A recent impact study completed by Applied Economics, a consulting firm specializing in economic and demographic issues, has concluded that Russo and Steele Collector Automobile Auctions attracts more than 36,000 non-local visitors and generates an economic impact of close to $51 million to the regional economy.
Russo and Steele is one of the top three auctions in the United States and has earned a loyal following among the nation’s most critical buyers 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 being visitors from outside the area.
“We see people from all over the country at our event every year,” said Drew Alcazar, owner and founder of Russo and Steele. “Scottsdale is where we are based so I love knowing how much our event helps the local economy.”
Russo and Steele returns to Scottsdale January 18-22, 2017, at a new home–Salt River Fields at Talking Stick. The annual auction is a staple event in the Valley.
“We are excited to be in a new space this year that allows for even more growth in 2017,” said Alcazar.
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 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.
