Filed under: Business, City of Scottsdale, City of Scottsdale Jobs, City of Scottsdale News, East Valley, Events, Jobs, Maricopa County, Scottsdale, Scottsdale Events, Scottsdale Jobs, US - AZ (Scottsdale), Work | Tags: Auto Auction, Car Auction, WestWorld
STUDY PEGS CAR AUCTION’S SPIN-OFF SPENDING AT $96 MILLION
A new study of the 2006 Barrett-Jackson Collector Car Auction estimates that spin-off spending by auction attendees produced an economic impact nearly equal to the amount spent on the cars themselves.
The study by O’Neil Associates, Inc., estimated that “non-vehicle” spending on the event produced a total economic impact of $96 million in the Valley, in addition to the $98.8 million that bidders spent on vehicle purchases at the auction.
The Scottsdale city staff also used O’Neil’s findings to estimate the total direct return in city taxes as a result of the spin-off activity from the auction. They concluded that non-vehicle spending generated up to $1.5 million in Scottsdale tax revenue.
The O’Neil study estimated that total non-vehicle spending by visitors and Valley residents at WestWorld, the auction site, was about $42 million. Event-goers, bidders, sellers, sponsors and others spent another $54 million off-site on hotel rooms, restaurants and other activities throughout the Valley, according to the study’s estimates.
Scottsdale commissioned the study to get a clearer picture of spending associated with the auction and the visitors it draws, rather than the grand total from sales of collector cars.
The Economic Vitality staff used O’Neil’s findings to estimate auction-related spending within Scottsdale’s city limits, as well as the return to the city in direct tax revenue. They found that, of the $96 million generated Valley-wide, the economic impact within Scottsdale’s borders was between $45 and $64 million. Direct tax revenue to the city ranged between $1.1 million and $1.5 million.
For more information on WestWorld, the city’s special events and equestrian center, visit:
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