STANDARD BANK VEHICLES AUCTION RAKES IN E1.2 MILLION IN 1HOUR

MBABANE – The Standard Bank motor vehicle auction raked in E1.2 million within an hour.

Nearly 40 bidders showed up at the auction where a tractor, utility bakkie, Sport Utility Vehicles (SUVs) and executive sport sedans went under the hammer.  The auction was conducted by Rexy’s Investments Director Melusi Qwabe.
The auction was conducted at the Standard Bank depot at the Matsapha Industrial Site by Turbo Diesel starting from 10:30 am. Bidders were expected to pay a refundable deposit of E3000 by cash or bank guaranteed cheque to participate at the auction. Auctioneer Melusi Qwabe explained that what attracted bidders to the auction was the fact that most of the vehicles were in good condition which effectively made buyers to find value for their money. It should be mentioned that all vehicles sold were in a good running condition. It had also been stated the vehicles were elegible for financing by the bank.

“Another factor which keeps the number of people who attend auctions rising is the fact that most goods and assets are sold at prices far less than market value. As buyers save money, they are then able to divert funds into other needs especially in light of the tough economic times,” Qwabe observed. It should be mentioned that the auction was highly contested as most of the buyers opted for vehicles with less mileage. One of the most viable buys was a good as new Jeep Compass, 2.0 CVT 2WD which had only travelled for 26 000 kilometres which was auctioned for E250 000. The total sum of money  generated at the auction is subject to confirmation of offers which were below the reserve price which had been stipulated by the auctioneer in consulation with the bank. 

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