Tractors and trucks on auction. eThekwini Municipality is planning the city’s third auction in March. Picture: Supplied.
DURBAN - eThekwini Municipality has implemented amendments to the city’s auction regulations after bidders failed to pay for items they had bid on in previous auctions.
The municipality issued a statement on Tuesday notifying the public of the regulation changes ahead of the city’s third auction, which is in the planning phase and scheduled for March.
Manager of Disposals in the city’s supply chain management unit Nicholas Mkhize said potential online bidders needed to take note of the amendment to the deposit regulations.
“Those that participate in the auction process must pay a refundable deposit of R10 000. This will enable them to bid on as many lots as they want to,” he said.
However, Mkhize said if an individual bids on one or multiple items and wins the bids, but does not purchase them, their deposit will be forfeited.
“This applies even if just one item is not purchased,” he said.
Mkhize said this regulation was implemented because there had been instances in previous auctions where buyers had bid on lots but did not pay for them.
“This means that the lot will be unsold and is an unfair process for those that intended to purchase the items,” he said.
The city has held two successful auctions in partnership with Auction Specialist, banking about R18 million.
While the date of the third auction is yet to be finalised, the city said several vehicles and goods will be on auction next month.
THE MERCURY