Illinois state surplus auctions take $1 million
Published October 21st, 2006
State online surplus property sales have brought in $1 million in revenue since 2003.
The online bidding, resembling eBay, has increased the number of bidders in surplus auctions and produced higher returns for taxpayers, according to the Illinois Department of Central Management Services.
“Internet auctions have given the state a much bigger bang for our buck in the last three years, as we’ve created innovative ways to reduce our costs and to generate revenue,” CMS director Paul Campbell said in a statement.
Officials said the state’s first online sale was a confiscated 1986 Corvette that two bidders fought for and the winner ended up paying $2,000 more than retail price.
The bidding Web site started as a demonstration project during the 2003 Illinois State Fair and has since attracted more than 10,000 bidders worldwide.
