CIMB Auto & Property Mart - Know-how During the AuctionInsights
As we mentioned before, the CIMB Auto & Property Mart is as legit, credible, and as trustworthy as a public auction can get. Not only does CIMB Auto & Property Mart play the role as a one-stop hub that offers a wide selection of real estates and motor vehicles, they also aim to provide members of the public with a credible avenue to secure their interested properties/vehicles at attractive prices.
And now that many of you have read what someone who intends to purchase a vehicle at the CIMB Auto & Property Mart needs to know and lookout for before an auction, let us focus on the auction itself.
What are the required documents?
First and foremost, bidders attending the CIMB Auto & Property Mart need to bring their identification card (IC), as well as a photocopied version, a bank draft or cashier’s order payable to the appointed auction house. Those who are coming on behalf of the bidder need to present a letter of authorization and a copy of the bidder’s IC at the Auction.
Companies on the other hand need to present a copy of the director’s IC, the company Board of Director’s Resolution, Forms 24 and 49, as well as a certified true copy of the company’s Memorandum and Articles of Association (M&A), and a bank draft/cashier’s order payable to appointed auction house.
For easy reference, you can always download a checklist table here.
Since there is no need for bidders to make a reservation or inform CIMB that they want to attend an auction, interested bidders are only required to register at the auctioneer registration counter on auction day before it starts.
Once the registration is done, the auctioneer will announce the commencement of the auction and provide a briefing on the bidding process, as well as the important clauses in the Condition of Sale and vehicle information before the biddings begin.
During registration, each bidder will be given a bidding card for each vehicle, which bidders are required to raise to indicate the bidding price. The bidding process will stop when the highest price is called out 3 times by the auctioneer and no further bids are made. At the fall of the hammer, the vehicle is considered sold.
As straight-forward as it may sound, there are certain things that bidders need to be aware of in order to ensure that the bidding takes place smoothly, and to avoid themselves from ending up in any confusion.
What else to consider?
For instance, it is always best that bidders arrive at the auction venue earlier, and pay full attention to the bidding price indicated by the auctioneer.
Besides that, it is important that one bids within his or her budget. Bidders must also be as clear as possible by raising their arm and checking that the auctioneer has seen their bid. Bidders must also keep in mind that a withdrawal of bid is not allowed. All bids are final.
Once the bid is complete, a successful bidder is required to sign the Contract of Sale at the auctioneers registration counter and the balance of the purchase price must be paid within the time frame given. If the bid is not the successful, one is required to return the bidding card and collect their deposit and buyer’s premium (fully refunded) at the registration counter immediately after the auction.
In case you are wondering if the vehicles are bought on cash terms or via loan, buyers may settle the balance of purchase price (BPP) by either cash or loan, as long as it is completed within the time frame given, which is 5 working days from the auction date. You are advised to understand the loan procedures and your eligibility for a financing of the balance of the purchase price, prior to the auction.
Those who have been to public auctions would have noticed that there will be vehicles that come without a registration card. But that doesn’t mean that the cars are not road legal. Buyers may transfer the vehicle’s ownership after they collect the vehicle for a new registration card.
However, all expenses incurred in respect of the ownership transfer shall be borne by the purchaser. It is advisable that you check with Jabatan Pengangkutan Jalan (JPJ) on the procedures before making any decision.
That being said, what takes place during an auction is quite straight forward you can. So, feel free to visit upcoming CIMB Auto Auction as mentioned below:
Central (Selangor, WP Kuala Lumpur, Negeri Sembilan, Pahang)
Northern (Penang, Perak, Kedah, Kelantan, Terengganu)
Southern (Johor, Melaka)
Buy your dream car today hassle free. Bid, win & grin.