In comparison to purchasing a car from Emirates Auction, it would be more advisable to consider buying a car from the second-hand market. There are several reasons for this. Firstly, although you are required to make the payment and collect the car within 48 hours (or risk losing your deposit), obtaining the necessary car documents can take anywhere from one to four months. While there might be fortunate instances where you receive the documents promptly upon collecting the car, in most cases, it takes over a month or even longer. Without these documents, you will be unable to take certain actions regarding your car. For instance, you won’t be able to park it on the street as most cars from the auction lack number plates and would be at risk of being towed away. Additionally, any modifications or work on the car are discouraged until the documents are obtained. As a result, you would have to find alternative arrangements such as paying for a workshop or parking lot (which may not accept a car without plates) to store your car while waiting for the necessary documents. Essentially, without the required documents, your options with the car are severely limited.
Secondly, there are numerous fees associated with purchasing from this auction. If you win a bid at, let’s say, 10,000 AED, you would also have to pay VAT on top of that amount. In addition, there are administration fees of 500 AED (also subject to VAT), loading/unloading fees of 50 AED (subject to VAT as well), and various other fees mentioned in the terms and conditions that are often overlooked. Furthermore, due to current restrictions, if you opt for delivery by Emirates Auction themselves, you will have to pay the delivery charges at their set prices, which are usually higher than if you were to handle the delivery yourself.
Thirdly, the auctioneer takes no responsibility whatsoever if there are delays in obtaining the necessary documents. Ironically, while they expect you to complete payment, collection, and all associated fees on time, arranging the documents is the one task they will not assist you with. When inquiring about the status of the documents, their response is typically limited to stating that it’s “under process” without providing any further information. Considering the high volume of cars they have to process, they simply don’t have the time or attention to spare for an individual’s car, especially if it’s an older and more worn-out vehicle.
Dealerships may have the resources and time to store a car while waiting for the documents and to make necessary repairs within their network. However, for an individual looking to purchase a car for personal use, the entire process is often not worth the time, effort, costs, and subsequent stress that comes after taking delivery of the car.
In conclusion, when you calculate the total expenses, including all the fees and bidding amount, it is often the case that you end up spending more money than you would for a similar car from the second-hand market. Additionally, when buying an impounded car, it becomes difficult to assess the extent of the damage, as these cars are typically left unattended for more than three to four years.
What is the rule of Emirates Auction?
Individuals who intend to take part in the auctions are obliged to provide a security deposit, which should amount to 20% of the Bid Limit value. However, in the case of bidding on Plates, cars, and Etisalat Packages, the deposit cheque should cover the entire bidding limit required.
Emirates Auction is a platform that facilitates various types of auctions, including vehicle auctions. The specific rules of Emirates Auction may vary depending on the type of auction being conducted. However, some common rules typically include registering as a bidder, adhering to the auction terms and conditions, making timely payments, and abiding by any specific bidding procedures or increments set by the auctioneer.
How to bid on an Emirates Auction?
Sign up or create an account on this website.
Submit a security deposit (accepted payment methods include credit card, bank transfer, and bank deposit). Locate the vehicles you are interested in bidding on.
Enter your bids and closely monitor the progress of the auction.
Complete the payment process and either collect your vehicle or arrange for its exportation.
To bid on an Emirates Auction, you would typically need to register as a bidder on their platform or website. After completing the registration process and fulfilling any requirements, you can participate in the auction by placing bids on the desired items. The bidding process may involve either online bidding, in-person bidding at a physical auction location, or a combination of both. It's important to familiarize yourself with the specific instructions and guidelines provided by Emirates Auction for each auction event.
How much is the deposit for Emirates Auction?
The security deposit required by Emirates Auction is equivalent to 20% of your bidding limit. Emirates Auction reserves the authority to utilize or charge the authorized transaction of the security deposit in cases of non-payment, participation in the auction, and failure to fulfill payment obligations after winning assets.
Is Emirates Auction real?
Yes, Emirates Auction is a real and legitimate platform that conducts various types of auctions, including auctions for vehicles, real estate, luxury goods, and more. It is a well-established auction company in the United Arab Emirates and has gained recognition and trust over the years.
What is the minimum amount in an auction?
The minimum amount or starting bid in an auction can vary depending on the auction type, the item being auctioned, and the specific rules set by Emirates Auction. The minimum bid is usually determined by the auctioneer or the seller and is often disclosed at the beginning of the auction or specified in the auction catalog or listing. It is important to review the auction details and guidelines provided by Emirates Auction to determine the minimum bidding amount for a specific auction.
Is it good to buy a vehicle from an auction?
Buying a vehicle from an auction can have both advantages and considerations. On the positive side, auctions can offer a wide selection of vehicles at potentially lower prices compared to traditional retail channels. They can also provide opportunities to find unique or rare vehicles. However, it is important to exercise caution and due diligence when participating in vehicle auctions. Some considerations include thoroughly inspecting the vehicle, understanding its condition, reviewing the auction terms and conditions, and being prepared for potential risks or additional costs associated with purchasing from an auction. It can be beneficial to research and gather information about the auction process, the specific vehicle you are interested in, and any relevant market trends before making a purchasing decision.
How do I cancel a bid on Emirates auction?
You cannot cancel the bid once its placed.
Who is the owner of Emirates auction?
Emirates Auction employs 228 employees. The Emirates Auction management team includes Omar Almannaei (Vice President), Ahmed Adel (Head Of Information Technology), and Emirates Auction (Owner).