Into buying classics but new to the world of online auctions? Here is all you need to know.
How bidding works:
1. Registration & Approval
- Register for bidder approval here.
- We will be in touch and will request FICA information (copy of ID document/passport and proof of address not older than three months).
- On approval of bidder profile, a R 250 deposit is processed with the credit card linked to your bidding profile.
- Visit our login page
- Submit your email address or telephone number.
- A One-Time Pin (OTP) will be sent to your preferred contact method.
- Enter your OTP to complete login process.
- Study the information in the auction listing and carry out research on similar lots.
- Make a note of the auction cut-off date and time (the time the auction ends).
- Call us and ask questions regarding the lot.
- Arrange a viewing or technical inspection of the lot.
- It is the buyer's responsibility to research the lot and be fully knowledgeable on all its details prior to making a bid.
4. Place a Bid
- Select the desired lot / car.
- Make sure there is time remaining on the auction.
- If your bid is made within the last two minutes of the auction there will be a two-minute extension – and again if further bids are made in extended time.
Keep funds available on the credit card linked to the bidding profile for 50% of the buyer's premium for the lot the bidder intends to bid on:
- Cars - 5% Buyer's premium with a R 100 000 maximum and R 5 000 minimum (including VAT).
For example: half of the 5% incl. VAT buyer's premium on a bid of R 500 000; 2.5% x R 50 0000 = R 12 500 (this amount will be deducted immediately from the winning bidder's credit card.
The balance can be paid via EFT within 24 hours).
Collectibles & Parts - 10% Buyer's premium with a R500 minimum (including VAT).
For example: half of the 10% incl. VAT buyer's premium of a bid of R 20 000;
5% x R 20 000 = R 1 000 (this amount will be deducted immediately from the winning bidder's credit card. The balance can be paid via EFT within 24 hours).
After the auction:
If a buyer has submitted the highest bid and the reserve price has been exceeded or waived or the buyer has selected the Buy now option, 50% of the buyer's premium is charged to the credit card associated with the buyers profile
(half of 5% for cars and half of 10% for collectibles & parts).
- The balance of the buyer's premium must be paid via EFT to Classic Car Africa within 24 hours of the auction cut-off time.
- We will forward payment details for the seller to the buyer and payment is made directly.
- The payment to the seller must clear in the seller's account within 48 hours of the auction cut-off time.
- Ownership of the lot shall not pass to the buyer until the seller has received settlement of the full purchase price in cleared funds.
- The lot shall be at the buyer's risk of loss the moment payment has been made to the seller.
- Buyers are advised to arrange for insurance cover to coincide with this time.
- The lot must be collected from the seller within seven days of the conclusion of the auction.
- Transport of the lot post auction is the responsibility of the buyer. A list of recommended suppliers can be provided on request.