Shopping With Uncle Sam - A Breakdown Of Government Auctions
One of the most common forms of government revenue is produced by a form of auction: government auctions. Whether it’s a car, bus, or country club membership, government auctions often offer items at discounts and recoup what they can to help support more critical programs.
Here are some examples of how this translates into immediate financial benefits for Americans.
-A school district in Texas earned $4 million from selling their nine buses and retired fleet.
-The Peruvian Government earns nearly $300 million annually from the sale of surplus items like cars and construction equipment through the auctioning process .
-Government auctions of surplus vehicles in California earned almost $1 million in 2012.
-Even the government at the federal level has sold unused property and other assets to the tune of more than $230 million .
These are just some of the examples we could find where auctioning off the items created a quick infusion of cash for governments, despite possible objections from some people that “the government shouldn’t be profiting from its assets.” The reality is that when it comes to big ticket items, like cars, trucks and buses, this has become a common occurrence for many local and regional governments. As well as for many federal agencies like NASA and even the Department of Defense.
For example, over the past three decades, we’ve seen literally thousands of auctions from the Department of Defense.
In total, we were able to find more than 6,700 auctions which have taken place from the DoD alone. And that’s just what we were able to gather in a matter of a couple of hours – it’s clear that this practice is more common than most people might think.
These are great examples of how government agencies can profit off their assets and help generate revenue through selling surplus equipment or excess property. The reality is that auctions are a simple way to generate revenue and cut costs while also keeping our military forces current and the country’s infrastructure intact.
The problem lies in this fact: there’s often too much good stuff to auction off.
But what would happen if the government stopped selling surplus property? Where else could they turn? Many potential solutions to this issue have been proposed, but we just don’t know yet where or how this would all play out.
In the meantime, we decided to take a closer look at government auctions and see where they’re coming from, who’s buying, how much they’re selling for, what options are available to the average American, and more.
We jumped into our cars and keyed on our laptops as we began this journey, hoping to provide a deeper understanding of the world of government auctions.
(Click on the Source links below to access further information.)
*Disclaimer: These articles were not commissioned or paid for by any federal agency or group. We merely wanted to see how much money was involved in these activities and what types of vehicles are typically auctioned off.
Sources:
https://www.gsaauctions.gov/gsa-auction-catalog
http://www.treasurydirect.gov/govt/reports/pd/borb/2013debt_pd.htm
https://www.fbo.gov/index?s=opportunity&mode=form&id=429a7b1e8d0ff2748d4ed0779a528b4d&tab=core&_cview=0
http://www.calschoolsauctions.com/?page_id=1777
http://www.manta .com/mb_55l6g5/gov-auction
https://www.washingtonpost.com/news/wonkblog/wp/2016/11/15/this-is-how-much-money-your-state-makes-from-govt-auctions/?utm_term=.bf9da27fdf3d
http://www.cbsnews.com/pictures/government-auctioning/#gallerycontent
http://www.investopedia.com/articles2/032615/governmentauctions1.asp
http://www.freegovernmentauctionsnow.com/what-is-government-auctioning/
http://www.cbsnews.com/pictures/refurbished-vehicles/#gallerycontent
https://www.gsaauctions.gov/gsa-auction-catalog
http://www.treasurydirect.gov/govt/reports/pd/borb/2013debt_pd.htm
http://money.cnn.com/2016/11/17/investing /weapons-trading-stockmarket/?utm_source=yahoo&utm_medium=pulse&utm_term=article:%5B%5D
https://finance .stlouisfed .org/financial-markets/government-debt
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