Standard Bank auctions sell repossessed cars if you are looking to buy a pre-owned vehicle at a low price. The auctions are usually handled by Burchmore’s. And take place in Durban, Johannesburg, Cape Town and a few other areas around SA.
If you have never been to one of these events the first thing you need to know is that you will have to pay a refundable deposit. That is if you want to participate in the bidding.
This deposit is usually in the region of R3 000 – R10 000 and will depend on the type of car you are bidding on.
You pay your deposit at the Standard Bank auctions for repossessed cars by bank guaranteed cheque or credit card. You cannot pay this with cash.
After paying your deposit you will receive a bidding number. Which you can use to bid on the pre-owned car you wish to purchase.
If your bid is a successful one, a handling fee will then be required. Which may vary slightly but when we wrote this, the fee cost R1 200 plus VAT at Burchmore’s auction house.
Image: Burchmores Car Auction
In addition, remember VAT will be added to your bidding price and another fee is a registration fee of around R100 – R350.
The car’s registration fee will be your responsibility. Although some auctioneers will offer to register the vehicle on your behalf. Which you will then have to remunerate.
It is a good idea if you need vehicle finance, to have everything in place before you start bidding at an auction. Because you must pay the full balance within 24 to 48 working hours after close. If for any reason you cannot come up with the money within this time you will lose your deposit.
Find out the prices of secondhand cars at local car dealers in your area first. And get an idea of the price the make and models you are looking at are going for. Follow that rule every time you attend the auctions selling repossed cars and you are half way to picking up a bargain.
Take note of the following reasons why you may choose Standard Bank when looking for a vehicle.
Reason #1: Standard Bank has the experience
Standard Bank has been around for many years. And for a long time, they have been repossessing a range of different items. They chose to do this via auction and they made the decision to run their own.
Thus, Standard Bank has many years of experience in selling assets and items via auctions. They have a dedicated team of staff trained to handle sales of repossessed items and to handle auctions.
Reason #2: Standard Bank auctions have a very wide range of vehicles
Standard Bank is so popular and well-known in South Africa. They are the financial service provider of choice to finance homes, cars and other assets.
A lot of people choose Standard Bank when they need credit, so they often need to repossess vehicles and other assets.
Because they have to repossess so often, Standard Bank has a very large range of cars for sale. These vary in age, make, model, condition and price.
Reason #3: They offer vehicles and other assets at decent prices
Standard Bank has many repossed vehicles for sale. This way they can make back the money that they lost when their debtor did not pay up in full, on time or at all.
Because of this, they are focused on getting rid of their repo cars as quickly as possible.
Therefore, Standard Bank charges affordable prices for vehicles that would be very expensive anywhere else. You can rest assured that at a Standard Bank auction, you will save money.
Reason #4: They can offer you financing and other services when you shop at their auctions
Standard Bank is a reliable and versatile financial service provider. Therefore, they offer you the option of finance. As well as a large range of other financial services when you shop at Bank car auctions.
More about Standard Bank
A vast amount of South Africans use them as their bank. And apply for loans, vehicle financing, credit cards, bank accounts and investments through them.
Standard Bank has competitive deals and options and they always aim to offer customers great benefits. They are competitive in the industry and always try to go the extra mile.
What other companies/financial service providers offer auctions?
There are a number of reputable, well-known auctioneering houses who offer good deals on cars at auctions.
However, there are also many auctioneering houses that are known for being dishonest and selling assets and items above what they are worth or lying to potential buyers about flaws and faults.
Most financial service providers are obliged to repossess vehicles and other assets and some of them hold their own auctions to sell their goods.
However, most of them hand their repossessed goods over to an auctioneering house to sell on for them.