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Why buying used vehicles makes sense?
Based on recent analysis by Transunion and Stats SA, used vehicle sales prove favourable in our
current market environment. In the last quarter of 2011, used vehicle price inflation dropped to
0.7% (its lowest level in two years) whilst new car price inflation rose to 4.0% which an increase
of more than 2.0% when compared to the previous quarter. Added to this, the volume of used
vehicle sales outperformed new vehicle sales for the year 2011.
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What is an online auction?
An online auction on MyCars.co.za was introduced specifically to comply with the Consumer Protection
Act. The online auction will have a definite closing date and time e.g. on a Monday at 12h00, where
after bids will be considered by the owner. An online auction awards the seller the platform to
showcase his vehicle on a world-class platform, giving access to a large buyer base. Buyers have the
ability to search and bid for their next vehicle in the comfort of their favourite chair.
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How regularly will auctions be held?
Bank repossessed car auctions will commence as soon as an advert is live. Each vehicle will be on
auction for a minimum of 1 day.
Privately advertised vehicles will be queued to join the next scheduled auction.
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Is there a reserve price on online auctions?
The online auctions will clearly indicate if an auction is a “no reserve” auction. All other
auctions will have a reserve price.
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Does MyCars.co.za know what the reserve price is?
No, MyCars.co.za act purely as a sale facilitator, and has no knowledge of the reserve.
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What are the requirements in order to participate in an auction?
Every bidder will have to register for a specific auction when making the first bid. The bidder will
be required to submit certain information of a personal nature in order to bid. This information
will be stored in the database, but will not be used for any purposes whatsoever unless permission
from the bidder has been obtained, as required in terms of the CPA.
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Will the highest bid be accepted?
The bidder will have to submit his / her best bid before the end of the auction.
The owner has the sole discretion to accept the best bid, which might not necessarily
be the highest bid. The best bid is determined by the amount of Deposit paid upfront vs.
finance required and the previous historical data of the behavior of the bidder i.e. if a
bid from a bidder was accepted previously, and the transaction fell through due to non-compliance.
Bids below a vehicles reserve will not be considered, reserve values are not shown and not known to
us.
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Can I nominate someone to bid on behalf of me?
Nominations in terms of the CPA will not be allowed.
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What happens if a car at the online auction is not sold?
The car will be scheduled for another auction, which could take the form of an online auction.
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How secure are my personal details on the MyCars.co.za website?
Very secure. Data you exchange with MyCars.co.za is kept on a secure server and never provided to
third parties.
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Can I stop receiving emails from MyCars.co.za, even if I asked to be notified?
To stop receiving emails when people make offers simply click on the “unsubscribe” link at the
bottom of any email. You need to click on the unsubscribe button once for every car you’ve made a
bid on.
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Who owns the cars that are on the online auction?
MyCars.co.za Private Auctions caters for any individual or company wishing to sell their vehicle by
means of an online auction. The owner of a particular vehicle will therefore be the registered
owners of the vehicle in question.
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Glossary of Terms
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Bidder
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Person who submits a bid
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Bid
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Indicates a price you are willing to buy a car for which could be accepted or
declined
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CPA
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Consumer Protection Act
Information of a personal nature in order to bid. This information will be stored in
the database, but will not be used for any purposes whatsoever unless permission
from the bidder has been obtained, as required in terms of the CPA.
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Selling your vehicle on an online auction is a revolutionary concept brought to you exclusively by
MyCars.co.za.
Very important factors in online sales are pictures and details of your vehicle. It is therefore of
utmost importance to ensure all details supplied are accurate and the pictures accompanying your advert
are at best possible quality.
Very important factors in online sales are pictures and details of your vehicle. It is therefore of
utmost importance to ensure all details supplied are accurate and the pictures accompanying your advert
are at best possible quality.
Ensure that your vehicle is thoroughly washed and aim to capture your pictures in good light or natural
sunlight. If you are taking your pictures in natural light, early morning and late afternoon are the
best periods in the day for photography.
Ok, so you are in need of new wheels but want the best possible deal which means the right car at the right
price.