BIDDERS DRIVE UP PRICES AT NEDBANK AUCTION

MBABANE – Auctions where premium vehicles are sold at low reserve prices than what the retail market has to offer continue to gain interest among bidders.

This was evident at the Nedbank auction where competitive bids of motor vehicles on offer were escalated by more than 100 per cent from the reserve prices. One such example where the nearly 20 people who attended the auction witnessed fierce competition was for the Kia Rio 1.2 MT with only 21 763 on the mileage clock, whose hammer fell on E160 000 from a reserve price of E91 000 despite being one of the lowest buys at the auction.

Regardless of the highly contested bids for some motor vehicles, others, especially the pricey assets such as the Freightliner Argosy 14.0 Detroit Diesel was sold at its reserve price.

The horse truck was the most pricey item on offer with a reserve price of E800 000.
During the sale, conducted by Auctioneer Melusi Qwabe at Afritool at Sidwashini (past Interfreight opposite World Vision) yesterday, bidders grabbed the opportunity to own SUVs (Sport Utility Vehicles), a horse truck, bakkies and the trending Ford Ranger Double Cabs as almost all vehicles on offer were sold.

It was only a few bakkies and sedans such as the Ford Bantam and Ford Trend sedan which did not attract offers. Elaborating as to what  might have led to the competition for some vehicles while others attracted only a single bid and eventually being sold at the reserve price, Qwabe explained that the highly contested vehicles had very low mileages. He mentioned that most of the assets sold were in good running condition and well maintained.  

   
Rexy’s has been duly instructed by Nedbank Swaziland Limited to dispose nearly 15 motor vehicles.
The auction, which started at 10:30am, lasted for about 45 minutes.
To participate, bidders were expected to pay a refundable deposit of E3 000.
 

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