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Scottsdale car auction has $51M economic impact

This year, the Russo and Steele Automobile Auction is predicted to bring in between 40,000 to 50,000 car enthusiasts from all over the country. It is predicted that 80% of the visitors will come from out of state.

The annual event also brings economic opportunity to the Valley region. According to a study from Applied Economics, the Russo and Steele Auction will contribute $51 million dollars to the local economy, with $1.1 million going to sales and lodging taxes for the city and county and an additional $1.5 million going to the state for sales taxes.

Although the largest car auction in the state, Barret-Jackson Automobile Auction, brought in $186 million dollars and 350,000 attendees, the Russo and Steele Auction is not to be overlooked as it is a prized auction for car lovers.


Drew Alcazar, founder and owner of Russo and Steele, said on the imminent auction, “We see people from all over the country at our event every year and Scottsdale is where we are based so I love knowing how much our event helps the local economy.”

Russo and Steele will be moving their auction to a new location to Salt River Fields at Talking Stick. This area is comprised of 140 acres and will feature unique cars from across the globe.

The event will begin January 18th and will end on the 22nd. Some of their featured vehicles at the auction can be found on their homepage. The auction, in the past, has had cars worth millions of dollars and will most likely feature more cars of an equal quality to last year.