The recently held car auction featured seven BMW Series 7/730li models and sevenMercedes Benz S350 models
(KPL) The Ministry of Finance said on Tuesday that over 11.6 billion kip (USD 1.4 million) raised through the recently held leaders’ car auction has been transferred to the national treasury.
More than 50 bidders took part in the oral auction held at the National Convention Centre, Vientiane, in late February with President Bounnhang Vorachit’s BMW Series 7/730li fetching an 890 million kip (over USD 108,000) bid, Prime Minister Thongloun Sisoulith’s BMW Series 7/730li model grabbing 1.33 billion kip (USD 163,700) and President of the National Assembly BMW sedan sold for 970 million kip (USD 119,378).
The cars on auction comprised seven BMW Series 7/730li models and seven Mercedes Benz S350 models. The starting bid for each BMW Series 7/730li was set at 830 million kip, and 500 million kip was the starting bid for each Mercedes Benz S350 model.
The planned auction came after the Party and government leaders agreed not to drive luxury cars in a bid to cut lavish spending on vehicles and related costs such as fuel and maintenance.
The luxury cars will be replaced by vehicles with more reasonable prices and reliable quality.