Frequently asked questions

Explain the auction process:

Viewing:

Make sure that you attend our viewing day, which is usually 1 day prior to the auction. You need to familiarize yourself with the condition of the goods before bidding, as all assets are sold “free of duty to repair.”   

Registration:

You will have to complete a buyer’s card.  Please make sure that all details are correct, as no invoice will be amended after the auction.

Deposit and Fica:

The deposit is payable by EFT, bank, and bank guaranteed cheque or cash deposit into our bank account. (Kindly note: Cash deposits carry a deposit fee which is for your account).  The deposit in full is refundable if no purchases were made. We require your FICA documentation before we are able to issue you a buyer’s card. (Please see the FICA requirements set out in our catalog alternatively, on our website).

Auction day:

Each vehicle is sold individually. You have to pay for all vehicles that reflect on your invoice. You are not allowed to pay only for the ones you like.

Invoice composition:

Your bid price (hammer price) + buyer’s commission + vehicle documentation fees + VAT = final invoice amount.

Payment terms:

Payment must be made before the closing of business on the day of the auction. You may deduct the deposit already paid from the total invoice amount. The full amount can be paid by EFT, bank or bank guaranteed cheque or cash deposit into our bank account. (Kindly note: Cash deposits carry a deposit fee which is for your account). We do not accept credit/debit cards for full payment nor any cash on site.

Registration document process:

We issue you with a dealer stock registration document.  You, as the new owner, needs to roadworthy, register and license the vehicle in your name within 21 days after the auction.

Removal of assets:

No assets may be removed from the premises during the course of the auction or afterward without full payment being made first. All vehicles should be removed within three days after the auction. Thereafter a storage fee of R250.00 (excl. VAT) per lot, per day will be charged.

Bidding guidelines:

  • Make sure you do not overpay.
  • Ensure that you have taken all costs into account (buyers commission, VAT and documentation fees).
  • Only bid on behalf of yourself.
  • Do not wait for the last opportunity to bid as you might lose out. Make sure the auctioneer or a groundsman sees you and acknowledges your bid.
  • Once the hammer has been knocked down on you, items cannot be canceled.
Do you have an online bidding facility?

Online bidding platform is live.aucor.com

What is a proxy bid and may a proxy bid be placed?

In short, this means that you pre-register for the auction, pay the deposit and give Aucor permission to bid on your behalf on a certain vehicle up to maximum amount.

Requirements for a proxy bid:

Deposit:

Deposit to be paid

Registration:

We  require your FICA documentation before we are able to register you.

 

Written consent for Aucor to bid on your behalf up to a certain (maximum) amount will be required.This amount is confidential and will not be communicated to the auction floor prior to bidding.This amount excludes buyers commission, VAT and documentation fees.

What is the Consumer protection act?

It aims to:

  • Promote a fair, accessible and sustainable marketplace for consumer products and services;
  • Establish national norms and standards to ensure consumer protection;
  • Make provision for improved standards of consumer information, to prohibit certain unfair marketing and business practices;
  • Promote responsible consumer behavior;
  • Promote a consistent legislative and enforcement framework, related to consumer transactions and agreements;
  • Establish the National Consumer Commission; and Replace, in a new and simplified manner, existing provisions from five acts, including the Consumer Affairs (Unfair Business Practices) Act of 1988; Trade Practices Act of 1976;Sales and Service Matters Act of 1964; Price Control Act of 1964; and Merchandise Marks Act of 1941 (specifically Sections 2-13, and 16-17)

 

Please follow the link for more info on the Consumer Protection Act:

http://www.aucor.com/Downloads/cpa_regulations.pdf

What is FICA documentation?

Subject to Regulation 30(2), the auctioneer must ensure that every prospective bidder must prior to the commencement of an auction his or her identity in the bidder’s record, and such registration must with the necessary changes meet the requirements of Chapter 1 of the regulations in terms of the Financial Intelligence Act, 2001, published in Notice No. R.1595 in Gazette No. 24176 of December 2002, in respect of establishment and verification of identity, and sign that entry.

FICA REQUIREMENTS

ID document + proof of residential address (current utility bill is not older than 3 months)

NB * This must be in the bidder's name. IF NOT, a valid affidavit is to be provided + a marriage certificate for spouses residing together.

Current proof of home address of each member + ID document of each member + CK1 letter + SARS certificate + CIPRO print out + Business proof of address Representatives of a company or private individuals are required to a Proxy letter & Proxy’s ID document.

Is there any way I can be an online spectator without paying the deposit?

This is only applicable when we do a live webcast auction. (Please visit live.aucor.com to see if this auction is a live webcast auction). If it is an exclusive live auction (on site), you will have to be present on the day of the auction.

What is buyer’s commission?

Buyer’s commission is a percentage (between 6% and 12%, depending on the type of auction) that is levied additional to the hammer price. This premium is payable by the purchaser (“buyer”) and is not negotiable. The buyer’s premium on a vehicle auction is as follows:  6% on passenger and light delivery vehicles which are in running condition and 8% on non- running, accident damaged and 10 % on commercial vehicles, unless stated otherwise.

What does it cost and what do I need to do to participate in an Aucor auction

You will need to pay a holding deposit before you are permitted to participate in the auction, this you can do with one of three methods:

  • EFT in our bank account.
  • Swipe your card on the day of the auction.
  • Cash deposit. (Kindly note: Cash deposits carry a deposit fee which is for your account).

 

The deposit is 100% refundable if no purchases were made. When paying by credit/debit card it is reversed the same day but can take up to 10 working days to reflect in your account.If you are paying by bank or bank guaranteed cheque we will return the cheque to you. Internet transfers (EFT’s) are usually refunded electronically the day after the auction. Banking details need to be supplied by clients before leaving the premises (preferably in writing).

The deposit amount varies between R5,000.00 (loose assets), R10,000.00 (vehicles) and R20,000.00 (mining & commercial) and is payable upon registration.

Also, Note that FICA compliance is a prerequisite to participate in the auction, we have a separate video dealing with FICA please watch it and be informed.

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