Q. What types of assets do we auction?
A. We auction all property including commercial & investment, residential,
industrial and agricultural. We also auction vehicles (from light, fleet and
luxury to heavy-duty commercial), manufacturing and processing equipment, mining
equipment, home and office furniture and appliances, jewellery and collectibles,
and much more.
Q. How are the assets marketed?
A. Aucor’s marketing department ensure that each auction receives national
exposure through targeted marketing and advertising campaigns. Our database of
over 98 000 buyers and sellers are alerted to auctions via sms, fax and email
campaigns.
Q. How do I buy on auction?
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- Pre-auction: Once you have identified an auction you wish to attend,
go to the preview before the auction to assess the assets. Make yourself
fully aware of the asset’s pro’s and cons and research market
trends so as to familiarise yourself with what you should be paying for
a particular asset.
- Registration: You can either register online or at the auction, as
per the registration requirements explained in the auction advert. Registration
involves putting down a deposit, which may vary from sector to sector.
The deposit may be paid via bank guaranteed cheque, EFT or cash. Once
registered, you will receive your Buyer’s Card.
- Terms and conditions of the auction: Acquaint yourself with the specific
terms and conditions of buying at the auction before it starts
- Bidding: You may bid by holding up your Buyer’s Card, shouting,
or holding up your hand. As long as the auctioneer or the bid spotters
have seen your bid, it does not matter how you do it.
- Once you have won the bid for an asset, payment needs to be made in
compliance with the terms and conditions.
- Once an asset has been knocked down as yours, it lies at your own risk.
It is thus advisable to take the asset out of the auction as soon as
possible.
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Q. Is financing available?
A. Various sectors in which we operate work closely with institutions through
which finance may be obtained. The auction calendar and adverts will specify
the auctions for which finance is available.
Q. Where are auctions conducted?
A. Aucor auctions are held at our premises throughout the country, or on site,
depending on the seller’s needs and the concentration of assets.
Q. What is a Buyer’s Premium?
A. In certain instances, a Buyer’s Premium may apply. In this case a percentage
amount is paid by the buyer and added to the successful bid to determine the
final contract price.
Q. Does "Voets Toets" mean I don't need to disclose any known defects?
A. Selling “Voets Toets” means that the buyer will acquire the asset “as
is”. However, we still need to abide by all applicable laws (including
inspection and disclosure regulations) relating to the type of asset we are auctioning.
Aucor strongly recommends that as a buyer, you view the asset thoroughly beforehand,
so as to avoid post-purchase dissonance after the auction.
Q. What does “No Reserve” mean?
A. This means that the asset being sold does not have a minimum amount for which
it may be sold, and thus it goes to the highest bidder, regardless of what that
bid may be.
Q. What if I fail to come up with the balance of the money before the due
date?
A. If you fail to pay the balance by the due date, you may forfeit your deposit.
Q. How do I get on your mailing list?
A. Register on the website, and indicate which regions and sectors you are interested
in. We will then contact you about upcoming auctions relating to your specified
interests. |
