In what its organisers claim to be a world first, an online, real-time auction with remote participants bidding against those present on the auction floor will take place during Computer Faire on Wednesday, 24 May.
Around 120 Nedcor repossessed cars will be put under the hammer by auction house, Park Village Auctions. The live bidding action will take place at Nedcor`s Martindale premises, while pre-registered online participants or observers will gain Internet access to the proceedings via satellite through the Vodacom World Online portal. The auction will also be broadcast within the confines of the Computer Faire at the World Online stand.
Vodacom World Online MD Graeme Victor says this type of live action cyber-auction has never been undertaken before. "Internet auctions to date have been more like a tendering process than an actual auction. They allow participants to place their bids online over a period of time from hours to weeks. There is none of the buzz and excitement associated with a live auction.
"Now, cyber-bids will be flashed directly to the auctioneer on the floor at Martindale and communicated to all bidders present. As all bids are received, they will be fed into an online PC to enable remote participants to track the action," he explains.
The auction starts at 10am, and organisers expect the last car to be knocked down before 4pm. Although cyber-bidders ostensibly have until the morning of the auction to register and pay a R3 000 refundable deposit to be able to participate, Natalie Pienaar, project manager for World Online, confirms that most interested bidders have already registered.
"It`s essentially a closed auction, with all bidders having been pre-credit vetted by World Online`s auction partner, Park Village Auctions. The majority of participants are car dealerships that already have an established relationship with the auctioneers."
Pienaar adds that not many casual observers are expected to log on from home or work. "Our expected audience is the car dealership community."
Roy Lazarus, director of Park Village Auctions, says his company recognised the real need to introduce e-commerce to the auctioneering sector. "We have responded by enabling bidders and financial institutions to follow the action taking place at a physical auction and place real-time bids online."
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