Car auctions have become increasingly popular since the early 1970s, when classic Mercedes-Benz and Bugatti vehicles began fetching in excess of $500,000. Automobile auctioning reached a whole new level in the 2000s, with more and more vehicles — mostly Ferraris — changing owners for millions of dollars. This is when a new trend started to become popular with manufacturers; donating first production units of highly anticipated and limited-edition vehicles to charity.
These cars are being donated while brand-new, and in most cases the auction takes place before the model becomes available in dealerships. Past examples indicate these cars fetch huge amounts of cash when compared to their actual stickers, with proceeds benefiting organizations that typically find cures for certain diseases, provide assistance to the elderly or education to the young. But how do these charity car auction work and why are they so popular with automakers? Read on to find out.
Click past the jump to read more about the benefits of buying an auctioned car.
How Charity Car Auctions Work originally appeared on topspeed.com on Tuesday, 14 October 2014 13:00 EST.
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