“A black Benz car starts at the price of 353,300 yuan ($58,069).”

The people’s court of Zhangjiagang of Jiangsu province is holding an online auction.

The move has attracted many people. It is the first successful auction held online.

The black Benz was registered on July 16, 2010. The starting price was set at 353,300 yuan. A 35,000-yuan payment is required as recognizance, and bids must be in 5,000-yuan intervals.

Shi Qi, an official from the court, said all the information is open to the public.

Taobao.com, where the auction is being held, has no limitation on identification and location of purchasers. The online auction will prevent under-the-table dealings.

Furthermore, the court will save on agency charges.

Tang Junwei, a director of the court, said the auction company will charge 5 percent of the final price. On Taobao.com, purchasers don’t need to pay any money except the purchase price and tax.

The people’s court of Zhangjiagang has decided to auction all its assets on its Taobao store, including vehicles, real estate and equipment. All the purchasers must appear at the court for transfer procedures.