Luxury cars being auctioned off at throwaway prices in Chennai floods aftermath
Copart India Pvt. Ltd., a subsidiary company of the USA based auctioneer company is auctioning luxurious cars such as Audi, BMW, Porche etc. The auctions will see these luxurious brands available for as little as Rs. 3.5 lacs to Rs. 5 lacs. The catch? All these cars being auctioned were hit by recent Chennai Floods & are deemed unfit to be sold through a showroom.
The floods that washed Chennai took place in late November of 2015. Apart from disrupting & destroying lives of the people, the floods also took a huge toll on the state economy. Automobile industry faced the worst of the floods & is still in the process of recuperating from this natural catastrophe. Thousands of owners, whose cars were stuck in the floods are now sending selling requests on various portal with insurance companies, bankers & car dealers also constituting to the list.
Copart India PVT LTD, subsidiary of the US-based auctioneer has piles of flood-hit cars at its Sriperumbudur yard & more are being added to the yard with each day that goes by. Rajeev Kapoor, MD of Copart, said that the cars are being auctioned off as low as ten times of their on-road price. He further stated that cars as new as 2015 models are being sold off at a throwaway prices.
Cars like Audi A4 series were available at Rs. 3.4 lac against the actual price range of Rs. 33.5 lac-Rs. 41.7 lac (ex-showroom, Chennai). Similarly, the BMW 3-Series sedan is available at Rs. 6 lac against the current model price range of Rs. 35.5 – 44.7 Lac (ex-showroom, Chennai). Further, the 2012 Porsche Cayenne model is available at base price of mere Rs. 5 lac.
Copart has made it clear that they are only auctioning the cars & the required documents, they are not responsible for the condition & repair of the cars. Last week, the online auction portal received 10 cars on a daily basis. The interested buyers are registering with refundable security amount on the website.
Other auction portals like Select Auto Mart has about 10,000 flood-hit cars put on sale, out of which around 5,000 have been auctioned off in mere 20 days.