In the current economic climate, everyone is looking for the best deal when buying a car. People don’t usually consider car auctions when looking for those great deals, mostly because few understand the process properly, which raises the anxiety of buying at an auction. WesBank has a simplified and trusted process of buying a car on auction.
People looking for a good deal, at budget cost can use WesBank auctions, there is a flagship auction place in Midrand where auctions take place every Thursday. Regional auctions are also held in the Eastern Cape, Western Cape, KwaZulu Natal, and Free State fortnightly or monthly.
There are thousands of vehicles that go under the hammer every single week across the country. From SUVs and hatchbacks to LDVs and even commercial vehicles, buyers regularly save tens of thousands of rands compared to showroom prices and you can purchase them physically or online on the WesBank platform by visiting www.wesbank.co.za and selecting the auctions tab to view available vehicles, upcoming dates and catalogues.
Once you have seen a vehicle that you are interested in online, you can then attend a viewing day, usually 24hr before the actual auction day to inspect the vehicle. This viewing day allows you to inspect the car thoroughly inside and out, Once you have decided you want to be part of the auction bid process, you need to follow these easy steps:
- Register with your ID and proof of address,
- Pay refundable deposit that starts from R5000 depending on the auction.
- You will then get your bidder number and can join either live “hybrid” or online.
With WesBank you can also apply for a pre-approval finance to make the process more seamless.
So what does the auction look like as a bidder you ask? Well, you must keep in mind that bidding prices exclude VAT, buyers commission and administrative costs. Its therefore important to calculate your bidding budget with and without these costs especially VAT.
If you win, you’ll get an invoice immediately. Once you pay via EFT and the funds clear, payment is due within 24–48 hours, depending on the auction place. This means you need to pay the purchase amount in full within this period. When all the finances are in order you can collect your newly earned vehicle at the auction site where you will be given you all the necessary paperwork, like the NaTIS documents and the Notification of Change of Ownership, so you can register the car in your name.
The advantage of using WesBank auctions is there are no middlemen or risks of scams, however scammers are very good at what they do so, we've listed some tips below from WesBank to keep you alert at all times.
How the scams work
These sophisticated scammers create convincing fake accounts that use WesBank branding, purporting to be official representatives selling bank auction vehicles. They lure unsuspecting buyers with seemingly irresistible deals, pressuring them to pay over large sums of money to "secure" what appears to be an auction-listed vehicle.
WesBank is committed to educating and empowering individuals with the knowledge to recognise and avoid these fraudulent schemes. Here are essential tips to help you safeguard yourself against online auction scammers:
- Registration and deposits: To participate in a legitimate auction, registration is mandatory. A refundable deposit is typically required from the bidder upon registration. It is crucial to understand that a genuine WesBank auction will never ask for a deposit to "secure a certain car" before the auction. If you're asked for such a deposit, it's a major red flag.
- Know the terms and conditions: Always familiarise yourself with the general terms and conditions of auction sales. This includes understanding payment procedures, buyer responsibilities, and refund policies. Knowing these guidelines will help you more easily identify and avoid scams.
- Beware of "too good to be true" offers: Be vigilant against potential scams, especially on online platforms. Always ensure you're dealing with a reputable auction house and an authorised representative. As the saying goes, if an offer seems "too good to be true," it probably is.
Staying alert for red flags is crucial to protect yourself. Be vigilant for common warning signs such as:
- Sellers requesting payment outside of the official auction platform.
- Reluctance to provide additional information or photos of the vehicle.
- Vague or inconsistent product descriptions.
WesBank's expert advice
Lebo Gaoaketse, Head of Marketing and Communication at WesBank, emphasises the importance of dealing with trusted sources: "Always ensure that you are dealing with a registered auction house, and in the case of a bank auction, an official bank representative. Do not be enticed into accepting unofficial offers. It is often a ploy to defraud those looking for a good deal. Trust your instincts and proceed with caution. It's better to err on the side of caution than to fall victim to a fraud scheme.”