AUSTIN (KXAN) – The state’s private vanity license plate vendor, MyPlates.com, has paid the state $25 million ahead of schedule.
Texas contracted with the parent company of MyPlates.com in 2009 to market and sell specialty plates in effort to raise money for state services. As part of the contract, MyPlates.com guaranteed the state $25 million in five years.
Wednesday, MyPlates.com announced it made $25 million in payments ahead of schedule.
“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.
MyPlates.com has sold more than 199,000 plates since Nov. 2009.
The Texas Department of Motor Vehicles renewed its contract for specialty plates for another five years in May.
“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.”