If you are looking to buy a bank repossessed vehicle, knowing where to find auctions in South Africa is a good start to purchasing your perfect automobile.
About repossessed vehicles
Because vehicles of all kinds from motorcycles to SUVs to sedans are so expensive, most people are forced to apply for loans in order to pay for their vehicles. Loan repayments, however, are also quite steep in many cases and because life is unpredictable, many people have found themselves in situations where they cannot afford their monthly payments. Whether they have lost a job, made a bad investment or had an unexpected expense occur many people have been unable to continue payments on vehicles that they have taken out loans for.
When this happens, the financial service providers that have financed their loans will often repossess the vehicle. After an initial holding period, which allows the client a last attempt at finding the money to pay for their vehicle, the bank will pass the asset on to an auction house who will sell it off. The bank does this to try to get their money back.
Why buy a repossessed vehicle?
Buying a repossessed vehicle is a better option than buying a vehicle from a second hand dealership for several reasons.
- Second hand dealerships have a reputation of dishonesty and ripping clients off.
- Repossessed vehicles are often still very new.
- Repossessions might still have their rust and other warrantees intact saving the buyer money on maintenance in the future.
- They might still have their service plans intact saving the buyer money on repairs in the future.
- They are usually sold through auctions which means the potential buyers decide what they will pay for a vehicle, rather than the seller setting a price that might be higher than the vehicle’s worth.
- There are both online and real life auctions to make the process that much easier and more efficient for you.
Where to find vehicle auctions in South Africa
There are many, many auctioneering companies that offer a large range of different vehicles. Before each auction, you can look up the auction house’s vehicle catalogue to see what they have on offer. They will also allow you to inspect the vehicles in person before the auction so you can make an informed decision before you bid. Some of the banks that repossess run their own auctions and it might therefore be a good idea to check with your bank as well as some of the other reputable banks in the country.
There are also so companies who keep track of auctions from a range of different auction houses so that all you need to do is visit their websites, register, leave some basic information including contact details and a description of what you are looking for and they will let you know if a suitable auction comes up. Your third option is to browse the websites of some well-known auctioneering houses who offer vehicles and see when and where their next events are.
The following list includes some auctioneering companies who offer vehicles:
- Park Village Auctions
- Eagle Auction
- Imperial Auto Auctions
- First National Bank
- Standard Bank
A few websites that offer information on up and coming auctions from all over the country are:
- EZ Search
- Auction South Africa
The South African Institute of Auctioneering
It is important to make sure that if you choose to buy your vehicle through an auction that you use a reputable auctioneering house. One of the ways to ensure that the auction houses you are looking at are reliable, honest and stock good quality vehicles is to check if they are members of the South African Institute of Auctioneering. The body aims to ensure that all auctioneering procedures are honest, reliable and are conducted with respect to both the sellers and the buyers.