Home | Business | SWAZIBANK AUCTION RAKES IN E1M IN 1HR

SWAZIBANK AUCTION RAKES IN E1M IN 1HR

Font size: Decrease font Enlarge font

MBABANE – The SwaziBank motor vehicle auction raked in nearly E1 million in an hour.


About 40 entrepreneurs, especially those in the construction industry and individuals who were keen to own motor vehicles with running engines at affordable prices, made sure they did not miss the auction conducted yesterday, where over E975 000 was generated from sales.  


The auction was held at the SwaziBank depot at Matsapha Industrial Sites at 10:30am and ended at around 11:35am. The fairly attended auction followed viewing of the vehicles conducted on Tuesday between 10am to 3:30pm. To participate in the auction which was conducted by Rexy’s Investments Melusi Qwabe, bidders were made to pay a refundable fee of E3 000.


Judging from the number of people who attended the auction, Qwabe also attested to the observation that there has been an upsurge in number of people attending vehicle auctions, looking for value purchases - a trend which had translated into greater numbers of qualified and cash buyers at auctions.


He pointed out that in cash-scarce times, such as the current back to school phase, the speed and finality of auctioneering was a major draw-card for corporates and entrepreneurs.
“The low reserve prices of motor vehicles that were up for auction also provided one of the main reasons why the auction was fairly attended. Most of the people were determined to make a successful bid, which was pleasing to note,” said Qwabe.    

 

Comments (0 posted):

Post your comment comment

Please enter the code you see in the image: