Why do vehicles end up on auction?
There are different reasons for that but in general cars, vans, trucks are put on auction to solve financial difficulties.
Regarding insolvency proceedings like bankruptcy or arrangements, seized goods are sold on auction to recover and totally or partially pay the creditors.
In the field of insolvency proceedings, commercials and industrial vehicles on auction are valued by an expert and they are often put on sale at a price which is remarkably below market value, making them affordable.
How do commercial and industrial auctions function?
We can’t really talk about a unique form of auctions; anyways, we can distinguish between two types of auctions: auction with incanto and without incanto.
The first one is a competition when bids are placed upwards: the vehicle will be awarded to the best bidder by raises made by voice.
The functioning of the auction without incanto is a bit different, because firstly it requires the presentation of a cautionary offer in an envelope and then, if there are multiple bids, bidders have to relaunch.
Keep in mind that the bankruptcy norm, Art. 107 in particular, sets that goods sales have to be performed through competitive procedures, also by taking advantage from specialized subjects.
Due to the norm and the intensive use of web technologies, there are lots of commercial and industrial vehicles that are sold through online auctions, also through eBay kinds of auctions or through telematic auctions.
Generally speaking, the sale without incanto is much more widespread than the one with incanto.
But first…
A bail is always required and it will be refunded in case you don’t award the lot but it will get lost if you don’t pay the amount totally.
In case of auction with incanto the amount is set by the judge and it can’t be more than 10% of the auction base price.
In case of auction without incanto, you must pay a deposit of 10% of the bid you have presented through closed envelope.
In case of competitive online auctions, like those performed in our platform www.astebusiness.it, the bail is always indicated in the auction page.
In some cases a una tantum payment will allow to bid for all the lots, in other cases, on contrary, it will be necessary to pay specifically for the lots that requires it.
It will be possible to pay the caution by bank transfer or credit card, depending on the user’s preferences. In case you don’t win the auction, the bail will be refunded.
What if you win the auction?
After winning the auction, the tenderer must pay the amount needed. After that, it will be possible to proceed with the transfer of property.
In this case the sale bill is replaced with the statement of award, whereas the transcription procedures to PRA are equal to those for privately performed sales except for some differences concerning the deletion of liens: in case of seized commercial and industrial vehicles put on auction, the deletion of registered liens is performed directly through G.D Decree, whereas for the vehicles that derives from bankruptcy procedures and that are put on sale, the deletion will be borne by the buyer, prior authorization from G.D.
Issues that you have to keep in mind if you want to participate in an auction
The first thing you have to pay attention to is that there aren’t any warranties of any kind when participating in auctions of commercial and industrial vehicles and the purchase is performed through the formulation “seen and liked in the state of fact and law where it is placed”.
It is always allowed to see the vehicle before the auction but a test-drive is not allowed.
Right now
If you have decided to participate in an auction of commercial and industrial vehicles, remember that timeliness and ability to collect information are necessary to achieve a good end result.
As a consequence, relying on experts from the telematic auction field is often the best solution, so that you could make a great deal without unpleasant inconveniences.
All the sale auctions of vehicles published on the portal www.astebusiness.it, a website authorized by the Minister of Justice are always accompanied by description, detailed photos and videos, so that you can easily evaluate your purchase on auction.
Don’t wait for the declines too long. The more the price is attractive, the more likely it is to see fierce participants willing to relaunch at the very last moment.
