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snowgard

Customs auction of luxury cars

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A story told to me by a Thai friend of mine (senior government official), no idea if its true...

Friend of his bought a nice used Ferrari in the UK.  Removed the ECUs (engine management, immo, ABS etc) and had it shipped to Thailand.

When it arrived he told customs that the import taxes were too high and didn't collect it.

Six month later customs auctioned it off and because it wouldn't start, or even turn over, no one wanted it. He was the only bidder. Picked it up for peanuts and refitted the electronics...

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Caveat Emptor     From 2019

 

These importers removed some important devices to make engines malfunction and discourage others from joining the bidding, enabling them to buy back these vehicles at low prices, Mr Krisada said, adding that the department has taught them a lesson by destroying seized luxury cars that do not have key equipment.

 

Thailand's Customs Department holds an annual auction for vehicles seized in criminal cases, where most were confiscated for being illegally smuggled in the country or seized from gangs and drug lords.

Last Thursday’s auction however, revealed that 95 were pulled from the auction sheet as it turned out they were stolen from other countries and did not belong to the Thai state.

Deputy Customs Department spokesman Kreecha Kirdsriphan told AFP that the oversight was “an innocent mistake” and that as soon as it was discovered that the cars were stolen they were taken out of the auction list.

 

Fetching the highest price was a black 2006 Rolls-Royce Phantom, which started bidding at 6.8 million baht and sold for of 25 million baht. Second was the 17.1 million baht sale price of a brown 2014 Porsche 911 Turbo, which started at 11.8 million baht. A red 2002 Ferrrari 458 sold for 16.5 million baht, up from its 5.8-million-baht opening bid.

 

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Can't read Thai language of second link. Where exactly is this auction? One respondent mentioned Blue book. Will registration be a problem? Does Thai govt insure legal registration?

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Buyer beware thats all I have to say 

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8 hours ago, Big Joke said:

Caveat Emptor     From 2019

 

These importers removed some important devices to make engines malfunction and discourage others from joining the bidding, enabling them to buy back these vehicles at low prices, Mr Krisada said, adding that the department has taught them a lesson by destroying seized luxury cars that do not have key equipment.

 

Thailand's Customs Department holds an annual auction for vehicles seized in criminal cases, where most were confiscated for being illegally smuggled in the country or seized from gangs and drug lords.

Last Thursday’s auction however, revealed that 95 were pulled from the auction sheet as it turned out they were stolen from other countries and did not belong to the Thai state.

Deputy Customs Department spokesman Kreecha Kirdsriphan told AFP that the oversight was “an innocent mistake” and that as soon as it was discovered that the cars were stolen they were taken out of the auction list.

 

Fetching the highest price was a black 2006 Rolls-Royce Phantom, which started bidding at 6.8 million baht and sold for of 25 million baht. Second was the 17.1 million baht sale price of a brown 2014 Porsche 911 Turbo, which started at 11.8 million baht. A red 2002 Ferrrari 458 sold for 16.5 million baht, up from its 5.8-million-baht opening bid.

 

And every effort was made to return it to its owner 😂

Probably a lot of high so peoples garages full of cars that were pulled from auction !

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On 7/25/2020 at 2:29 AM, snowgard said:

Right, but the most dealers have their places full of cars because the business run bad. And who want take a bigger bank credit if you don't know when you can pay it back? 🙂

So the chances to get a "cheap luxury car" are much more better as before.

Plus, I would think they would need to save room for a markup. 

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OP,  thanks for the tip.

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