What Happens to Vehicles when the University does not need them?

In the case of this 1950 Chevy, it went from University of Manitoba to Waterloo!
From the Waterloo Record:

Every classic car has a story and J. David Martin’s 1950 Chevy has lived a life and a half.
Originally purchased hot off the line by the University of Manitoba, the truck spent its first few decades as a maintenance vehicle.
Nearly 30 years of service later, it was left to rot on campus when a newer model was purchased. That was until a savvy collector spotted it and scooped it up.