Frequently Asked Questions
There’s a collection of cars, each one known as a “lot” and an auctioneer to control proceedings. As each car comes up, people bid money, and the person with the highest bid takes the car. You pay R5000 to register for the auction after which you are given a BID NUMBER that you use during the auction. If you are unsuccessful in securing a car, your R5000 is refunded immediately back to you at the end of the auction.
You are required to complete a registration form can be downloaded from our website or alternatively be provided to you at our office. The requirements include a registration fee of R5000, your ID and a proof of residence.
A security deposit is required in order to protect the auction and bidding process as well as the potential bidders to ensure that everyone attending the auction complies with the terms and conditions of the auction and not drive the bid up.
The terms and conditions is available on our website or can be requested at the office on auction day.
Payment calculation Bid Price + 10% Buyers Commission + VAT on the commission + Handling fee (R1500) = Total cost
NB. The furniture, electronics, appliances, computers and hardware will consist of the bid price + 10% Buyers commissions + VAT on the commission.
The auctioneer will advertise a specific date and time for viewing and if no date and time are advertised, viewing can in most instances be arranged with the contact person as per auction advertisement.
In most cases, the buyer is only required to pay the commission fee as well as the VAT on commission fee as stipulated in the terms and conditions as soon as the bid has been won.
SAIA Stands for: South African Institute of Auctioneers.
- SAIA members are obliged to conduct their affairs in a straight professional and straight forward way at all times.
- Members are obliged to act with Integrity irrespective of any situation.
- Members are obliged to act in a consistent manner at all times, which will result in developing and maintaining the good reputation of the auctioneering industry.
- SAIA members are obliged to refrain from conduct which may bring the auctioneering Industry in any discredit.
- Members are not allowed to practice any discrimination against any person based on race, colour, religion, sex, marital status or age.
- SAIA members are obliged to practice in a manner which is fair and honest and refrain from any conflicts of interest and being prejudice and bias.
- Members are required to have detailed knowledge of the following
- Insolvency act
- Second-hand goods act
- Companies act
- Estate agency affairs act
- Prevention and combating of corrupt activities act- especially offences relating to corrupt activities to auctions.
- Members are at all times obliged to conduct themselves in a manner which will promote good relations between other members and themselves in the auctioneering profession.
- SAIA members should protect their clients against, fraud, misrepresentations and unethical practices at and during auctions.
- Members are obliged to ensure that they do not collude with buyers in any manner whatsoever.
- To maintain the good reputation of the auctioneering profession, members should always act in a good manner consistently.
Above information was gathered from the ‘code of conduct’ of the South African Institute of Auctioneers’.
You can read the terms and conditions here