Items in Cart:
(14 February 2011) On Thursday 17 February South Africa’s online marketplace and auction site bidorbuy.co.za marks a small milestone: the twentieth car will appear on a one day, R1 auction. The car in question is a 2005 Toyota Verso 180.
A R1 no-reserve auction means that the seller has to let go of the vehicle to the highest bidder, no matter what the amount is. According to the bidorbuy rules, there can be no reserve price with the R1 starting bid. To award such courage, bidorbuy promotes the one day, R1 car auctions on the site, free of charge.
The first car ever sold on bidorbuy from R1 was a second hand Audi 1.9 TDi way back in August 2007. After spending two day on the site, it went to the highest bidder for R124,000.
At that time, people were amazed at the seller’s courage, and many thought that it was a once-off affair. After a year without a R1 car auction, another seller placed a 2003 Mercedes-Benz CLK320 Cabriolet on a one day auction with the starting bid of R1 in October 2008. The auction raised enormous interest and the car went for R267,222.25.
From then on, the one day R1 car actions, always held on a Thursday, became a relatively regular feature on the site. The car that achieved the highest price on such an auction was a 2005 BMW M3 convertible, which sold for R343,000 in May 2010. The cheapest was a 1996 BMW, sold for R33,500 in March 2010. Usually, cars on one day R1 auctions go for between 20 to 40 percent below their market value.
Even though quite a number of sellers are willing to take the risk of a R1 auction, the majority of cars to be found on bidorbuy are listed in the classified format, which allows the prospective buyer to contact the seller and conclude the deal off the site. At any given moment, there are over 25,000 second-hand cars on offer, of (practically) all brands and makes. Judging by the numbers on offer, the five most popular makes are: Volkswagen, Toyota, BMW, Chevrolet and Mercedes-Benz.
Buying a car is an expensive undertaking. The bidorbuy CEO Jaco Jonker says that bidorbuy advises buyers who are shopping for used cars on www.bidorbuy.co.za to always exercise due caution and to proceed with the purchase only after inspecting the vehicle and confirming that the seller is the rightful owner.