Study: Russo and Steele auction net millions for Scottsdale economy

(submitted photo)

A recent impact study has concluded that Russo and Steele Collector Automobile Auctions attracts more than 36,000 non-local visitors, generating an economic impact of nearly $51 million to the regional economy.

The study was completed by Applied Economics, a consulting firm specializing in economic and demographic issues, according to a press release.

Russo and Steele, one of the top three auctions in the United States, has earned a loyal following among the nation’s most critical buys and sellers.

The study further states that the week-long event has drawn 40,000 to 50,000 attendees in recent years, with an estimated 81 percent of those visitors from outside the area, the release stated.

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

The study also reveals, in addition to the economic impact, car sales at the auction and visitor spending associated with the attendees generates a significant amount of state and local tax revenue, the release stated. The week-long event generates more than $1.1 million in sales and lodging taxes for the city and county, plus $1.5 million in state sales taxes for a total of $2.6 million in tax revenues in a single week.

Russo and Steele returns to Scottsdale Jan. 18-22, 2017, at Salt River Fields at Talking Stick.

The Scottsdale Independent is published monthly and mailed to 75,000 homes and businesses in Scottsdale.

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