Eager participants wait in a reception lobby to register for the upcoming license plate auction in Shanghai, Feb 2, 2015. [Photo/IC]

This round of auctions will issue 7,653 license plates. The average price for a license plate in the last quarter of 2014 was 73,700 yuan ($11,784), which is more expensive than the average car.

Shanghai implemented the automobile license plate auction system in 1986 in an effort to curb traffic congestion. In 1994, Shanghai started to limit the number of license plates put into the auction, since then license plates in Shanghai have become a coveted commodity.