Friday, 3 December, 2021

BMW surpasses Land Rover in auction

  • Staff Correspondent
  • 16 November, 2021 12:00 AM
  • Print news
BMW surpasses Land Rover in auction

German automobile brand BMW surpassed the another renowned brand Land Rover in the latest auction of old cars at Chattogram Customs House.

The customs authorities released the result of the auction on Monday after taking the bid on November 3-4 on virtual platform. 

The reserved price of each car of the world famous Land Rover brand was set at around Tk 4 crore.

Four or five years ago, the price surged by Tk1 crore. This time the buyers are not very interested in the most expensive car.

Each car of this brand is priced at Tk 12 to 40 lakh. The bidder placed the highest price for BMW car which is comparatively cheaper than Land Rover.

However, in the auction, top four cars were from the BMW brand.

A BMW brand car got the highest bid of Tk 53 lakh in this year's auction. An organization called Farzana Trading in the Double Mooring area of Chittagong has given this bid. The reserved value of the car was Tk2.36 crore.

Some 112 cars were auctioned for the fifth time. Individuals and organisations submitted 551 bids for the purchase of 110 cars. This is record high compared to the previous four auctions.

Although the interest of buyers and organisations in the old cars brought for tourism grew, the prices of some cars remained lower than expected.

The auction participants blamed the dilapidated port for the price situation. It has been dilapidated for 11 years.

Chattogram Customs Deputy Commissioner Al Amin said the auction received record high responses from the bidders this year.

He said, “Approvals are given to sell cars of the reputed brands after reviewing if the prices are reasonable. Those that will not be approved for sale can be on auction again”

The vehicles were brought by British tourists of Bangladeshi descent through Chittagong port a decade ago for the convenience of tourism.

After being brought through the port, all the vehicles got stuck there.

The reserved price of 112 vehicles auctioned this time was Tk 180 crore.

The total price, including customs duty, is the reserved price, which includes the import price and depreciation of the vehicle.

The Customs usually does not approve the sale unless it exceeds 60 percent of the price reserved at the first auction.