First Time Buyers

What costs do I need to be aware of?
  • 10% commission on the fall of the hammer, excl. VAT
  • 15% VAT (VAT not applicable to all assets)
  • R2000 DOC fee, excl. VAT, on all items with registration documents

*There will be an extra online bidding fee charged on all online bidding through 3rd party companies.

How much will I pay?

The majority of our assets are not reserved; therefore, we will sell those assets for any amount as long as there are multiple bidders and not just a single offer.

Why should I buy on Auction?

On Auction, the bidder has the option to bid any amount they wish; therefore, assets can be bought at a significantly lower price in comparison to market related prices.

If I am unable to make the auction, can I bid telephonically?

Yes, you can bid over the phone provided that you have followed all procedures and regulations in order to register for the Auction.

If I win my bid, when do I need to pay?

Unless another arrangement has been made with management, we require payment from you within 48 hrs of the Auction closure.

 

What happens when I am the highest bidder?

All bids are binding. Once you have bid on an asset and you are the highest bidder, the asset becomes yours and you are liable to pay for that asset.

Can I buy at your auctions using finance?

Yes. However, arrangements need to be made with your financial institution prior to the auction.

Pre-approval for Finance must be completed and a 10 % deposit is payable for all assets purchased the day of the auction.

What do I need in order to register?

Nuco Auctioneers require a R20 000 registration deposit (refundable) either by EFT or by swiping your cheque/credit card onsite.

We also require your FICA documentation i.e. a copy of your ID and proof of residence (water and lights, electricity bill etc.).

How do I register to bid at a Nuco auction?

You can register on auction day before the auction starts. One of our many registration staff will take care of you. On arrival, you will be given an auction buyer’s number that you will use to bid with.

You can also phone through to our offices at least 2 days in advance and complete your registration telephonically and pay your deposit by way of EFT.