How do I buy on Auction?
The Auctioneering Rules as laid down by S.A.I.A. (South African Institute of Auctioneers) are quite simple. A potential buyer will be required to take the following steps to bid on an auction:
Prior to the day of auction, the auction site is open to the public, whereby potential buyers are able to view the assets that will be going on auction.
A buyers catalogue will be available stipulating the lot number, description and quantity available of the assets.
A buyers registration form with our terms and conditions will need to be completed and signed on the day of the auction. We will require a refundable registration to be paid either electronically on the day of the auction, or the day prior to the auction. If you do not have access to electronic banking, you can obtain a bank guaranteed cheque from your bank made out to Devco Auctioneers & Sales cc. No cash is accepted on site. Banking details are available on the buyers catalogue and on our website www.devcoauctioneers.co.za. If you have difficulty finding the details please contact the admin office in Irene on +27 12 345 4345.
If you do not buy anything on the auction your deposit will be refunded into your bank account the day after the auction.
Before registration can take place we require all your Fica documents, please refer to our Fica requirements page on our website for further information. These details are required for FICA compliancy in terms of the NCA.
Once you have completed the buyers registration form and given us all your Fica documents you will then be given a bidders card with a number on it. Keep this safely in your possession, as you will be liable for all bids against this number.
Please bear in mind that over and above the bid price, there is a buyers premium, a vehicle documentation fee if the asset has to be licensed and 14% VAT is payable on the full amount. If you are unsure about this, ask one of our staff members at the auction.
The auctioneer will announce the terms and conditions before the auction starts and then the auction and the bidding will commence. If you are bidding and the hammer goes down, the asset will belong to you.
Once you are finished bidding you will need to go to the auction registration office where you will hand in your bidders card and be given a proforma invoice. Please refer to the terms and conditions on our buyers catalogue for payment details.
Once the invoice has been paid in full and the funds reflect in our bank account, the asset/s will be released to you.
If there are registration papers, you will be contacted by our admin office once the papers have been dealer stocked into Devco’s name. The papers will either be sent to you via courier or you may collect them from our office in Irene.
If there is anything you do not understand about the auction process, please do not hesitate to contact us directly.
Please note that all bids exclude the following:
- Buyers premium of 10% excluding Vat.
- Documentation fee of R1,950.00 excluding Vat (only applicable to vehicles).
- Vat of 14%.
How do I sell on Auction?
Devco Auctioneers primarily sell assets for financial institutions and corporate companies.
We will however consider private companies provided the due diligence process is adhered to and all the necessary documentation and natis documents are received prior to the auction. There also needs to be sufficient value in the item to make it viable to place the asset on auction. In other words, the value of the asset needs to be market related. The asset will need to be paid up in full and there should not be any encumbrance on the asset. All license fees and paperwork must be up to date.
A mandate and a seller registration form will need to be completed and sent back to us with the following documentation.
- Proof of identification
- Copy of the company registration documents
- Copy of the vehicle registration papers
- Photographs of the asset
Once we have viewed the assets and “cleared” them for auction, they will need to be transported to the auction site where they will be catalogued for auction and photo’s will be taken which will be placed on our website for potential buyers to view.
Once an asset is sold and the buyer has paid his/her invoice in full, the seller will be settled.
If you have any queries in this regard, please do not hesitate to contact Dewald directly on + 27 73 955 7978 or the Devco office in Irene on +27 12 345 4345.