All your online bidding questions answered
This is exciting news for the South African auction industry, but as its all so new, we thought we should outline how it works. So, if you’re not a seasoned auction buyer but have been attracted by the availability of stock online or you’re just not sure about this whole Internet thing, READ THIS ARTICLE!
Since opening in 1968, Aucor has worked diligently to earn their respected status in the industry as Africa’s Auction Authority. They hold up to 5 auctions a week across Southern Africa. Countless buyers arrive each week, register and pay their deposits to bid at these auctions. Should they not buy anything, their deposit is refunded.
i-bidder.com is the global leader in webcast and timed auction bidding. Using the latest cloud based technology, the i-bidder.com system broadcasts traditional, live auctions via the internet, directly to any web-connected device (tablets or computers). Along with its partner sites, bidspotter.com, bidspotter.co.uk and the-saleroom.com, i-bidder.com has been successfully broadcasting auctions in the UK and USA for over ten years.
By partnering with i-bidder.com, the exceptional offering by Aucor doesn’t change at all except that now buyers don’t have to travel to the Aucor premises to bid, you can register online (via Aucor Live or i-bidder.com) pay your deposit (via EFT) and bid. Your deposit is still refundable should your bid not be successful. Having auctions available online is just making auction deals more accessible to the general public.
By now you’re asking, “why a deposit?“ To answer that, we first need ask “Why Auctions?”
There’s a lot more to buying on auction than popping into your local store and whipping out your credit card. Auctions are more often than not, the end part of a legal transaction or clearance of excess or aged stock. There are often other institutions (like banks or companies) involved in the disposal of the stock and they want to do it quickly. The benefit of an auction is that it concludes the sale on the same day, so they get to sell their stock quickly (and clear their books or warehouses) and you often get a great deal (which is why you’re shopping around at auctions anyway).
But it’s because the sale needs to be concluded on the same day that you need to pay a deposit – you need to prove up front that you are a serious buyer. And by serious, we mean that you have the cash to pay for what you are bidding on, right now. This is a standard Rule of Auction and just because Aucor is making stock available online doesn’t mean their standard rules don’t apply.
So what about getting your deposit back if you don’t have a successful bid? Aucor will refund the deposit back into your account within 24 hours.
How about registering for auctions?
You’ll need to join the online bidding website first, for this you will only need to register once.
And then, you’ll need to sign up for every auction you want to bid on. This is necessary because the terms and conditions change per auction. Just remember that registrations for live auctions close the day prior to the start of the auction.
There 2 types of auctions available for online bidding. Timed and Live. Timed auctions run over a couple of days are set to reserve prices – once your bid has met the reserve price, it becomes a sale at the end of the auction (this is similar to eBay or Bid or Buy) but remember that it the key difference between these timed auctions and eBay is that you are conducting a transaction with Aucor and whomever they represent not any old private individual. Then you pay for your purchase and arrange for collection.
A Live auction is a live broadcast of the actual auction over the Internet as it occurs at the Aucor premises; where you can bid online against bidders in the room without actually being there. This is a great way to bid at an auction without having to travel to the venue. You are able to watch and hear the auction as it happens and bid (as long as you have completed the registration process).
So, if you’re already a seasoned auction buyer, consider the convenience of bidding online next time. If you’re an auction newbie and you’re thinking of giving it a try keep the following tips in mind.
Getting auction wise
• Familiarise yourself with all the lots on the auction before deciding what you want.
• SET YOUR HIGHEST PRICE AND STICK TO IT.
• No sales are subject to you obtaining finance; you must have the money available.
• Only bid for yourself.
• Bidding prices do not include VAT, buyers premium or any paper processing fee.
• Some auctions may attract an internet surcharge fee.
• Read the conditions of sale. Whether a fixed property, or a moveable asset, there are a number of conditions under which you bid.