There’s often a good deal to be found on the vehicle auction floor, but – there’s always the ‘but’! – you do have to know what you are doing. It is easy to get caught up in the excitement of a live auction and get carried away with how much you could end up paying. Of course, you can also get a really good deal but, like anything else, it is recommended that you do your homework first, and understand the full process before you raise your hand.
Now that live, in person auctions are back, following only online auctions during the Covid pandemic lockdowns, you need to be alert and aware as to what is happening around you at the auction. There could be scamsters on the floor, looking for gullible prey. As a leading supplier of repossessed vehicles for auction, WesBank has the following guidelines, particularly for first-timers at an auction, to ensure you understand the process to get the best deal on the car you want to buy at the price you can afford.
- Find the auction centre closest to you and view the catalogue of bank repossessed cars. Auctions are run once a week and auction car catalogues are updated at 12 pm before the day of the auction
- It is recommended that you visit the auction centre to view the cars the day before the auction
- The final catalogue could change on the day of the auction
- WesBank reserves the right to remove auction cars from its catalogues without notice
- All bank repossessed cars sold at auction are unencumbered (free of debt)
- All persons intending to bid must register prior to the auction and must provide a copy of their identity documents and proof of residence. A bid taken from an unregistered person will not be valid
- The auctioneer’s vendor roll is final
- Both the bidder roll and vendor roll will be available for inspection during normal hours, free of charge
- The highest accepted bidder will be the purchaser. Should any dispute arise between two or more bidders, the lot may be put up again and resold, or the auctioneer, whose decision is final, may declare the purchaser
- A sale by auction is complete when the auctioneer announces its completion by the fall of the gavel (“hammer”), or in any other customary manner. Until that announcement is made, a bid may be retracted
- The auctioneer has the right to demand payment for each and every lot as soon as each sale is confirmed and may put the same goods up for sale if not paid for
- A refundable deposit of R 5000.00 is to be lodged by the bidder on registration, but will be forfeited if a purchase is not paid for
- The seller does not guarantee the quality of the goods and goods are sold “as is”. The seller has no duty to repair the goods sold at auction
These rules and guidelines have been put in place to protect all parties involved. However, where money and sales are involved, there is also the potential of opportunists looking to make a quick buck. Be aware of fraudulent pages on Facebook Marketplace, social media platforms or websites that pretend to auction cars for WesBank. These are not platforms that WesBank uses to advertise its cars available for auction.
“Make sure you are dealing with a reputable, registered auction house and only deal with official WesBank representatives, with identification, on the auction floor. They, and the auction house, are available and can be contacted to answer your questions,” says Lebogang Gaoaketse, Head of Marketing and Communication and WesBank.
“As the saying goes, if an offer looks too good to be true, it probably is! There are some bad actors out there who approach people to use their services to secure a vehicle by paying the amount directly into their bank account, but the vehicle in question is never delivered. No matter how keen you are to get a good price, do not be tempted by the false promise of someone who says they can secure the vehicle at a much lower price.”
If you are still nervous about attending a live auction, and would feel more comfortable bidding from the comfort of your home, you can still participate in WesBank’s online auctions. Registration opens on a Monday and closes on Wednesday at 16:30, with the catalogue available online. Viewing days are recommended and take place from Tuesday at 12 noon to Wednesday at 16:30. Pre-bidding or maximum bids can be placed from 12:00 on a Wednesday. The auction commences at 10:30 on the Thursday until the close of the last lot. Registering and bidding on the Auction Mobility platform will commence once your registration and refundable deposit has been approved, and you have received a username and password emailed to you by WesBank from email@example.com. Once the auction starts, each lot has a closing time/countdown clock that may be extended for another minute to allow for fair bidding.