The requirements of public auction may be waived when the value of any vehicle is less than $1,000 as determined by the director of finance or authorized representative or the vehicle is:

(1) Missing major components or so materially damaged as to render the vehicle inoperable; and

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(2) The registration period has expired for the vehicle.

In that event, the vehicle, after public advertisement has been made pursuant to section 1-28.5, may be disposed of in the same manner as when a vehicle is put up for public auction and for which no bid is received.