Speed Reads

Noted

Italy is selling hundreds of BMWs, Jaguars and other luxury cars on eBay to cut costs

eBay

Italy's new government is cleaning out its garage. Prime Minister Matteo Renzi is putting 150 flashy government-owned vehicles for sale on eBay in an attempt to cut costs as the country aims to reduce a 2 trillion euro debt. Bidding ends April 15 for dozens of Alfa Romeos, BMWs, Lancias, and even a Maserati.

Although selling the cars won't do much to dent Italy's massive debt, the move is a symbol of Renzi's promise to cut back on ostentatious spending during a time of economic hardship. Currently, most of the bids are for a grey Alfa Romeo 166 that's going for 8,600 euros.