In Russia, sales of cars that are put up for auction to pay off debts in bankruptcy proceedings have risen sharply. As it turned out, it is all about the more affordable price of such cars.
As reported by experts of Portal DA, from January to May at the electronic auction sites were sold about 4.2 thousand cars. It is specified that we are talking about cars of Russians who are undergoing bankruptcy proceedings. Analysts note that these figures are 1.8 times more than last year.
In total, the volume of trades in which the property of bankrupt individuals are sold has increased by 43.4% in annual terms, to a mark of 10.5 thousand lots sold.
Analysts also explain that the massive buying of cars in this niche is explained by low prices. In fact, the property at the auction is often offered at a discount to the market value.