rules will govern the auction. Please make sure that you have read
the rules and that you
understand it. The rules comply with the provisions Section 45 of the Consumer Protection Act 68 of
2008 (CPA) and the Regulations promulgated in terms of the CPA (Regulations).
1. Definition In these rules
1.1 ‘‘auction’’ means a sale where potential buyers get invited to bid on a vehicle and include a sale where bids are suggested. Furthermore it also includes a sale in execution of or execution to a court order, to the extent that the order states that the sale is to be conducted by means of an auction;
1.2 The auctioneer is MYCARS ASSET DISPOSALS CC (Reg no 2005/100521/23), trading as MyCars.co.za. The auctioneer has a trust account into which all monies will be paid for the benefit of the Seller, minus the agreed commission, as required in terms of section 21(2)(h) of the Regulations to the Act.
1.3 “bidder” or “you” means the individual who intends to bid on the auction with the purpose to become the buyer of the vehicle in exchange for the bid price;
2.1 When vehicles are put up for sale by auction in lots, each lot is, unless stated otherwise, regarded as the subject of a total separate transaction.
2.2 The auctioneer can withdraw any lot before it is sold.
2.3 Any reference to Seller, herein contained, is made to the Standard Bank of South Africa Limited as registered owner, or legally entitled, through a court order, to dispose of the vehicles which have been advertised and form part of this auction.
3. Start and delay
3.1 The auction will start at the indicated time.
3.2 MyCars auctions may be held over a number of days and is subject to Reserve unless otherwise indicated. An auction is deemed to have commenced once the first bid is made.
3.3 The auction will not be delayed to enable any specific person or more persons in general to take part in the auction.
3.4 Bidders need to register for each auction as provided for in Regulation 30(2) of the Act which requires the following:
a. Full names, identification or passport number, age, physical address, internet protocol address, and where applicable, login code or name and password; and
b. The details of the means by which payment will be effected.
3.5 Where bids are submitted close to the end of the Auction the auctioneer can decide to extend the auction to afford all bidders sufficient time to submit their bids. If a registered bidder makes an offer within the last 2 minutes of an auction, the auction can be extended by a couple of minutes as indicated to enable other registered bidders to increase their bids.
4. Bidding on behalf of someone else
4.1 If you want to bid on behalf of someone else, you need to supply a letter that should comply with Regulation 26.3 of the CPA and clearly authorizes you to bid on behalf of the other person.
4.2 Both you and the person on whose behalf you want to participate need to register for the auction beforehand and provide proof of identity as well as residential address in accordance to the requirements of the Financial Intelligence Centre Act 2001.
5. Bidding process
5.1. The auctioneer will give notice of:
5.1.1 A reserved or upset price; or
5.1.2 The right to bid by or on behalf of the auctioneer or owner.
5.2 By law, unless notice is given in advance to indicate that the sale by auction is subject to the right to bid by or on behalf of the auctioneer or owner, the auctioneer or owner may not bid or use another to bid at the sale; and may not accept any bid from an individual mentioned in this clause.
5.3 You have a legal right to approach a Court to declare the transaction fraudulent, if any violations to clause 5.2 occur on our behalf.
5.4 During the auction, the auctioneer will only announce the reason for the auction if it’s not the accustomed and voluntary disposal of goods by the owner.
5.5 The bidder of the highest accepted bid will be announced the purchaser of the vehicle.
5.6 A sale by auction is only complete when the auctioneer announces its completion in a customary manner like the fall of the hammer; and until that declaration is made, a
bid may still be retracted.
5.7 The Auctioneer shall have the right to withdraw any vehicle or lot prior to it being sold.
6 Role of the auctioneer
6.1 MyCars.co.za act as an agent for the seller and will not legally be responsible for any claims and/or damages and/or legal disputes between the seller and the purchaser resulting from the goods.
7.1 If required, a deposit shall be made by every bidder which shall be returned, on request, to the bidder if the bid is not successful.
7.2 If the seller defaults where such deposit has already been paid to MyCars.co.za, we shall immediately refund the deposit to you.
7.3 If the successful bidder defaults in any way in the purchase of a vehicle where such deposit has already been paid to MyCars.co.za, the deposit will be forfeit.
8.1 Should any dispute arise between two or more bidders the lot may be put up for auction again or the auctioneer may identify the purchaser.
8.2 Should the auctioneer commit any bona fide error while conducting the auction such mistake will be rectified but not considered binding upon the seller or purchaser.
8.3 The Auctioneer’s decision will be final, provided that the auctioneer always act reasonable.
9 These rules do not:
9.1 exclude legal responsibility in the case of inaccurate information provided in the advertising of the auction.
9.2 exclude liability in the case where the requirements of the Regulations of the Consumer Protection Act 68 of 2010 are not met by the rules of auction.
9.3 exclude the right of inspection by the bidder/buyer.
9.4 contain any qualification, reservation or reduction of the requirements of the Regulations unless clearly provided for.
10 Specific rules relating to the auctioneer:
10.1 Any amendments made to the rules of auction will be announced by the auctioneer at the auction; by pointing to the correct rules of auctions via a link.
10.2 Should the auctioneer who signed these rules be unable to conduct the auction, the person who conduct the auction on his or her behalf is deemed to have certified
the rules of auction.
10.3 The auctioneer is personally responsible for the contents of the rules of the auction applicable to the specific auction.
11 These rules of auction need not be read and examined at the auction if:
11.1 The rules were available 24 hours prior to the auction;
11.2 In the case of a closed auction the information was presented to the closed list of individuals attending the auction.
12.1 The bidder’s record and trade roll, both as discussed in the Regulations, will be available for inspection during normal business hours; free of charge.
12.2 The total cost of advertising and conducting the auction is an amount of R 3500.00 per vehicle.
12.3 The auctioneer reserves the right to accept multiple offers. If the successful bidder does not produce guarantees within the allotted time, the next bidder will be accepted.
12.4 The bidders’ record, as contemplated in Regulation 26 of the Act, and the vendor roll, contemplated in Regulation 28(4) of the Act, are available for inspection during normal hours without the charge of a fee.
12.5 MyCars Auctions Physical Address : 373 Timothy Street, Waterkloof Glen, 0081
12.6 Names of auctioneer(s) : Johannes Louis Wilhelmus De Jager
12.7 Contact number(s) : 0861 SBCARS
12.8 The Auctioneer certifies that the auction rules to the best of his knowledge meet the requirements of regulation 21 of the Consumer Protection Act.
12.9 Signed copies of these rules can be requested in writing from MyCars.co.za