Now that you’re familiar with the jargon and process, it’s time to unlock the potential of the online auction
Having followed Part 1 of this guide and maybe snuck in a bit of online auction banter around Saturday afternoon’s braai, it’s time to set a digital foot into the fast-growing world
of online auctions.
Your first step as a newcomer is to complete a basic registration form via either the live.Aucor.com web portal or the AucorLive App. This will give you spectator access to any of the live auction events and lets you observe the intricacies of the bidding process from beginning to end. While it might not be quite as thrilling as witnessing the excitement of a win – or the angst of a near miss – on an actual auction floor, and aside from current
pandemic-related social distancing regulations, the big appeal of the online process is a level of anonymity for those not quite ready for the relative pressure of a live bidding war.
With the process better understood, and a potential bargain spotted and researched, keen online bidders are then required to complete the following:
Register for an auction: While the initial registration remains valid for as long as an interested party is keen to watch and learn, a slightly more comprehensive documentation process is required to actively participate in an online auction. Here, together with a full name and surname, customers are asked to provide a contact number and shipping address, as well as supply relevant FICA documentation in order to activate an account. While the registration applies to a specific auction, valid FICA documentation is captured by an individual auction centre, like Aucor Bloemfontein for example, which can then be requested by one of the other branches, nationwide. Everyone participating in an online auction is also asked to acknowledge and agree to the company’s General Conditions of Sale, Terms of Use, and Privacy Policy, as well as attest to being 18 years of age, or older.
Put down a deposit: The final step of the registration process requires the bidder to provide a deposit towards their intended purchase. This amount varies depending on the items involved. A vehicle auction, for example, necessitates an amount of R10 000 to be placed alongside a potential bidder’s name. Should the lot be won, this amount is then deducted from the winning bid. Should the bid be unsuccessful, deposit amounts are transferred back to the customer’s account within 24-hours of the auction taking place. It’s worth noting here that returned funds may take different times to reflect depending on which banks are involved in the process.
Should one opt for Aucor’s timed online auction facility, bidders are encouraged to either place a maximum bid or be prepared to set incremental amounts to be automatically loaded. In the case of a timed online auction, these decisions need to be made ahead of the predetermined cut-off time. Push notifications via the App or email notifications via the web portal inform a bidder either each time an increment has been matched or whether a maximum bid has been bettered. In both instances, the bidder has the option to participate further, or forfeit the lot.
One particularly intriguing piece of software developed specifically for online auctions is the so-called anti-sniping technology that monitors the bidding process as a timed auction nears its cut-off time. While it may be tempting to place a last-minute bid to try and win a lot, this technology notes the timing of any such activity and automatically extends the duration of the auction by up to three minutes, simultaneously notifying the previous highest bidder of this counteroffer.
Aucor’s helpline number, 063 934 9301, is available at any time to ease any concerns or queries pertaining to the online auction process.
Ian McLaren is a motoring journalist with more than 20 years of experience. He will be compiling a series of articles documenting his learning curve when it comes to all things auction. Find him on Twitter, Instagram, and TikTok at @IanMcLaren76.
These articles aim to offer insights only and in no way encourage reckless or hit-and-miss purchasing decisions.