Used-car glut fuels auctions | Bangkok Post: business

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Used-car glut fuels auctions

Rising debt puts more vehicles on the block

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Vehicles confiscated by financial institutions and supplied to auction firms are expected to mushroom as hard-up customers fall behind on loan payments. 

Officials from Union Auction Plc check the engine of a second-hand car before it goes up for bid. The company expects new supply in the used-car market to surpass 3 million vehicles this year. THANARAK KHUNTON

According to Union Auction Plc, the number of cars and motorcycles seized and circulated into the auction market is expected to exceed 200,000 units this year, up from 180,000 in 2013.

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