When it comes to the agricultural industry, there have been several developments that have occurred over the last couple of years. One of the biggest developments has been agricultural Timed Online Auctions.
Timed Online Auctions are another offering helping buyers and sellers to connect in the digital landscape.
As the biggest agricultural marketplace in South Africa, AgriMag is a leading player in Timed Online Auctions and we know not everybody understands how they work and what the rules of engagement are when participating in one.
The following will give you an indication of the regulations applied to agricultural equipment timed online auctions.
Are agricultural equipment timed online auctions reserved?
Most timed online auctions are reserved unless otherwise stipulated on the unit of farm equipment being sold.
How long do agricultural equipment timed online auctions last?
Timed online auctions will usually last for two to three days, which allows buyers to place bids on the farm equipment they are interested in.
Are there registration fees for an agricultural equipment timed online auction?
A deposit of R10 000 is usually required when registering. It is also good to know that the deposit is fully refundable if a buyer is not successful with any bids placed during the agricultural equipment auction.
Do agricultural equipment timed online auctions have rules?
For most online auctions, a set of rules that pertain to the auction will be released and sent to all interested parties at least 24 hours before the auction. These are usually placed on AgriMag’s Timed Online Auctions website as well.
How soon must auction bids be paid?
Payments of invoices from timed online auctions need to be paid in full within 24 hours after the receipt of an invoice. Any farm equipment or agricultural machinery purchased will not be released if the funds have not been cleared in the relevant accounts. This is to protect both the buyer and the seller from disappointment.
Timed online auctions are regulated.
Can the auctioneer bid on behalf of the agricultural equipment seller?
When it comes to reserves, the auctioneer possesses the right to bid on behalf of the seller up to the reserve price.
What fees are paid on a successful bid?
- Buyers will be held liable for a 8% premium plus VAT on the price that an auction unit is sold for. The premium is non-negotiable and payable by all buyers.
- With most time online auctions, all bid prices exclude 15% VAT which is normally charged on all goods. VAT will be added to the buyers' invoice on the completion of a successful bid.
- A set vehicle processing fee is applied to each vehicle purchased at a timed online auction.
Can the lot numbers change?
Yes, they can. Buyers must review lot numbers 24 hours before an agricultural equipment timed online auction goes live. It is up to the purchaser to take note of the lot numbers and download the relevant and updated online auction catalogue before the auction commences.
Can agricultural equipment be viewed before an auction?
Stock on an agricultural equipment timed online auction can be viewed depending on where the unit is situated and must be arranged by usually making an appointment.
It is also important to note that if a unit is bought blindly, most auctioneers will require an email from the purchaser to confirm that they accept the terms and conditions on the purchase of the piece of farm equipment being sold.
How soon after a successful bid will I get my agricultural equipment?
When it comes to releasing the units bought at an auction, the farm equipment will only be dispatched and cleared once all office, payment, and paperwork requirements have been met. A window of seven calendar days after payment reflects is grated to have units delivered or collected.
Can I cancel my successful bid on agricultural equipment?
Buyers are not permitted to cancel, withdraw or terminate a successful bid placed in the agricultural equipment auction.
At AgriMag, we hold a monthly agricultural equipment timed online auction. All our auction dates are regularly updated on the AgriMag Timed Online Auction platform. We belong to the South African Institute of Auctioneers and you can find other useful information about our agricultural equipment timed online auctions here: