VEHICLE AUCTION PROCEDURES
Bidder Registration – Vehicle Auctions
- The customer deposits a refundable registration fee of BWP10,000 in to any specified given Auction It account.
- Registration can be made in different forms such EFT,BANK GUARANTEED CHEQUE,CASH DEPOSIT in to the account.
- The customer has to present the proof of payment at Auction It office Reception
- The customer will fill the registration form, providing personal information and contact details to allow him or her to be registered and to partake in the Auction.
- The customer will be issued an Auction It Bid Paddle that has a registration number on it to use during the time of the auction. The Bid Paddle also has most of the terms and conditions that govern all Auction It auctions though these may be altered slightly from auction to auction or amended to conform to the type of auction being held. Any amendments, changes, additions or revocations will be announced prior to the auction commencing by the auctioneer and such announcements will stand as additional terms and conditions to the auction.
- If the customer is the winning bidder for the lot or lots at the auction, he or she is obligated to make the due payment within the stipulated period (generally 4 working days) from the day of Auction and also make collection during the same period of time. Such payment and collections time parameters change from auction to auction so please ensure to clarify such details with the Auction It team before you start bidding . These will also be announced prior to every auction conducted.
- Over and above the Bid Amount a customer will be charged a buyers premium or auctioneers fee of 7.5% commission and 14% VAT. Though this is also subject to change from auction to auction and will be announced prior to auction.
- If the customer was unfortunate enough not win any lots at auction, then their deposit or registration fee will be refunded to them either on the same day or within any stipulated time frame barring any events that would prove out of Auction Its control and prevent immediate refund of deposit.
Seller Registration – Vehicle Auctions
- The client is expected to bring a copy of Identity Card /Omang or a copy of Passport if the car is registered with the clients name.
- If the car is registered in the name of a company ,the client has to provide a copy of certificate of incorporation of the company in question.
- The client has to provide a copy of the registration book for the vehicle.
- The client will have to pay a non-refundable registration fee of BWP 300.00 per vehicle.
- The client will fill in a vehicle registration form in which the reserve price of the vehicle is stated and will be given a copy of the form. The reserve price of the car is the price at which the minimum price the auctioneer can sell the vehicle for . If an offer below reserve price is made for the vehicle in question , the auctioneer will need to obtain permission from the owner to accept such offers.
- The client will be charged a 10% Auctioneering Commission and 14% VAT IF his or her vehicle is sold. There will be no further charges if the vehicle is not sold.
- Before the client is paid, he or she should provide an original signed registration book and a certified copy of Identity card or passport.
- Payment will be made to the client after 14 working days from the time of the Auction.
- Payment will be made electronically into the client’s account or as per the client request or instruction.