6.8 Billion VND
Have you ever wondered what happens to expensive items that are abandoned after being won in an auction? Well, the fate of 32 used motorcycles that were once auctioned for a whopping 6.8 billion VND (equivalent to around $300,000 USD) has finally been revealed.
The Auction and Abandonment
On the morning of March 29th, the Hong Linh Town Police Department in Ha Tinh province, Vietnam, announced that they had successfully organized an auction for these 32 motorcycles, which had been left unclaimed by the original winners. Prior to the auction, these motorcycles had been valued at an astounding 6.8 billion VND.
Re-auctioning for a Safer Outcome
To expedite the resolution process for these abandoned motorcycles, the Hong Linh Town Police Department collaborated with a company to re-auction them. During this process, an appraisal committee was formed to reassess the value of this motorcycle lot, setting the starting price at 148 million VND (approximately $6,500 USD).
Fortunately, the re-auction went smoothly, with one bidder successfully winning the motorcycles for a little over 150 million VND (around $6,600 USD). Lieutenant Colonel Nguyen Cong Dung, the Head of the Hong Linh Town Police Department, expressed relief and explained that these motorcycles had been left in storage for too long, posing potential safety risks such as fire and explosions.
The Assortment of Motorcycles
The lot of 32 motorcycles consisted mainly of vintage models, including the Ducati 999S (manufactured in 2003), Suzuki RGV120 (introduced in Vietnam in 1997), Suzuki Satria 120 (a 2-stroke underbone model produced in Indonesia in 1998), and Honda NSR 150 (a dream motorcycle for many Vietnamese youth around 20 years ago).
The Original Auction
According to Người Lao Động newspaper, the Hong Linh Auction Joint Stock Company, in collaboration with the Hong Linh Town Police Department, initially organized the auction for these 32 used motorcycles on July 22nd, 2023, with a starting price of 68.3 million VND (approximately $3,000 USD).
These vehicles were seized as evidence in administrative violation cases and were auctioned off to contribute to the state treasury.
During the original auction, more than 120 participants joined in the bidding. The price quickly escalated from 500 million VND to 1.2 billion VND in the second round and eventually reached an astonishing 5 billion VND in the third round.
Surprisingly, a bidder from Thua Thien – Hue province won the auction with a bid of 6.8 billion VND, exceeding the starting price by 100 times. However, this winning bidder later withdrew from the deal. This unfortunate turn of events caused inconvenience and wasted the efforts of the organizing agencies, impacting genuine buyers who were truly interested in the motorcycles.
Through the re-auction process, the Hong Linh Town Police Department successfully resolved the fate of these 32 used motorcycles. This outcome ensures the safety of the motorcycles and allows new owners to enjoy these vintage models on the roads of Vietnam.
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