Whoever thought of the current system of bidding for licence plates for newly registered vehicles did not think through the potential revenue the government could make if it was designed properly. Therefore, the department of transport via a commercial partner (subject to tender) will facilitate the advertising, auction, and transfer of number plates between the owners of registered vehicles that wish to do so. The state will earn a substantial fee from all transactions.
In some countries, for example the UK, some licence plates have been sold for hundreds of thousands of pounds. For example, RR 1 was exchanged for £472,000 in 2018, by a rather wealthy Rolls-Royce owner. The owners of the Cyprus plates LAW 1 and CY 1, if they exist, will probably be pleased. So will vehicle owners who currently possess a potentially valuable plate on an old vehicle. As a one-off exercise, the department of transport’s commercial partner will flag all potentially valuable plates currently in circulation. The department of transport will inform the owners.0