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Auto auctions are a method of selling new, and most often, used vehicles based on an auction system. Auto auctions can be found in most nations, but are often unused by most people, since in most nations such as the United States, auto auctions are exclusive to licensed automobile dealers. In a few countries, such as Japan, auto auctions are well known and used, sometimes indirectly, by most residents.
This is a list of the most expensive cars sold in auto auctions through the traditional bidding process, that of those that attracted headline grabbing publicity, mainly for the high price their new owners have paid. August 2018 Ferrari 250 GTO (number 23) auctioned for $48.4 million. June 2018: A 1963 Ferrari 250 GTO, known as the Holy Grail model, won the Tour de France in 1963, changed hands for a world record US $70 million (not auction). It is a 174 mph road-legal racing car and one of only 36 built between 1962 and 1964. It was purchased by an American businessman. A 1962 Ferrari 250 GTO, serial number 3413GT, sold at RM Sotheby's Auction on August 25, 2018 for US $48,405,000 (including buyer's premium). This broke the record previously held by another 1962 Ferrari 250 GTO, serial number 3851GT, which sold for a then-record $38,115,000 (including buyer's premium) at Bonham's Quail Auction on August 14, 2014. While collectible cars have been sold privately for more, this is the highest price ever paid for a car at a public auction.
Vehicle remarketing is the controlled disposal of fleet and leasing vehicles that have reached the end of their fixed term. In vehicle leasing, after the lease expires, the lessee either returns the vehicle to the supplier or buys it. The vehicles that are not purchased by the driver become an unwanted asset for the fleet or leasing company because of vehicle depreciation and they look to channel intermediaries to relinquish the stock on their behalf quickly and in high volumes. Remarketing can be done to trade or to consumers.