Car plates fetch record bids in Shanghai auction

The average bid price for a car licence plate at the monthly plate auction in Shanghai hit a record high of US$7,390 (RMB54,317), up 6.5% on the average bid price in October, the Oriental Morning Post reported. Shanghai International Commodity Auction Co. said the lowest bid price was US$7,320 (RMB53,800), compared to a lowest bid of RMB50,500 in October. There were 10,596 bidders, but the local government offered just 7,500 license tags. Shanghai began charging for license plates in 1986 to address traffic congestion, and auctions began in 2000.  A licence plate is free in Beijing.