Broker Participation in Online Auctions: Our Policy and Requirements

At Vendu Cape Auctions, we value transparency and integrity in all our auction processes. While we welcome broker participation in our auctions, we maintain strict requirements to ensure fair competition and regulatory compliance. This post outlines our policies regarding broker participation in auctions and tenders.

Understanding Our Broker Policy

We recognize that brokers play a valuable role in the auction industry by representing potential buyers. However, to maintain auction integrity and comply with legal requirements, we have established specific protocols for broker participation.

Mandatory Requirements for Brokers

1. Signed Mandate

  • A formal, signed mandate from the represented buyer is non-negotiable
  • The mandate must clearly state the broker’s authority to bid
  • Must be submitted and verified before auction participation
  • Must specify the auction/tender and assets of interest

2. Deposit Requirements

  • Same deposit requirements apply as direct buyers
  • Deposits must be received from a verified account
  • Must be received before bidding access is granted
  • Refundable according to standard auction terms

3. FICA Documentation Requirements

For the Broker:

  • Valid government-issued ID
  • Proof of residence (not older than 3 months)
  • Company registration documents if representing a brokerage firm
  • Tax clearance certificates

For the Represented Buyer:

  • Complete FICA documentation package
  • Valid government-issued ID
  • Proof of residence (not older than 3 months)
  • Company registration documents (for corporate buyers)
  • Tax clearance certificates
  • Bank account verification

Why These Requirements Matter

  1. Legal Compliance: These requirements ensure compliance with:
    • FICA regulations
    • Anti-money laundering legislation
    • Consumer protection laws
  2. Auction Integrity:
    • Prevents unauthorized bidding
    • Ensures genuine buyer intent
    • Maintains fair competition
    • Protects all participants’ interests
  3. Transaction Security:
    • Clear chain of responsibility
    • Transparent representation
    • Protected buyer and seller interests
    • Secure payment processing

Submission Process

  1. Submit all required documentation before auction registration
  2. Allow 24-48 hours for verification
  3. Receive confirmation of approved registration
  4. Access bidding platform after deposit confirmation

Our Commitment

We maintain these requirements to:

  • Protect legitimate buyers and sellers
  • Ensure transparent transactions
  • Maintain auction integrity
  • Comply with all relevant legislation

Next Steps for Brokers

If you’re a broker interested in participating in our auctions:

  1. Contact our compliance team
  2. Request our broker documentation package
  3. Submit all required documents
  4. Await verification before bidding

Contact Information

For questions about broker participation or documentation requirements:

  • Email: info@venducape.com
  • Phone: +27 834198128
  • Office Hours: Monday to Friday, 8:00 AM – 5:00 PM

Remember: Early submission of documentation ensures timely verification and auction participation approval.

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126 non-runner vehicle
6.4 million ZAR Raised

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