Car auctions gaining traction in Namibia
The vehicles were polished, money in the pockets of buyers was ready and the auctioneers did what they did best, as the hammer fell last week at one of Namibia’s largest motor vehicle auction.
A sizeable crowd of hopeful vehicle owners, onlookers and officials wandered around the auction avenue, inspecting the vehicles up for fierce bid at the auction held by Aucor at its premises in Windhoek.
The one-day auction event, where 68 vehicles were under the hammer, was an effort to sell bank repossessed vehicles and those that belonged to fleet management companies. Aucor’s 22 years of industry experience with a diverse range of operational sectors puts it at the forefront of auctioneering within Namibia. As Africa’s auction authority, Aucor offers the optimal turnkey solution, through which goods change hands, and value is added.
“Aucor operates as a conduit relieving people of unwanted assets and rationalises the search for willing buyers. We represent both the buyer and the seller, providing support to both parties without the presence of an intimidating auction house personality,” the company’s profile indicates.
Neil Engelbrecht, chief executive officer of Aucor, says they auction vehicles on behalf of the banks and various fleet management companies.
Of Namibians’ interest in auctions, Engelbrecht had this to say: “Yes, auctions are well attended. People are always looking for a good deal and at Aucor Namibia that is exactly what you can expect.”
Asked whether vehicle auctions are a hit during the start of the year, Engelbrecht said: “No, normally this time of year is quiet because people are still recovering from the holidays. We are very grateful for the attendance that we have been getting from the start of the year and hope this trend continues.” During last week’s auction some vehicles were sold for less than N$20 000. “The biggest was, of course, the Ford Mustang Shelby and the smallest was various vehicles that sold for less than N$20 000 that the people drove away with,” he said.
Regarding the demand for vehicle auctions in Namibia, Engelbrecht said: “Demand for vehicles in Namibia is always there and auctions are just another way of selling where the buyer regulates the sale and not the seller.” Advantages and disadvantages of buying at auctions You probably might know some people and investors who constantly buy repossessed and second-hand vehicles at auctions. Then, you should know that auto purchase at such occasions would not just be practical but also could be a very wise move, investment wise.
Buying at auctions
In the United States, and in almost all developed countries worldwide, vehicle auctions are regularly held at cities, towns and communities. And certainly, there are always numerous vehicle buyers who are lining up and bidding to purchase autos.
Through the years, there must be numerous perks and advantages to buying vehicles at auctions. And, of course, there are several disadvantages as well. It would be helpful if you would ponder on the pros and cons of buying a vehicle at an auction. First, take a look at the following advantages.
Vehicles at auctions are usually very cheap compared to those sold at conventional dealerships and distributors. That is why people who are into a limited budget are always falling into queues just to get to almost every vehicle auction in the community.
You would be able to secure and purchase the best and functionally reliable autos at vehicle auctions. The organisers always make sure each vehicle they sell at an auction is of high quality and very much in good condition for buyers to want to buy it.
The best vehicle brands and models are sold at very reasonable prices. There are many vintage vehicles that could almost pass as collectors’ items that are sold at auctions. And, of course, at very cheap and reasonable prices.
After the advantages, it would be wise to also take a look at the possible and usual setbacks of buying vehicles at auctions. Vehicles are cheap because they are usually repossessed or confiscated vehicles. Second-hand vehicles sold can also not be second-hand at all, but third-hand, fourth-hand and so on. Many vehicles auctioned are not of good mechanical condition. Some of them are just refurbished and made to look good and functional during the auction but when the buyer finally use the vehicle, flaws and damages would start appearing.
Most or almost all vehicles sold at auctions do not have warranties and insurance coverage, not unlike their counterparts sold at traditional and formal dealers and distributors. There is a possibility that you may be acquiring a ‘hot’ vehicle that has been smuggled into the country or has been stolen and then sold on the market. You may have trouble over the vehicle’s ownership in the future.