Live Online Auctions
Park Village Auctions was the first auction company to offer live online auctions in South Africa. Live online auctions allow bidders around the world to safely bid against bidders on the floor in real time with the click of a mouse. This platform has greatly increased our buyer base which in turn yields better results for our clients. We also continue to conduct static, proxy, live and timed-online auctions.
The Bidding Process
Once a buyer registers on the Park Village Auctions website to bid, all financial information goes directly to MY Gate, a bank-approved vendor. The deposit is reserved and if you do not purchase anything, it is released, like when hiring a car. The obligatory deposit or registration fee also eliminates ghost bidders. Online auctions might initially seem daunting but consumers just need to ask the right questions before the auction.
1. Who is allowed to participate in an auction?
– Anyone as long as you can pay the relevant deposit.
2. How often do the auctions take place?
– Usually everyday we have something different to auction.
3. Where do the auctions take place?
– On location or at a specific warehouse.
4. What if I want to see what assets are on offer, but don’t necessarily want to bid?
– One can view online or at the auction site.
5. Can I take part in online auctions?
– Yes, provided you pay the required deposit.
6. How do I sell assets through an auction?
– Contact 011 789 4375 and get assistance in each step.
7. What assets can I bid for in an auction?
– Anything from a car to property.
8. Do I need pay a deposit for assets I would like to bid on?
9. Can I finance an asset or would I need to pay out right for it?
– Finance is available or you may contact your bank.
10. How often can I take part in auctions?
– As often as you like provided you have the capital.
There is also an online tutorial video that helps buyers familiarise themselves with the bidding process. Once they have followed these steps, they will realise how easy and convenient it is to participate in an online auction.
Steps to Bidding
Online bidding has numerous benefits, but bidders need to be fully aware of the process.
- Bidder should view the item they wish to bid on before the auction, either online or in person.
- Bidders should find out where the asset comes from and why it is being sold.
- Bidders should ask the auctioneer as many questions as possible to assist in guiding their decision.
- The Consumer Protection Act (CPA) requires full disclosure on any item up for auction.