Vehicle auctions are one of the best ways to get good deals at a bargain. This is one of the reasons why reputable vehicle auctions are a hot cake in the country.
In certain times, not all vehicles on auction are worth pursuing. For instance, there have been complaints that government vehicles that are sold at lows of Sh. 30,000 during auctions are nothing but shells of scrap metals.
This calls for proper due diligence before committing to buy. One of the most reliable channels in buying auction vehicles is through banks offloading distress vehicles also known as repossessed vehicles.
These vehicles, when repossessed, are stationed at various car yards where prospective buyers can visit with their mechanic for due diligence.
In the vehicles auctioning market in Kenya, you can find some good deals through the Co-operative Bank. The bank has a portal dedicated to selling auctioning vehicles at very fair prices. How does this platform work and how do you go about placing a bid? Let us look at the step by step process:
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Here is how the process of buying Co-op Bank’s vehicles on auction works:
CREATE YOUR ACCOUNT
You will be required to create an account using your Name, ID, valid email address and Telephone Number.
YOUR ACCOUNT PROFILE
Your profile contains information on the vehicles you have bid, bid amounts and your successful bids.
BID FOR A VEHICLE
Once you have registered and logged in you can view the vehicle you would like to buy and place your bid.
You can bid for as many vehicles as you like but only one bid is accepted per vehicle.
The bidding window closes after 14 days, once this period lapses you will be unable to place your bid.
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BID ACCEPTANCE
We will notify you via email if your bid is accepted and provide you the account details to remit your non-refundable bidding fee and bid amount. You will have 1 hour to bank the bidding fee of ksh 1,000 and a further 24 hours to bank the full bid amount. Payments should be made directly into the bank account provided.
VEHICLE RELEASE
The Bank will confirm receipt of your payment and immediately issue you a letter authorizing release of the vehicle from the yard. You will thereafter collect the Logbook and necessary documentation to facilitate transfer of the motor vehicle.
The terms and conditions you will need to bear in mind and fulfill are as follows:
- Vehicles are sold ‘As is, Where is’ basis
- Any offer received after bid closing date as captured in the advert will NOT be considered
- An offer letter shall be issued to successful bidders subject to payment of a non-refundable fee of Sh. 1,000/= (bidding fee).
- The bidding fee is to be paid within 1 hour after being contacted.
- A successful bidder will be required to pay the bid amount in lump sum within 24 hours after receipt of the letter of offer.
- All communications will be done through email provided by the bidder
- Viewing of the motor vehicles to be done at the specified storage yards before placing a bid.