FREQUENTLY ASKED QUESTIONS (FAQ)
Am I allowed to bid on auction if I am not at the auction?
No, it is unfair to other buyers that they have had to travel to the auction site. You are required to view the asset/s as they are sold with no duty to repair.
What Fica documents do I need to bring with me to register at the auction?
Private Buyers – ID document and proof of address (not older than 3 months).
Foreign Buyers – Valid Passport and proof of address (not older than 3 months).
Companies – Company / CC documents – Cipro documents (not older than 1 year), ID document of all the company’s members/directors, proof of residence of each individual member/director (not older than 3 months), proof of residence for the company (not older than 3 months), SARS letter confirming VAT number (not older than 1 year), Traffic registration form (BRNC), with a copy of the proxy’s ID, Resolution letter on the company’s letterhead authorising individuals who may bid on behalf of the company, with details of their names and certified copies of their ID document and their proof of address (not older than 3 months), if the person registering for the auction lives at the same address as the company, a letter from the company’s accountant must be provided on a company letterhead.
Can I get finance for assets I bought on auction?
Yes, however we utilise Auction Finance, the contact person is Anton Muller and his number is +27 83 790 0090. It would be best if you contact Anton before the auction so he can assist you. If not, and you only realise on the day of the auction that you need finance, you can speak to any one of the staff members on site and they will assist you. Do not purchase on auction without making sure you have pre-approved finance.
How much do I need to deposit into your bank account for the refundable registration deposit?
The registration deposit varies from auction to auction, please refer to the buyers catalogue or click on the auction link on our website for the deposit amount.
Will you give me the deposit back if I do not buy anything?
Yes, the deposit is refundable should you not purchase anything, we will process the refund back into your bank account the day after the auction.
How will I know when the next auction is?
Give us your contact details and we will happily add you to our database. We will then send you details of any upcoming auctions, this way you won’t miss any of our auctions.
When can I collect the assets I bought?
As soon as full payment has been made and the funds are reflecting in our bank account.
Who has the natis documents and how will I get them?
The papers are kept in safe keeping. Once the asset is sold, we dealer stock it into Devco’s name and we will contact you to either collect them, or have them couriered to a physical address of your choice.
Can I buy even if I live in another country?
: Yes, just remember you need to make arrangements to claim the VAT back at the border post. A copy of your passport and proof of residence will be required. We do not zero rate any invoices, the VAT is payable and refundable at the border post.
Do you sell on any other day other than the auction day?
No, we do not sell out of hand. There are costs that have been incurred to transport assets to the auction site, so it is unfair for the buyers who are in attendance to be bidding against someone who is not there. In addition, a large amount of money is outlaid for the advertising and marketing of the auction. The sellers are also more confident that the best prices will be achieved on auction if all the buyers are present.
Do you sell with reserve prices?
Yes we do. Speak to the auctioneer for further information.
Can you help me load the assets that I bought?
No, we will however assist in jump starting assets. Please bring the correct loading equipment and safety gear with when loading and collecting your assets.
At Devco, we recognise that not everybody is a seasoned auction buyer, and offer a support network to assist everyone.
We have engineered a number of unique products aimed at reducing the pressure that auction attendees often experience. Our revolutionary auction method usually utilises an auctioneer with supporting groundsmen. A groundsman’s job is to assist you, the auction attendee to understand where the current bid is and what the next bid should be.
By working one on one with buyers on the ground, we can offer unparalleled and immediate support. On the floor finance support also allows our customers to obtain information regarding the eligibility for finance before ever placing a bid. To all our auction attendees, we also have the following suggestions:
Familiarise yourself with all the lots on the auction before deciding what you want.
Once you have familiarised yourself with the lots that you are interested in, examine them more carefully. Make sure that you have a good look at what you are buying.
Please be sure to read all the terms and conditions on the buyers catalogue, as well as the signage posted around the auction areas. The auctioneer will also make an announcement before the start of the auction.
When buying fixed property, always be sure to discuss the property with the agent and get a copy of the fact sheet that will give you all the necessary insight to make an effective buying decision.
Be sure to understand the registration deposit and terms of payment for each auction you attend.
Don’t wait for the last opportunity to bid, you might lose out. Make sure the auctioneer or a groundsman can see you and acknowledge your bid.
Once knocked down to you, items cannot be cancelled.
When there is more than one quantity available of the same item, the bid price is per item.
No assets can be removed during an auction.
No sales are subject to you, the buyer getting finance, you must make sure that you have your finance in place before placing a bid.
Only bid for yourself.
Bidding prices do not include 15% VAT, a buyers premium or any registration paper processing fee.
Please be sure to read the conditions of the sale. Whether a fixed property, or a movable asset, there are a number of conditions under which you bid.
At any time during the auction you can pay for your purchases.
Buyers of properties will be requested to give a deposit immediately on the fall of hammer. Payment terms will be in the conditions of sale.
Once you have finished bidding you can go to the auction registration office to collect your proforma invoice. The team at the registration office will ask you to wait a few minutes so that they can capture the last vendu roll page that comes from the auction floor.
Once you have received your invoice you will be required to make payment. This can be done in the following way:
Electronic transfer – we have accounts with First National Bank and Standard bank. The banking details will be on the buyers catalogue.
PLEASE NOTE: CASH WILL NOT BE ACCEPTED ON SITE. You can deposit the cash into our bank account however you will also need to add 2% for the cash deposit fee. Once the funds are reflecting in our bank account we will issue a tax invoice. Bank finance deals need to be paid within 48 hours of the purchase.
A paid invoice and receipt are required to collect your items.
Bring your paid invoice with you and hand it to one of our staff members who will assist you.
Please bring your own staff to load the assets.
Our security will check the release of the assets.
When collecting vehicles, please remember to complete a change of ownership form and get your vehicle papers.
Please remember that once knocked down to you, legally an item lies there at your risk. Make sure that you have appropriate insurance if necessary and that you effect payment and collection as soon as possible.
For any further assistance please contact our office on +27 82 451 4651.
INTERESTED IN OUR NEXT AUCTION?
HAVE ANOTHER QUESTION?