The second round of auctions for governmental cars from central government agencies kicks off at Beijing Auto Longpeng Auctions on Wednesday. [Photo: Chinanews.com]

The second round of auctions for governmental cars from central government agencies kicks off at Beijing Auto Longpeng Auctions on Wednesday.

The second round of auctions will hold four sessions, lasting through March 28th, with 100 cars being auctioned at Wednesday's session in Longpeng.

Compared with the first round of governmental car auctions held earlier this year, the second round will include diplomatic cars such as BMW, Mercedes-Benz, Cadillac, Lincoln, etc. and 30 of them are to be auctioned at the Longpeng session on Wednesday.

The bidding price for these cars ranges from 30,000 to 60,000 yuan.

So far, among the most expensive cars at the Longpeng session, the bidding price starts at 150,000 yuan for a Hongqi H7 - China's indigenous luxury brand and a Toyota SUV.

The number of cars that can be purchased at the auctions are also limited by the amount of bidding security deposit bidders possess.

According to the auctioneers, bidders with a 20,000-yuan deposit can only purchase one car while those with a 50,000-yuan deposit have no limits for purchases.

The cars being auctioned are among the 3,184 official vehicles impounded by the central government.

These governmental cars were taken out of service as part of reform measures that began last July to slash governmental spending.