Place of Auction: Shop 2, Posthouse Centre, Corner of Posthouse and Main Street, Bryanston, Johannesburg South Africa

Date and Time of Auction: 3rd December 2022 at 11:00 am

  1. Availability of the Rules of Auction

The Auctioneer hereby confirms that these Rules of Action were made available to the general public at least 24 (twenty-four) hours prior to the commencement of the Auction. As a result, each registered bidder was afforded access to these Rules of Auction within at least 24 (twenty-four) hours prior to the commencement of such Auction, each bidder acknowledges and agrees that they have been granted adequate access to these Rules of Auction.

  1. Details of the Auctioneer
    • Joff van Reenen representing on behalf of Creative Rides Collectables Car Auctions
    • The Auctioneer hereby confirms that he or she is not disqualified to act as such in accordance with Regulation 23 of the CPA.
  2. Details of the Auction House

Creative Rides Collectable Car Auctions (Pty) Ltd, registration number 2021/128516/07, situated at Shop 2, Posthouse Centre, Corner of Posthouse and Main Street, Bryanston, Johannesburg South Africa

  1. Mandatory Information Required in terms of the Consumer Protection Act 68 of 2008 (“CPA”) and the Regulations of the CPA

All mandatory information relating to the CPA and the Regulations can be found by clicking on the following link: https://www.gov.za/sites/default/files/32186_467.pdf 

  1. Compliance with Section 45 of the CPA of the Regulations

These Rules of Auction comply with Section 45 of the CPA and the Regulations.

  1. Wording of Section 45(2) of the CPA

Section 45(2) of the CPA states as follows: “When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.”

  1. Commencement and Delay of Auction

The Auction shall commence at the time published, 3rd December 2022 at 11:00 am, and will not be delayed to enable any specific person or more persons in general to take part in the auction.

  1. Attending the Auction on behalf of another Person
    • Any person who attends the Auction to bid on behalf of another person must produce a letter of authority meeting the requirements of Regulation 26(3) in order to so bid on behalf of that person.
    • Regulation 26(3) states that the Auctioneer must ensure that a person who intends on bidding on behalf of another, produces a letter of authority expressly authorizing for he or she to bid on behalf of that person, and both that person and the person bidding on his or her behalf must meet the requirements of Regulation 26(2), by ensuring that every prospective bidder has registered his or her identity in the bidder’s record and such person has complied with the requirements of Chapter 1 of the regulations in terms of the Financial Intelligence Centre Act, 2001.
    • Any person bidding on behalf of a company must ensure that the letter of authority contemplated in clause 2 above appears on the letterhead of such company and must be accompanied by a copy of the resolution authorizing him or her to do so.
    • Any prospective bidder who fails to meet these requirements shall not be entitled to bid at the auction.
  2. Trust Account of the Auctioneer

The Auctioneer has a trust account into which all moneys will be paid for the benefit of the seller, minus the agreed commission.

  1. Reason for the Auction

The Auctioneer will, during the auction, announce the reason for the Auction unless that reason is the normal and voluntary disposal of goods by the owner.

  1. Registration of Bidders
    • Any person who intends to bid at the auction must register prior to the commencement of such auction in accordance with Regulation 26 (2), which regulation can be found by clicking on the following link: https://www.gov.za/sites/default/files/32186_467.pdf.
    • In order to register, all bidders must further read these Rules of Auction, comply with all FICA requirements as contemplated in Regulation 26(2), and provide proof of ID, residence and authority to transact on a formal letterhead (where necessary).
    • In respect of any online auctions, any prospective bidder must upload a valid proof of identity (a copy of an identity card or passport), statement of confirmation of age, internet protocol address, and a proof of residence no older than 3 months (utility bill, bank statement). The bidder must provide the details of the means by which payment will be made.
    • Each person at the Auction acknowledges and understands that in terms of the Regulations, an Auctioneer may not accept a bid from a person unless they are registered in accordance with the provisions of this clause 11.
    • Each person at the Auction acknowledges and understands that any bid taken from an unregistered person is invalid.
  2. Vendors Roll

The Auctioneer shall ensue that it compiles a vendors roll in accordance with Regulation 28(4), which vendor’s roll shall be available for inspection in accordance with clause 13 below.

  1. Inspection of Bidders Record and Bidders Roll

The bidders record and vendors roll required to be kept in terms of the CPA will be available for inspection free of charge during normal working hours at the offices of the Auction House.

  1. Advertising and Auction Costs
    • The Auctioneer hereby confirms that the Auction was advertised in accordance with Regulation 19 and Regulation 20 of the CPA.
    • Each registered bidder was afforded access to such advertisement within at least 24 (twenty-four) hours prior to the commencement of such Auction, and each bidder acknowledges and agrees that they have been granted adequate access to such advertisement within the requisite period.
    • The Auctioneer hereby confirms that no Vehicle was withdrawn at any time prior to the commencement of the Auction.
    • The costs of the auction are as follows:
      • Costs of Advertising: R 325 000
      • Costs of the event and conducting the auction: R 780 000
      • Total Costs: R 1 105 000

 

  1. Specific Regulations relating to Motor Vehicle Auctions
    • The Auctioneer hereby confirms that the particulars and statements required in Regulation 32 are attached to the Vehicle subject to the Auction and have been attached to such Vehicle at all times when the Vehicle was made available for inspection by prospective bidders in terms of rule 20.  
    • The Auction House has the information as required by Regulation 32 in its possession and this will be made available to a Bidder on request.
    • The Bidder acknowledges that they have had access to the information required in Regulation 32 of the Consumer Protection Act.

  2. Auctioneer’s Right to Bid on behalf of the Seller

Unless otherwise announced, the Auction House and the Auctioneer are entitled to bid on behalf of the seller up to but not exceeding the reserve price.

  1. Deposit

No bid may be made unless the Bidder has paid the registration deposit and provided their FICA documents to the Auction House. The registration deposit is refundable should the Bidder not make a successful bid.

  1. Objection to Rules

The Auctioneer is not required to read out these Rules of Auction prior to the commencement of such Auction unless: (i) these Rules of Auction were not made available to the public at least 24 (twenty-four) hours prior to the commencement of the Auction (as contemplated in rule 1); and/or (ii) the Auction is a closed auction and these Rules of Auction were not made available to all persons partaking in such Auction; and/or (iii) if the Auction is a physical auction, nobody objects to the non-reading out of these Rules of Auction after being invited by the Auctioneer to do so.

  1. Bidder Number
    • In respect of online auctions, all bidders will be allocated a bidder number which will be linked to their online profile.
    • In respect of physical auctions, the Auctioneer must provide a prospective bidder whose name appears on the bidder’s record with a bidder number before he or she may bid, as well as a paddle or other device to which that number is attached in such a way that it is clearly visible to persons present at the auction.
  2. Opportunity to Inspect the Vehicle

All bidders must inspect and be satisfied with the condition of all goods and/or lots sold by the Auction House at the Auction business site or on the Auction site. A bid shall be taken as proof that the bidder has inspected the goods and/or lots and has satisfied itself with the condition of the goods and/or lots for which it bids.

  1. Agreement with the Rightful Owner

The Auctioneer hereby confirms that it has entered into and concluded a written agreement with the rightful holder of the Vehicle subject to the Auction, which rightful holder has the right to sell such Vehicle, and the Auctioneer has been validly mandated to sell such Vehicle at the contemplated Auction.

  1. Conduct of Auction
    • In respect of an online Auction, such Auction shall be conducted via a video link from a virtual/electronic platform and the bidder acknowledges that he/she is satisfied that the virtual/electronic platform:
      • Meets all of the requirements in respect of an auction provided for in the Regulations or other applicable law;
      • Is generally available to anyone over the age of 18 years at any time of the day;
      • Provides high standards of security for electronic transactions;
      • Provides for easy access to all records prescribed in the Regulations.
    • In respect of a physical auction, such auction shall be conducted at the time and place as set out above.
    • No person may bid on the Auction unless they are a minimum of 18 years old and have full legal capacity to contract.
    • The conduct of the Auction is subject to the control of the Auctioneer who has the sole right to regulate the bidding procedure.
  1. Condition of the Vehicle
    • The Vehicles sold at the auction are sold “as is” without any warranty whatsoever. The successful bidder will have no recourse (claim) whatsoever against the Auctioneer/Auction House including any latent or patent defects present in the vehicle at the fall of the hammer. By entering a bid, the successful bidder confirms that he or she was given enough opportunity to inspect the vehicle.
    • The Auctioneer/Auction House has no obligation to test the vehicle to determine whether it is roadworthy or to register the Vehicle in the name of the successful bidder. Should this be required, the Auctioneer/Auction House will be entitled to charge an additional fee for such services, which will be due and payable on demand and must be paid before the delivery of the Vehicle to the successful bidder.
    • The successful bidder will, prior to the sale, check and determine whether there are any defects in the Vehicle and any bid by a bidder will be considered as acceptance of the Vehicle with any patent or latent defects in the Vehicle’s condition at the time of sale.
    • The Auctioneer/Auction House does not warrant the odometer reading as correct as they do not know the full history of the vehicle. The Auctioneer/Auction House can further not warrant that the Vehicle has never been damaged or, if so, that it has been repaired to the manufacturer’s specifications.
    • The Auctioneer/Auction House does not warrant that the Vehicle purchased on auction will be usable and durable for a reasonable period, having regards to the use to which it would normally be put and all surrounding circumstances of its supply.
  1. Conditions of Auction and Sale
    • Each Vehicle shall, unless there is evidence to the contrary, be regarded to be the subject of a separate transaction.
    • Unless otherwise announced, all lots are sold subject to a reserve price and a 5 (five) day confirmation period (“Confirmation Period”) in favour of the seller.
    • The sale in respect of any lot is complete when the Auctioneer announces its completion by the fall of the hammer and the statement “Sold”, and until that announcement is made, a bid may be retracted. The fall of the hammer signifies acceptance by the Auctioneer of the highest bid in a sale “with reserve”. In such circumstances, and in accordance with rule 5 below, the offer is deemed to be accepted by the Auctioneer on behalf of the seller, save that the seller may, without any prejudice whatsoever to such seller, rescind such acceptance within the Confirmation Period.
    • The Auctioneer shall invite bidders to make successively higher bids for the Vehicle being auctioned and the Vehicle will be sold to the highest bidder subject to these Rules of the Auction.
    • Every bid shall constitute an offer to purchase, which the seller/Auctioneer may accept or reject in their absolute discretion.
    • If no bid equals or exceeds the reserve price, where applicable, the vehicle/asset may be withdrawn from the auction. The seller may be entitled to instruct the Auctioneer to accept any lower bid.
    • Once goods and/or lots have been sold to the successful bidder without reserve or confirmed by the seller in an auction with reserve, the sale of the goods and/or lots is irrevocable and cannot be withdrawn. The successful bidder is immediately liable, at the closing time, for all fees, charges and/or purchaser commission to be paid to the Auction House.
    • The successful bidder shall be liable for the settlement of purchases of goods and/or lots failing which the Auctioneer/Auction House or the seller, reserves the right to obtain the relief it is entitled to, including the amount to be paid, interest if applicable, legal costs and collection costs.
    • The successful bidder shall not be entitled to take delivery of any goods and/or lots until payment of the full purchase price of all goods and/or lots purchased on auction have been made to the Auction House and the successful bidder is in possession of an invoice from the Auction House stating same.
    • Where necessary and when applicable, a successful bidder requiring third party finance, shall be required to obtain pre-approval of the third-party finance to the value, or exceeding the value, of the goods and/or lots purchased on auction. In the event of a delay occasioned to obtaining third party finance by the successful bidder, the successful bidder shall be liable for all fees and claims stipulated in the Rules of Auction.
    • All payments must be made in South African ZAR currency, into the specific trust account nominated by the Auctioneer/Auction House and provided to the successful bidder.
    • In accordance with money laundering regulations and in the interest of security, the Auctioneer and/or the Auction House does not accept cash at its auction sites. Cash deposits must be made at the bank and proof thereof must be presented on site or at the Auctioneers’ premises. Cash payments shall attract a cash deposit fee determined by the Auctioneer from time to time and payable by the bidder.
    • The bid amount is inclusive of Value Added Tax. Each purchaser acknowledges that in addition to the bid amount, such purchaser shall also be liable to make payment of both a documentation fee levied by the Auctioneer and commission, including any Value Added Tax and other applicable sales tax which may be payable in respect of such documentation fee and commission, which payments must be made in accordance with the laws of the jurisdiction in which such payment is made and at the rates prevailing within such jurisdiction at the date that the transaction is concluded.
    • The Auction House shall continue to hold a lien over all goods and/or lots sold on auction until payment of the full purchase price of all goods and/or lots are paid for by the successful bidder to the Auction House.
    • The successful bidder on any lot will be obligated to sign the Auction Sale Agreement, which agreement the bidder acknowledges to have acquainted himself/herself therewith. A copy of the Auction Sale Agreement can be found by clicking on the following link […].
    • The successful bidder in respect of any lot bid upon shall pay a buyer’s premium of 12.5% plus VAT over and above the bid price, unless otherwise stated. In the event that the buyer’s premium is made via a cash deposit, the depositor will be liable for the applicable bank charges.
    • The Auctioneer may require the execution of documents to be performed by means of electronic signature and/or contemporaneous remote view together with the exchange of documents to be performed by electronic means (such as scanning and emailing).
    • Vehicles purchased and sold must be collected from the Auction House within 7 (seven) days after the auction.
  1. Limited Liability of the Auctioneer/Auction House
    • The provisions in this rule 25 shall be applicable without any prejudice to any rights/limitation of liability afforded to the Auctioneer/Auction House in rule 23.
    • In respect of online Auctions, the Auctioneer takes no responsibility for any interruption in internet connectivity resulting in the successful bidder being disconnected from the Auction, be it the Auctioneers internet connection, for any reason whatsoever, including the loss of a potential purchase, should the bid not be recorded due to the system disconnecting.
    • Any error by the Auctioneer will be entitled to be corrected by him or her immediately upon discovery.
    • The Auction House shall not be liable to the purchaser for any losses or damaged suffered by the purchaser as a result of the termination and/or cancellation of an Auction sale by the seller of any goods and/or lots.
    • In case of interruption to or suspension of access to the Auction site or its services, the bidder’s only remedy will be for the Auction House, in its absolute discretion, to extend the time limit of an offer or an online transaction for an appropriate period.

  2. Liability of the Successful Bidder
    • Should the successful bidder refuse or otherwise fail to pay the purchase price within 2 (two) business days from the date of the Auction, the Auctioneer/Auction House will be entitled to:
      • claim interest from the successful bidder at the prime interest rate calculated from the date of purchase to date of payment; and/or
      • repossess the vehicle to resell same at the risk of the defaulting successful bidder who will be liable for all costs in connection with the resale and any loss or damage incurred, and will not be entitled to any profit that may arise from the resale; and/or
      • institute legal proceedings for the payment of any amount owing or for the return of the goods in which event the provisions of rule 1.2 will apply; and/or
      • claim specific performance and/or claim damages from the successful bidder; and/or
      • fulfilment of any obligation owed to the Auctioneer/Auction House
      • Forfeit his or her registration fee.
  1. Amendment of the Rules of Auction
    • These Rules of Auction may not be varied or amended unless agreed to in writing by the Auction House.
    • The Auctioneer hereby confirms that to the extent that these Rules of Auction have been amended, that these Rules of Auction constitute the amended version.
  2. Substitution of Auctioneer

In the event that that Auctioneer who signs these Rules of Auction is not available to conduct the Auction, then the new auctioneer who conducts such auction is deemed to have certified these Rules of Auction.

  1. General
    • The Auctioneer and the successful Bidder confirm that any action brought by the Auctioneer against the successful bidder may be brought in any competent Court having jurisdiction over the matter in accordance with the laws of the Republic of South Africa.
    • This agreement will be governed in accordance with the laws of the Republic of South Africa.
    • If any clause or term of these Rules of Auction is invalid, unenforceable, or illegal, then the remaining terms and provisions of these Rules of Auction will be deemed to be severable (removable) from it and will continue in full force and effect unless such invalidity, unenforceability or illegality goes to the root of these Rules of Auction.
    • By participating in and/ or registering for the auction and/ or providing personal information to us, each registered bidder agrees that the Auctioneer/Auction House may process such personal information (including store and share), as set out in the Privacy Policy of the Auction House. This personal information may include but is not limited to each registered bidder’s name, address, contact information, identity number, voice recording and images. 
  1. Acknowledgement by the Auctioneer

By his or her signature hereto, the Auctioneer certifies that these Rules of Auction, to the best of his or her knowledge, meet the requirements of Regulation 21 of the CPA and that he or she is personally liable and accountable for the contents thereof.