UK lags behind as stolen cars go under the German e-hammer

NEWS The system is similar to one in place in the UK which sees impounded cars and recovered goods such as furniture and antiques, auctioned off. However, while the UK still operates an old school public auction system, the German move online is increasing the potential for raising larger sums of money and is already reaping financial rewards. Wolfgang Bolender from the Central Enforcement Authority, said: "In comparison with public auctions, the revenue is estimated to have risen by a third. We are surprised how well goods, which previously were not disposed of, are selling at auction." The online auction system means the number of bidders increases greatly on the number who would previously have attended a public auction - meaning bids are driven higher and goods are exposed to a greater number of people - increasing the chance they will find an interested party. However, the benefits for the government come at the expense of the consumer. The UK auctions currently offer the opportunity to buy a car cheaply - typically one that has been recovered by the police after the victim of the initial theft has settled with their insurers. A move online, in line with the German system, would see the low prices rising as more bidders joined the auctions.