UZEX launched online bidding for sale of “beautiful” car plates: vanity for the public wealth

UZEX launched online bidding for sale of “beautiful” car plates: vanity for the public wealth

An interesting, but certainly not a new way for the revenue, is introduced in Uzbekistan. Here, the Uzbek Commodity Exchange (UZEX) launched a new trading platform for the sale of license plates of vehicles with high rate of value for individuals and legal entities. A new information system and a website are designed for conduction of electronic auctions for the sale of “beautiful” auto numbers.

A new mechanism of electronic trading based on the principles of openness, transparency, competition and equal access for all bidders. Exchange customers can participate in online auctions directly through mobile devices. A special mobile application has been developed for this purpose. The participating procedure in online auctions is carried out through a personal cabinet without paperwork.

As the Uzbek stock exchange informs, 734 auto numbers for individuals and legal entities were sold through the online auction for the first quarter of 2018. On the average, one “beautiful” auto number costs its owner 16.5 million sums or slightly more than 2 thousand USD. At the same time, the most part – 544 auto numbers – was purchased by individuals, and the rest – 190 numbers – by legal entities.

In addition, the press service of the Uzbek Commodity and Raw Materials Exchange informs that the “beautiful” numbers are in a great demand among residents of Tashkent and the Tashkent region. Thus, the share of residents of the capital and of the capital’s region is 40 percent out of all sales.

E-commerce takes place in a classic auction form, when each buyer declares a price exceeding the current value. The winner of the auction, who states the highest price, is determined automatically. It is aimed at maximum restriction of human factor in the results of the auction.

The state budget accumulates 80 percent of the revenue from the sale of auto numbers and the Special Fund for the Development of the Uzbek Ministry of Internal Affairs – 20 percent.

Thus, about 18 thousand auto numbers are planned to be realized via UZEX until the end of 2018. Therefore, the budget to be increased quite a few.

In general, this way to replenish the state budget is used by many countries of the world. They believe that if a person is willing to pay money to please his vanity, then there are no moral and ethical obstacles to give him such an opportunity; and, the money are to be used for the public wealth.