Car auctions to be held live online

 

CYPRUS’ first online car auction is due to take place tomorrow, offering locals the chance to buy and sell cars from the comfort of their homes via an online video feed.

As of yesterday 74 vehicles, ranging in price from €500 to €22,500 had been registered for the auction, which start tomorrow at 3pm at the state fair and will be broadcast live over the internet on www.liveautoauction.com.cy/.

The auction will be repeated every Thursday at the same time.

The online auction is an initiative of the Kitsios Motors Group and has been billed as a way for buyers and sellers to “save time and money” as they place bids from computers in the auction hall or at home.

“Live Auto Auction has come to revolutionise the way Cypriots buy and sell cars. It is the next generation of car trading that allows the Cypriot public to participate in real time car auctions by using the latest computer technology,” the company said.

“Our vision is to establish Car Auctions as an alternative way of buying and selling vehicles. We aim to bring together buyers and sellers in one place and simplify the auto trading process,” it added.

From fees listed on their website, it seems like it could a lucrative venture for the auctioneers, who in some cases stand to take more than €1,000 per sale.

If a car is sold for €2,001, both the buyer and the seller will need to pay €200 (plus VAT) to the auctioneer, in addition to the €35 car registration fee.

There is also a refundable €250 buyer’s membership fee. According to the firm’s spokesman, this fee is refunded if the buyer makes no purchase, or if they complete a purchase.

If a bidder wins the auction but does not pay for their car, the €250 is retained.

For sales up to €2,000, both parties pay €150, and for sales over €4,000, the buyer and seller pay a five per cent fee or a maximum of €600.

 

For more information call 7777 2262 or email [email protected]

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.