Specialty Plates Drive $25M to Texas General Revenue
The state’s specialty license plate vendor, License Plates of Texas, LLC, operating as MyPlates.com has met its current contract $25,000,000 revenue obligation to the State of Texas, four months ahead of schedule.
In November 2009, My Plates was awarded a contract by TxDMV to market and sell specialty plates. The contract was authorized by the Texas legislature as a way to raise money for state services at no cost to taxpayers and guaranteed the state a return of $25M over five years.
Since November 2009, My Plates has sold more than 199,000 plates, putting more than $25M in the state general revenue fund. Additionally, My Plates has raised hundreds of thousands of dollars for various colleges, charities, and scholarships.
“We’re very pleased with the success of the program, not just the revenue delivered to the State fund, but also the monies raised to very worthwhile charities and school scholarships along the way, all thanks to the many Texans that have embraced and supported this program” said My Plates President Steve Farrar.
In March 2014, the Texas Department of Motor Vehicles (TxDMV)amended and renewed its contract for the marketing and sale of new specialty license plateswith My Platesfor another five years.
“We expect this new contract to significantly increase revenue to the state,”said TxDMV Executive Director Whitney Brewster.
My Plates expects to double current contract revenues to the state during its second term.
“We expect this new contract to significantly increase revenue to the state,” said TxDMV Executive Director Whitney Brewster. “We look forward to partnering with My Plates to further enhance the specialty license plate program over the next five years.”
One of the many highlights of the program was the auction of the most expensive plate ever sold in Texas, the seven letter message 12THMAN that sold for $115,000 in late 2013.