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Guide to Timed Online Auction

In order to view our online auctions go to bid.cahi.co.za.

Here you will see our auction calendar with all the scheduled online auctions listed:

Click on “Create Account / Login” where you will create your user account. This account (username and password) will then be used for all future auctions.

Once your online bidding account has been set up, click on “Login” to log into your account. Now you can browse all the auctions listed and find the auction you are interested in.

Each auction’s information can be found if you click on “Auction Information” on the right hand side of the screen. This includes all information including deposits, commission, banking details, fica requirements and much more!

Once you have decided to register for an auction, click the ‘Register to bid’ button, agree to the general auction terms and conditions and click on “confirm”. Your profile would then say “Pending auction approval”.

You will need to send the following to auctions@cahi.co.za for final approval:

  1. Proof of payment of the specified refundable registration deposit.
  2. Fica documents
  • If purchasing in your personal capacity, a copy of ID and recent (not older than 3 months) proof of residence is required;
  • If purchasing in your company name a copy of the company BRNC and proxy ID copy.
  • If purchasing where the person is not a RSA citizen, a copy of your traffic registration certificate & proof of identity.

Once the above documentation has been received your registration will be approved and you can start placing bids as soon as the auction has opened for bidding.

Please ensure you register at least 24 hours in advance of the auction closing to ensure you are approved in time.

Each lot can be bid on ‘online’ over a defined period of time (typically 24 hours).  At the end of the period, the bidder who has submitted the highest bid wins the lot, provided the bid exceeds the reserve price should it be sold subject to confirmation (STC).

All timed online auctions have an end-time displayed on the lot page. You can bid at any point from when the auction opens to when it closes.  On the final day, lots close sequentially at regular intervals (normally 1 or 2 lots every minute). A count down timer is visible on each lot, showing the specific lot’s closing time.

 

Placing a bid:

So you’ve found the lot you’d like to bid on.  On screen you will see the ‘Current bid’ as well as the “asking bid” amount (if there are no bids on the lot yet the ‘Starting bid’ amount will show).

You can then either click on the blue button with the requested bidding amount and agree to your bid or you can enter your maximum bid.

Entering your maximum bid will in other words be the most you are willing to bid using our pre-determined bidding increments, and the system will do the rest.

The system will bid intelligently for you, bidding just enough (incrementally) to keep you in the lead up to your maximum bid.  

When you place your bid, you’ll see on screen immediately if your bid is high enough to make you the ‘highest bid’.  If at any point someone bids higher than your maximum bid, the on screen message will change to “You have been outbid” and we will also send you an ‘outbid alert’ via email to let you know, so you can decide whether to bid more. Please don’t rely on the email alone, rather check on the item periodically.

 

Sniping, lot extensions and how to keep track of multiple lots 

If a bid is placed within the last two minutes of the defined time period, a ‘lot extension’ kicks in and keeps the lot open for a further 2 minutes.

This is to stop ‘sniping’ – a practice used by bidders to place bids in the last few seconds to prevent other bidders being able to respond before the auction closes. 

Please note that the extension of one lot’s closing time does not affect other lots’ closing times. However you can keep an eye on more than one lot by going to your watch list.

 

After the auction has closed

After the auction has finished the lots you have won will be invoiced to your email address.

All due payments will have to be done within 24 hours after closing of the auction and collection of assets will have to be done in the time specified for each auction.

Please note:

  1. To avoid disappointment, please ensure you register for an auction at least 24 hours in advance. 
  2. Place bids timeously! Don’t wait for the last minute or seconds as we cannot be held liable for any delays and uptime on the system!
  3. Starting bids and bidding increments are pre-determined by the auctioneer and can be reduced or changed during the auction.
  4. Remember that at an auction it is up to you, the bidder, to satisfy yourself about the condition of an item. You are responsible to view the items on the specified viewing days and familiarise yourself with the condition. Please check the relevant auction details for viewing times and COVID-19 restrictions. 
  5. Make sure you are aware of any additional charges on top of the hammer price (ie the winning bid amount) such as buyer’s commission and VAT. In some cases there are additional fees such as documentation fees etc.
  6. Always read the auction Terms & Conditions before bidding.

 

For any further assistance or information, please feel free to contact us at:

012 940 8686 or auctions@cahi.co.za.

 

Download PDF version of the Guide to Timed Online Auctions HERE

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