BOC generates P9.5 million from auction of two luxury vehicles

The Bureau of Customs (BOC) successfully sold two luxury vehicles, a 2022 Toyota Tundra for P3.48 million and a 2023 Toyota Sequoia for P6 million, in its second public auction, generating P9.5 million.

RMCE Metal Products Trading Corp. won the bid for the Toyota Tundra, while Jose Maria Esteban III secured the Toyota Sequoia.

The sale of the Toyota Sequoia exceeded its floor price, and the Toyota Tundra sold slightly above its floor price.

However, the Rolls-Royce Cullinan and Bentley Bentayga remained unsold, despite reduced floor prices.

Bidders found the remaining luxury vehicles too expensive, suggesting a 50 percent price reduction might encourage purchases.

These vehicles were among seven luxury cars found to be lacking import entry records and documentation for duties and taxes.