Wesbank Midrand Auction
Whether you’ve won a bid on a vehicle, or you’re going to a WesBank auction for the first time, make sure you know the rules.
Wesbank Midrand Auction Rules
Any personal information belonging to you or that of any third party that is processed through the collection, receipt, recorded, organization, collation, storage, updating or modification, retrival, alteration, use or such other means as defined in the Protection of Personal Information Act, 4 of 2013, as provided by you to FirstRand Bank Limited, including its division, subsidiaries and affiliates, shall be processed for legitimate business purposes in the provision of any products or services herein.
The rules of this auction comply with section 45 of the Consumer Protection Act, 68 of 2008 (“the Act”) and the regulations thereto.
In these rules, “auction” includes a sale in execution of or pursuant to a court order to the extent that the order contemplates that the sale is to be conducted by an auctioneer.
In the event that a further risk assessment is required WesBank reserves the right to conduct such assessment after the auction process is concluded and may cancel the sale transaction should WesBank no longer deem the transaction to fall within an acceptable threshold of our risk appetite to conclude the sale.
Should the reason for the auction be for any reason other than the normal and voluntary disposal of the goods by the owner, it may be announced by the auctioneer.
All persons intending to bid must register prior to the auction and must provide a copy of their identity documents and proof of residence. A bid taken from an unregistered person will not be valid.
The auctioneer’s vendor roll is final.
Both the bidder roll and vendor roll will be available for inspection during normal hours free of charge.
FirstRand Bank Limited, as the owner or auctioneer, as the case may be, may bid at the auction.
Any person attending the auction to bid on behalf of another person must produce a letter of authority which meets the requirements of regulation 26(3) of the regulations to the Act.
Any person bidding on behalf of a company must produce a letter of authority on the letterhead of the company as well as a certified copy of the resolution authorizing him or her to bid in accordance with regulation 26(4) of the regulations to the Act.
The auction will commence at the published time and it will not be delayed to enable any specific person or persons in general to take part.
The highest accepted bidder will be the purchaser. Should any dispute arise between two or more bidders, the lot may be put up again and resold, or the auctioneer may declare the purchaser. The auctioneer’s decision is final.
A sale by auction is complete when the auctioneer announces its completion by the fall of the gavel (“hammer”), or in any other customary manner. Until that announcement is made, a bid may be retracted.
The auctioneer has the right to demand payment for each and every lot as soon as each sale is confirmed and may put the same goods up for sale if not paid for.
Each and every lot shall, at the fall of the gavel (“hammer”), be considered as delivered and no lot can be removed until paid for and without the sanction of the seller.
All funds will be paid directly to the seller and, therefore, the auctioneer does not deem it necessary for the seller to have a trust account.
The terms of payment are electronic transfer or bank guaranteed cheques only unless otherwise stated by the auctioneers.
The auctioneer may, for any reason whatsoever, have the right to withdraw any lot, even after the sale is confirmed.
A refundable deposit of R 5000.00 is to be lodged by the bidder on registration, but will be forfeited if a purchase is not paid for.
The seller does not guarantee the quality of the goods and goods are sold “as is”. The seller has no duty to repair the goods sold at auction.
The bid price EXCLUDES VAT, unless announced otherwise by the auctioneer
A cash deposit fee of 0.8% will be charged on all cash deposits paid into an account held in the name of WesBank, a division of FirstRand Bank Limited, which will be provided upon request.
Please note FirstRand Bank Limited’s Staff may bid at the auction and they must register as ordinary buyers that are equally bound by the rules of auction.
Should you require a breakdown as stipulated in regulation 20(2)(i)) of the Act, please request this directly from the offices at the Auction site.
For enquiries, please contact Hennie Landman on 010 252 2127 or email [email protected]