Police vehicles that are deemed out-dated are sold on auction by the government. The police force renews its vehicles once in a while, and instead of storing the old police vehicles (which would cost the government money). The government has a yearly budget to cover the expense of new police cars, meaning that the old vehicles can be sold to the public. These cars are sold on auction for very reasonable prices.

The vehicles sold on auction will often go for below-book value, as the government is more concerned with selling off the car than making any profit on the vehicle. Auctions are a great way of getting rid of these vehicles to make space in the parking lots for the new police cars. This is good news for the consumer, as people who attend used police car auctions can take advantage of these lower prices. In fact, car dealership representatives often attend these auctions to find vehicles to sell to the public for profit. Essentially, buying used cars on auction is a way of cutting out the middle man, as auctioneers take much less commission than do regular dealerships.

Another reason why it’s cheaper to purchase used cars at police vehicle auctions is because the government buys these cars in bulk, meaning that they pay less for the cars than an individual would at a dealership. Because the government gets a good deal on the car, they are able to reciprocate and sell the car as a good deal to the public when it is no longer in use.

The majority of police cars sold on auction are in relatively good condition, with well-maintained engines and other parts. Because police vehicles are renewed every few years, the police cars sold on auction also shouldn’t be more than a few years old. If you are not interested in the model of the police car, you could always take the car apart and sell the parts that are in good condition. In this way, you can make a profit off police cars sold on auction. If you find an extra good deal, you can also sell the entire car privately to make some money off your auction purchase.

How do I find police cars sold on auction?

It is unlikely that the police department will want to spend money on advertising upcoming auctions, so it is best to consult major auction companies to ask when the next auction events will be held. In the Western Cape, ClareMart Auction House has been awarded a contract to deal with the disposal of government vehicles. Another way to find police cars on auction is to consult auction classifieds or to conduct an online search.

Tips for buying on auction

• Before you decide to buy a car on auction, attend at least one auction beforehand so that you have an idea of how the process works and can feel more comfortable in your bidding.
• If you don’t know much about cars yourself, bring along someone who does to help you inspect the car you are interested in to assess its condition.
• Set a budget. Auctions are an exciting way of buying, but don’t get carried away with your bidding. Decide what the car is worth and how much you want to spend on it and don’t go above this amount.
• Before you attend the auction, get a list of the cars that will be on sale. You can then decide which cars you are interested and you can do thorough research on the vehicle before you buy. Compare the asking price to similar models so that you can be sure you are getting a good deal.

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When people default on vehicle finance payments, their cars will be repossessed by the bank or lending institution. These vehicles will then be sold on auction. One of the benefits of buying in auction is that you can often find good cars for reasonable prices because the banks are more concerned with covering any losses incurred rather than aiming for high profits.

If you are looking for some of the best deals on wheels, try these top vehicle auction dealers in SA to find the right car for you:

Burchmores

For over 99 years, Burchmores has prided itself in buying and selling cars on auction to the public. Burchmores was founded in 1911 as JC Burchmores and it became one of the first companies in South Africa to allow people to both sell and buy a wide variety of vehicles on an auction platform.

The first ever Burchmores auction saw 10 cars being sold; but today the company sells over 50 000 cars per year both on and off the floor. Burchmores are the largest company remarketing vehicles in South Africa, with a turnover of R1 Billion per year.

Aucor

Another of the top vehicle auction dealers in SA is Aucor, a company with over 40 years of experience in the industry, having been founded in 1968. Aucor have extensive reach throughout Southern Africa (including Botswana, Namibia and Lesotho) and offer not only an auction service to buyers and sellers, but also extend to provide logistics, transportation, finance, pre sales support, post sales support, consultation, insurance salvage and professional assets appraisal. Aucor is also the only land-based auctioneer which operates an online auction service.

These services are provided by 12 full-time auctioneers as well as a host of other service professional employed by Aucor.

With an international database consisting of over 98 000 sellers and buyers, Aucor have also extended a global network of auctioneers around the world to allow for international operations.

City Wheels

In the early 1990′s, City Wheels took note of the fact the vehicle auctions have become a major way of selling and buying cars, and have grown into South Africa’s largest independent car auctioneer. City Wheel’s car auctioneering warehouse in Pretoria is the biggest in South Africa, storing over 150 bakkies on car on display. City Wheels sells over 300 cars per month, many of which well below their market prices. They also employ 5 professional consultants to assist both buyers and sellers. Finance for approved buyers of City Wheels’ deals is available through Wesbank and ABSA.

City Wheels is a South African Institute for Auctioneers member and was awarded a Golden Dealer status on 5 occasions form ABSA Bank.

Park Village Auctions

Jack Lazarus and his sons Roy, Dean, and Clive founded Park Village Auctions in 1983. Over the last 20 years and more, this independent auctioneering company has earned a prominent position as one of South Africa’s premier auctioning firms. As a family business, Park Village Auctions prides itself on commitment to the auctioneering industry as well as integrity all work relations.

Park Village Auctions have a nationwide network, with branches all over Southern Africa. Park Village Auction branches can be found in:

* The Eastern Cape
* The Free State
* Kwa Zulu Natal
* The Northern Cape
* The Northern Province
* The Western Cape
* Botswana
* Swaziland and Lesotho

The company has also established Park Village Africa (Pty) Ltd., as a means of  broadening their African footprint.

Imperial Auto Auctions

Imperial Auto Auctions (IAA) is a relatively new auction company, created to service MFC (a division of Nedbank and one of the largest vehicle finance houses in South Africa). IAA is a division of the Imperial Group and is listed on the Johannesburg Stock Exchange. The company is also part of the Imperial Group’s Tourism and Car Rental division.

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When people are unable to meet the necessary monthly instalments on their car purchases or default on these payments, these cars will then be repossessed and sold on auction to help the bank cover any losses incurred.

What are the advantages of buying a repossessed car? 

• When a bank is auctioning off a repossessed car they are not looking to make a profit; they only want to recover any losses or the remaining amount owed on the car. This means that these cars often sell for very low prices.
• Because the banks want to sell off the cars quickly, it is usually easier to get financing for repossessed vehicles than it would be for ordinary car purchases.

Where can I find cars repossessed by Wesbank?

There are public Wesbank car auctions in Cape Town as well as other major cities such as Port Elizabeth, Bloemfontein, Gauteng and many other parts of South Africa. If you are interested in attending a repossessed car auction, you can view the cars on offer one day before the auction to see if there are any vehicles you are interested in, although these lists are subject to change on the actual day. You can even secure financing for the vehicle before the actual event.

• Every Wednesday and Saturday, Burchmore’s host an auction of repossessed vehicles at Marconi Cresent, Montague Gardens, Cape Town. For more information, call (021) 551 2320
• Every second Wednesday, Wesbank auctions off repossessed vehicles in Cape Town at the Aucor Auction House (Aucor Park, 17 Dacres Ave, Epping 2, Cape Town) at 10:30am. For further information, call 021 534 4446.
• You can also contact Wesbank directly to ask when the next public auction in Cape Town will be held. You can also visit your local Wesbank branch to make an enquiry.

Tips for buying repossessed cars on auction

• Cash is not accepted at auction events, so you have to come prepared with a ban guaranteed cheque.
• Look for an online auction guide if it is your first time attending an auction, or bring an experienced auction-goer with you.
• You are not allowed to test drive any vehicles on the day, so make sure that you know a bit about cars yourself or that you bring along someone who does. You will need to thoroughly inspect the car you are interested in to ensure that you are actually landing up with a good deal rather than a junk heap.
• Look out for the auction personnel who are there to help you when viewing the different cars on offer.
• Consider attending one or two events before actually bidding so that you can get an idea about the proceedings.
• Before going to an auction it is important to conduct research to compare the car you are interested in with similar vehicles on the market. When you come to a car auction knowing what you should be paying for the car you will be well-equipped to make a good buy. To do this, simply look online at cars for sale or visit your local dealership for further insight.
• Remember that any vehicle to buy is subject to Value Added Tax (VAT) that will be added on after the sale has been made so be sure to prepare yourself financially for this.
• Have fun! Finding a good car deal from a Wesbank repossessed car auction should make you smile so go out and there and enjoy yourself!

Public Wesbank Car Auctions in Cape Town is an original post from: Car Auctions Africa

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What are bank assets?

Bank assets refer to what the bank owns; the financial and physical property of the bank including reserves, investment securities, loans, and physical assets (such as buildings, furniture, land, equipment etc.). At most banks, the largest asset they own are loans which generate revenue through interest paid by the borrower. These loans are the legal claims that banks have against the property of wealth of people they have lent money to. Loans can be given to consumers (as personal loans, home loans, car finance, credit cards) or businesses (capital investment and real estate development loans).

What purpose do bank asset disposal centres in SA serve?

A bank will dispose of physical assets that have been repossessed when a borrower defaults on a loan. As a financial services providers, banks repossess vehicles and other assets from people who can’t afford the regular monthly instalments, from people who have abused the lending  terms and conditions, or from people who have listed the asset as a security against their failure to pay what is due on the loan amount.

As more and more people today find themselves in financial difficulty in the midst of a global recession, assets that they could previously afford to pay off are now out of their reach. This means that the bank who loaned them the money to finance this asset needs to recover their loss by taking the asset back into their possession and selling to recover the amount still owing on the loan. There are a number of bank asset disposal centres that sell or auction off bank assets. These items are often sold at very reasonable prices as the bank is more concerned with recovering lost money than making a profit.

Where can I find a bank asset disposal centre in SA?

When it comes to buying deals on wheels, repossessed vehicles are usually sold on auction in the major cities. Auctions are held weekly at auction houses such as Burchmores and Aucor. You can also contact the bank directly to see where and when the next sale will take place and what assets they have available. Another option is to try the online resource My Cars, www.mycars.co.za, where you can find a listing of the vehicles different banks have up for auction.

If it is a good property deal you’re after, try My Roof (http://www.myroof.co.za) for a listing of bank repossessed property. At the top of the homepage you can click on the name of a bank (Standard Bank, Absa, or FNB) to choose which bank repossessed assets you would like to view. You can also find an online listing at Property Seekers (http://www.propertyseekers.co.za/bank-repossessed-houses) which has a special section dedicated to property that has be repossessed by the bank. You can also ask your local estate agent if they have any repossessed properties selling through their agency.

The most significant benefit of buying repossessed bank assets is most certainly the price. However, it is important to still be discerning when buying to make sure that the deal is as good as it looks. Inspect the property you want to buy carefully, as there may be defects that don’t immediately meet the eye. It is also important to compare the price of the asset against similar offerings on the market so that you can get an idea of what you should be paying on it. If the deal is a go, don’t hesitate in making a move – if you’re getting a good buy, you won’t be the only one who recognises it! Keep a close eye on bank disposal centres so you can take advantage of competitively priced bank assets.

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Firstly, is it completely necessary for you to purchase a vehicle at this point in time?  If you have a bad credit history and creditors have made judgments against your name, then you have to consider if it is a good idea to take out further debt before you clear the debt that you already have.

Secondly, if it is completely necessary for you to get a vehicle at this particular moment in time, ensure that you do not go and purchase a vehicle that you cannot really afford. If you are in debt and need a car, it is best to get a vehicle that will not take a lot of money in upkeep and will be fuel efficient.

Thirdly, you need to consider the other expenses that are associated with purchasing and owning a vehicle. You will not only have to pay for petrol or diesel, but insurance on your vehicle, as well as maintenance costs. This can cause even the person with the best intentions to fall behind on their monthly payments because they did not factor in these other expenses.

Fourthly, the majority of creditors willing to provide a loan to a person with a bad credit history will have terms and conditions and fine print which is not explained properly to you. Although the Consumer Protection Act has been put in to place to try and safeguard consumers against fine print and terms and conditions that they do not understand, not everyone understands their rights. This can therefore lead to consumers ending up in a worse situation than they were ever in as many creditors will require you to use one of your assets to secure the loan. This means that they will require you to place something of value against the loan amount in question, such as a property. Should for any reason you not be able to pay for your monthly instalments, your creditor will have the right to take ownership of you property and sell it in order to make their money back on the loan amount.

It is therefore recommended that you never take out a secured loan from one of these institutions, but rather take out an unsecured loan. You will most likely end up paying more in interest for an unsecured loan, but you will have piece of mind knowing that should you default on the loan, you will not lose your home.

Fifthly, should you need a car urgently, why not consider a rent-to-buy option whereby you rent a car on a month to month basis. At the end of an agreed upon period, you will be able to say if you would like to purchase the vehicle. This option is fantastic for those of you who have debt as should you not be able to make a monthly payment, all you have to do is return the car to the dealership and they will rent it out to someone else. It really is that simple.

Lastly, if you can get a debt consolidation loan and clear all of your debt and clear your credit history of any judgements before taking out a loan, this is the most responsible idea as it will safeguard you against being taken advantage of by loan sharks as you will more than likely be able to get a loan from the banks.

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1.   Buy at the end of the month

One suggestion is that you should look to purchase a car at the end of the month ideally when we are moving in the next quarter. The reason people have said this is because car dealers have quotas which they have to meet and therefore the idea is that if you go just before the end of the quarter, the salesman will want to make enough sales to meet their quota and therefore will give you a better deal on the car. To try and capitalise on this even further, they say that you should wait until the end of the day on the last day of the quarter to get the very best deal possible.

2.   Visit a dealership on a rainy day

This may sound completely bizarre but the idea is that there will be little or no buyers in the dealership. As car salesman are looking for the best way to convince a person to buy a car from them, they will apparently give you their undivided attention on a rainy day as there will seldom be other people in the dealership.

3.   Purchase during the holiday season

The idea behind this is that vehicle sales generally drop during the festive season and therefore the dealerships will be more competitive and try and get you the best deal possible. If you combine this with the end of the month, at the end of a quarter, then they say the chances that you will get an unbelievable offer are higher.

4.   Visit a dealership at the beginning of the week

People claim that if you go shopping around for a vehicle in the first few days of the week, you will most likely get a better deal. The reason for this is that the majority of people who are looking for cars do so over the weekend and therefore if you were to attempt to make a deal the chances are slim. However if you go on a Monday when there are fewer people in the dealership, there is a chance that you will receive a better deal instead of having the salesperson walk off and serve someone else.

5.   Purchase a year end model rather than a new one

If you purchase a year end model, the idea is that you will save money as people lose interest on vehicles once a newer model has been introduced. In addition to this, car salesman will apparently want to sell of the older models in order to make space for the newer models and therefore will give you a better deal.  What is more is that once a newer model has been designed and is in the process of manufacturing the new model, production on the older model ceases. This means that the car dealerships will want to get rid of the older models faster.

6.   Look for repossessed vehicles

With the economic downturn that occurred, many people unfortunately defaulted on their vehicle repayments. Therefore the banks took their cars back in to possession and sell them on auction for greatly reduced prices as they are only trying to make back the money still owing on the vehicle.

When’s the Best Time to Buy a Car? is an original post from: Car Auctions Africa

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These vehicles offer great value for money as the banks are only trying to recover what is still owing on the vehicle. As a result they will get an auction house such as Burchmores or Aucor to auction off the vehicle at one of their weekly auctions that are held nationwide. There are however some important bits of information that you need to know before you go to an auction:

1. All vehicles at auction come “as is”

This means that should you attend an auction and purchase one of the repossessed vehicles on offer and find a fault with the car after you have purchased, the responsibility is yours to fix it. You cannot take a faulty car back to the auction house if there is something wrong with it as you would be able to had you bought from a dealership. Although this may sound harsh, it is necessary as there are thousands of cars that are auctioned off weekly and as a result, the banks do not have the time or money to spend fixing the vehicle. This therefore leads me to my second point.

2. Take someone with you to inspect the car

As mentioned above, the cars come as is. It is therefore imperative that, before you raise the paddle to bid on any vehicle that may take your fancy, you should take an auto electrician or mechanic with  you to view and inspect the car before the auction begins. There is usually a day that is held either a day or two before the auction in order to view and inspect the properties.

3. You cannot test drive the car

If you are thinking that you can test drive a vehicle on auction before you purchase it, then you would be wrong. It is therefore important that you test drive the same vehicle from a dealership before purchasing to ensure that what you are spending your hard earned money is not a waste of money.

4. You have to have a deposit

Unlike purchasing a car from a dealership, you have to have a deposit to put forward on a vehicle that you want to purchase. This deposit secures the vehicle for you if you are still awaiting finance approval. If you purchased a car from a dealership on the other hand, you would be able to take the car without a deposit and would have to pay a balloon payment at then end of your instalment period.

5. Go in with a fixed budget

The reason the cars that you are bidding on at auctions are so far below market value is because the previous owners could not afford to pay for the finance repayments anymore. One of the main reasons that this happens is because people purchase cars out of their price bracket. So when you attend an auction, you have to go in there with a fixed amount that you are looking for spend if you find repossessed vehicles at Nedbank auctions.

Find Repossessed vehicles at Nedbank Auctions is an original post from: Car Auctions Africa

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Although we are out of the recession, there are still thousands of cars being repossessed every year and this can be attributed to a number of factors. One of the major factors is that people are buying well beyond their means as they now have 72 months in which to pay off the car and think that they can afford the vehicle when they really cannot.

As a result, after six years of paying off the vehicle, they are still stuck with a massive balloon payment that is more than what the car is now worth.  A balloon payment generally occurs when no deposit has been paid upfront for the vehicle as you are no longer required to make a deposit on a vehicle. In addition to this, the more expensive the car is, the more expensive it will be to insure and service it and this further results in the owners not being able to trade in their cars for newer models and as a result causes more and more vehicles to be repossessed.

Therefore if you are looking for a new personal vehicle or a fleet of vehicles, then FNB repossessed vehicle sales may be something that you should consider. You can get great quality brands such as Audi, Toyota, Mazda, and BMW, all at greatly reduced prices because of the fact that they have lost a large portion of their value when they were repossessed. There is however some words of caution that need to raised before you attend an auction.

1. Do not buy beyond your means! As mentioned above this is one of the main reasons that cars are repossessed. Many people would like to believe that in six years time, they will be able to afford the balloon payment on the vehicle as they will be earning more, be more successful etc. However a harsh reality of life is that this is mostly not the case. It is therefore important that you work out your budgets carefully and that you do not spend more than you can. So ignore the Ferrari on the showroom floor, that car is there for the same reason as to why you are opting for something cheaper.
2. The cars come as is. This means that should you purchase a vehicle FNB repossessed vehicle auction, it is always imperative to take a qualified mechanic to inspect the car before you purchase. Neither the banks nor the auction house are responsible for any problems that may occur once it has left the showroom floor.  Try and see if there is a vehicle that you can purchase that is still under warranty as this is the safest bet.
3. Try and gather up a deposit before you purchase. This way you will not be hit with a giant balloon payment at the end of instalment period.
4. If you can afford to pay the car off over a shorter period of time, do so. Do not take an extended instalment period as this can cause problems in the future.

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The purpose of the auctions held in SA by Burchmores is to handle the sale of vehicles on behalf of their vendors and the majority of their customers are businesses such as finance and leasing houses, rental companies, and fleet operators. At any given point this auction house has over 2000 vehicles available from new cars to salvage vehicles. This means that no matter what you are looking for, you will be able to find something at Burchmores to suit your needs. Along with the auctioning of vehicles, this company has realised that there was an opportunity for them to provide finance on the vehicles being auctioned so they now offer this service too.

Today, Burchmores has auctioned off over 90000 vehicles which should tell South African’s that they mean business. You can either purchase a vehicle at auction or you can purchase directly off of the floor. The majority of the vehicles on auction are sourced from the banks by means of repossessed vehicles but other sources include fleet disposals or trade ins by companies. For those of you who are interested in attending an auction, they are held twice a week at their three branches in Sandton, Cape Town, and Durban.

Burchmores Special Offers on Cars for Sale is an original post from: Car Auctions Africa

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At this stage you may think that buying a repossessed vehicle is not a great idea at all. You may ask yourself questions like:

• Are repossessed cars in good condition?
• Am I buying a car for a good price?

The good news is that your wallet will be smiling because the highest bidder determines the prices. If you think it is too high then you can back off and think about the next car you want to bid for.

Consider the current financial climate, where individuals have over-extended themselves and are now in really bad financial shape. The banks have repossessed these vehicles because of the agreements that were in place but were not honoured. The chances of you finding a vehicle in good shape are very high.

The question is, where are these centres and how frequently do the auctions occur? It is very easy information to find. You will need to go to Absa’s website, www.absa.co.za. Once you are there, navigate to their auction centres section and there you will find all the information you need. From dates of upcoming auctions to the locations of the repossession centres.

Not only that but you can download the catalogue of the repossessed vehicles which will be on auction. This is great news for the following two reasons:

• You can browse the cars and see what you like ahead of the auction. You do not have to waste your time by going to the auction of the selection of cars is not up to your liking.
• You also have access to the catalogues from the other auction events. If you see a vehicle you like, and do not mind traveling a little bit, then you can head to one of these centres.

But it’s not all completely about the cars at the Absa repossessed vehicle auction events in South Africa. You also have access to sound financial advice even before you have bought your new vehicle.

These Absa repossession centres can offer you one of the following financial options:

Installment Sale

• This is a very straightforward option.
• Absa will lend you the money for the car you want.
• You and Absa will determine the payback period based on the national FICA requirements and your financial status.

Lease Agreement

• This option allows individuals more freedom as it allows the individual the flexibility to change vehicles.
• This option allows you to drive one car for a period of time and then change to another without too much fuss.
• In addition, you are able to fix your costs for the duration of the agreement.
• At the end of the agreement, you have the option of being able to buy the vehicle.

Rental Agreement

• At the beginning of the agreement, you and Absa agree on a period of time which you will rent the car from them for and at no stage will you be the owner of the car
• The bonus of this option is that you do not need to concern yourself with the pitfalls that come with vehicle ownership.
• Once you are at the end of the agreement period you have three available options:

1. 1. Renegotiate for a further term
   2. Consider buying the vehicle
   3. Simply hand it back to Absa.

The Absa repossessed vehicle auction events in South Africa are very easy and a simple way to pre-select and consider vehicles as well as receive additional finance information if you so wish.

Absa Repossessed Vehicle Auction Events in SA is an original post from: Car Auctions Africa

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