Vanity plate auction puts dent in Texas deficit

In 2009, Texas launched a plan to raise funds by way of increasing fees attached to vanity plates. Through the website, a Lone Star state resident could order the custom plate of his or her choice for a set fee. Hoping to bring in a few more bucks on the backs of license plates, Texas recently held an auction at Cowboys Stadium for some very particular vanity plates.

Thirty-three plates in all were on the block and around $140,000 was ultimately earned for their sale, though only $78,000 will reportedly go to reducing the state's debt. A plate bearing the name MICHAEL was the lowest sale of the evening with a winning bid of just $800. The big winner must be an Enzo fan because he or she paid $15,000 to own FERRARI. Many of the other plates had sports-related words on them like COWBOYS, RANGERS and GO HORNS. Those three sold for $11,500, $10,000 and $10,500, respectively.

The plates are valid for 25 years and each owner is given first right of refusal when it comes time to renew. Families can also hold on to the plates by transferring them to other family members. The custom plates can even be sold to new owners, which could earn a nice profit for the couple in the image above if the Cowboys win the Super Bowl.

[Source: Biz Journals | Image: AP Photo/Tony Gutierrez]

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