A GUIDE TO CAR AUCTIONS
Car auctions aren’t just for those in the trade. Read our guide to find out how you can also bag a vehicle at wholesale prices on auction.
Thanks to daytime TV we’re all acquainted with seeing homes and antiques go under the hammer. However when it comes to the second largest purchase most of us will ever make – a car – many avoid or don’t consider buying on auction.
Although no stats are available, it’s fair to assume that the majority of buyers in the market will never purchase a vehicle on auction, stating that it would be an intimidating experience.
But the car auction industry is seeking to clear up the perception that they’re just for trade customers.
As Corne Venter, Chief executive officer of Imperial Auto Auctions, in Meadowdale, says: “Although auctions are a serious business and not to be rushed into without doing some homework first, at Imperial Auto Auctions we have made every process as simple and customer friendly for new comers to auctions to comprehend.’
Corne says the message is gradually getting through to the public, evident by the fact that his customer base is now 50 percent trade and 50 percent private buyers.
He said: “People have become more money savvy over the past few years and are discerned about making their money go further.
“People are more clued up to the fact that while they can buy a car at a second-hand car garage, the car they buy there has probably come from an auction in the first place and the garage will have added a mark-up to the price.
“Private buyers are becoming wise to the fact that if they come to an auction in the first place they can make huge savings.
Useful tips
So what can a newcomer expect from a car auction?
1. Do your research
Attend an auction as a trial run to get a feel for how it works. Decide what sort of car you wish to buy and make a note of how much they end up selling for.
2. Ask questions
As with buying from a new or second-hand car dealership, if you don’t know much about cars bring along someone who does. Attend the viewing days before the sale and examine the vehicles. Check under the bonnet, turn the engine to hear how it sounds, read the description of the car. Auction staff are available to answer any questions so take advantage of them.
3. Read the small print
Each auction house has its own terms and conditions explaining what the fees are and how to complete your purchase if successful. Make sure to read this information in advance so you know what to do later on. Some auction houses require a deposit with the full balance 48 hours later, or if you’ve got the money you can drive the car away there and then.
4. Set a budget
If you’ve done your research then when you’re ready to buy you’ll know how much the car you’re after is likely to cost. Stick to your limit and don’t go above it. If you miss out on the car you want, there’s always a next time.
For more information on auctions visit www.imperialautoauctions.co.za
