Park Village Auctions extends their consumer education on the online platform by offering on-site training for consumers.THE majority of South African consumers find auctions daunting, but by doing your homework and asking the right questions beforehand, bidding can be a very cost-effective and secure form of procurement.

“A part of our job is to educate consumers about the benefits and pitfalls involved with auctions, be it live or online,” says industry stalwart and MD of Park Village Auctions, Roy Lazarus.  

He explains that the first step for consumers would be to check if they are buying or selling through a reputable auction house.

“Ensure that the auctioneer is a registered member of the South African Institute of Auctioneers (SAIA) and that they specialise in the commodity you are interested in buying or selling. Also request that they indicate which institutions they work with,” he says.

If you are a potential buyer, the next step is to gather information about the item you are considering buying before the auction date. “There is a lot of excitement during an auction, so consumers must do their homework beforehand. 

View the item in person, which you can do even with online auctions; find out where the item comes from; why is it being sold. Ask the auctioneer questions, do not be intimidated. Full disclosure on any item up for auction is a requirement in terms of the Consumer Act,” explains Lazarus.

In SA, online auctions are still fairly new and consumers are particularly wary of the security issues, such as paying the required refundable deposit and shill bidding. 

“Park Village Auctions has a number of online safety measures in place. For instance, when a buyer registers on our site to bid,  financial information goes directly to MY Gate, a bank approved vendor. 

The deposit is reserved and if you do not purchase anything, released.

 Buyers will only lose their deposit if they have the highest bid and then opt not to purchase. Furthermore, with the obligatory deposit or registration fee, issues such as ghost bidding are eliminated, making this a  secure method of buying,” he explains.