TD's first online auction sells 50 Ordinary VRMs for over $632k

The Transport Department (TD) completed its first online auction of vehicle registration marks (VRMs) on Monday, with a total of 50 ordinary VRMs sold during the five-day event, generating total proceeds of HK$632,000.

A spokesperson for the TD stated that the auction was conducted via the E-Auction website from noon on February 20 to noon on February 24. 

They confirmed that all 50 ordinary VRMs were successfully auctioned off on February 24. 

The operation of the E-Auction was smooth, and the platform's features, including real-time bidding, auto-bid during the auction, and pre-set auto-bid before the auction, all performed well.

Participants could place their bids online throughout the auction, with the entire process, including subsequent payments, being conducted online.

Among the 50 ordinary VRMs sold, the VRM "AA 681" fetched the highest price at $60,000. 

The proceeds from the auction will be directed to the Government Lotteries Fund for charity purposes, after deducting expenses incurred during the auction.

VRMs obtained at auction must be assigned to a vehicle registered in the purchaser's name within 12 months of sale. 

Failure to do so results in cancellation and reallocation of the VRM without prior notice, as per statutory provisions.

Details of the auction results are available on the E-Auction website.

The next online auction is scheduled from March 20 to 24, with further details to be announced in due course.

The TD plans to conduct a review of the E-Auction operations and will gradually increase the number of auctions.