ABSA Auction Meets Market’s Demand for Used Cars

Park Village Auctions is set to host yet ABSA-verified repossessed vehicle auction to meet the market’s growing demand for used vehicles as confidence slowly rebounds.

Clive Lazarus, Head Auctioneer for PVA, says that recent new car sales statistics—which reflect a 169% gain compared to May 2020 in new passenger vehicle sales—offer a glimpse of the market’s appetite for a new set of wheels.

“Used car sales are far outperforming new,” says Clive, “The latest TransUnion SA Vehicle Pricing Index reports an increase of 7.4% compared to the last quarter, and we are witnessing the same at our monthly national vehicle auctions.

“Consumers want new wheels, and they are keen to take advantage of the current low-interest rates. However, they are exercising prudence by purchasing near-new vehicles instead.”

Clive explains that bank repossessed vehicles are often newer models with relatively low mileage and sometimes warranties intact. For this reason, auctions represent a favourable opportunity to acquire a quality vehicle for much less than one would find on the dealer’s showroom floor.

The latest offering of ABSA repossessed vehicles will showcase an array of vehicles ranging from entry-level hatchbacks to luxury sedans and SUVs. In addition, light commercial vehicles will be on the block as well.

As the assets are located Gqeberha (PE) and Bloemfontein, the auction will be held online as a hybrid webcast where online bidding opens at 10 am on Wednesday the 23^rd of June and finishes in lot order with a live webcast from 10 am on Thursday the 24^th of June.

Registration closes at 9 am on the 24^th. Clive recommends that bidders have a trusted representative view their wish-listed vehicles on their behalf if they are not based in PE or Bloemfontein. Viewing will be held on the 22^nd and 23^rd of June from 9 am to 3 pm at the following venues:

• ABSA Vehicle and Asset Finance Trade Centre, 142 Burman Road, Deal Party, Gqeberha (PE).
• Park Village Auctions Bank Asset Disposal Centre, c/o R64 and Valencia Road, Waterbron, Bloemfontein.

Pre-approved finance from auction finance is available. For more information, visit www.parkvillageauctions.co.za web listing 752.