If you are looking for auctions selling repossessed cars, you are basically just looking for cars that are in good condition that are being sold at reasonable prices. When someone is unable to purchase vehicles from their own pockets, they will seek finance assistance from the bank. They will have to pay the bank back the money they borrow, but if they are unable to do that the bank will repossess the vehicle and put it up for sale, sometimes at an auction. This is where you will get good cars at good prices, but you have to be quick.
The vehicles that are connected to bank repos at all auctions selling repossessed cars will not be brand new, but rather pre-owned, so keep that in mind before buying. Many people that have car dealerships like to shop at these auctions so that they can buy cars for their wholesale as they are cheaper when they are sold under these circumstances. However, only those who sell pre-owned vehicles will shop at an auction like this one and be interested in the cars they have for sale. To get finance assistance isn’t always easy when you want to buy a brand new car, so considering cars sold under bank repos conditions will be easier and more affordable.
These days it is not easy for everyone to purchase a new vehicle and this is why these auctions are becoming so popular, people are looking for alternatives to spending so much money on a good vehicle. These auctions are held on a regular basis, your nearest bank should be able to provide you with more detailed information. Whether you are looking to buy for wholesale reasons or you want a car for yourself, you are sure to find something that interests you at auctions selling repossessed cars.
Which Banks in South Africa Hold Vehicle Auctions?
So which banks in South Africa hold vehicle auctions? Instead of going and searching the internet for the answer, you will be glad to know that you will be able to find that Nedbank, Standard Bank, FNB and ABSA all hold regular auctions. The other great thing about this is that these events are held regularly throughout the country. Burchmores is one of the top auctioneers and they have branches around Johannesburg, Cape Town and Durban. They also run regular events in these regions. The other thing about Burchmores is that they hold repo auctions that occur once a month in the Bloemfontein, Nelspruit, Port Elizabeth, Pinetown, Plolkwane and Knysna areas.
So there you have it, the answer to your question: which banks in South Africa hold vehicle auctions? – and the answer is again, all major South African banks. As long as you know that when you attend these auctions that the cars that are repossessed are vehicles that have been confiscated from the owners due to non payments and debt problems. The other thing that you have to remember is that sometimes owners of the vehicles neglected to service and repair the vehicle when it was necessary. As long as you know that you will be bidding on the car and buying it as is, then there is no reason why you should not attend these auctions that our major banks hold regularly.
If it will make you feel better, have a mechanic accompany you to the event and ask him to inspect the vehicle before you go inside to bid. You will find that there is a showroom where you can view the vehicles before bidding. So this is your best opportunity.