Buying from an auction can be daunting, especially if it is your first time dabbling in online bidding. Whether you are a first-timer or a seasoned pro, it is important to understand your rights when buying at an auction, and what happens if you are the highest bidder once the (virtual) gavel comes down.
We’ve rounded up the most searched for terms on consumer rights at auctions to help answer any questions or concerns you may have.
What are my statutory rights if I win an auction bid?
Bidding at an auction means your rights do not fall under the same regulations or moneyback guarantee as they would buying something brand new. However, using a reputable auction platform means you can be guaranteed that item descriptions give you a clear and transparent overview of the product you are buying, so you have the confidence that what you collect matches what you have successfully bid on.
BPI Auctions are renowned for exceptional customer services, particularly compared to the industry’s usual standard. To offer you the best experience as both a buyer and seller, personal circumstances are reviewed and concluded fairly in the unlikely event of a problem.
Do distance selling regulations apply to online auctions?
The distance selling regulations, which allow buyers who purchase items online to benefit from a seven day ‘cooling off’ period, do not apply to online auctions or any private sales through an individual who is not trading on behalf of a ‘commercial entity’.
What are the sellers’ rights at auctions?
The reason why so many sellers choose to go down the auction route is both the turnaround time for asset disposal and avoiding the headache of managing the transaction. Once the ‘hammer has fallen’, both the seller and the successful bidder are legally bound to provide the funds and the product.
The auctioneer is responsible for chasing payment for items won and will do so after 48 hours of non-payment. BPI have a dedicated accounts team to handle payments and have a successful payment rate. Often multiple payment methods are offered to the buyers such as; online payment, BACS transfer and card payments.
What happens if the product I buy at auction is faulty?
Reputable online auction sites will do their utmost to ensure any faults or issues are clearly identified, but as a buyer, we advise doing your due diligence and inspecting the item where possible. Many items are described at auction as ‘sold as seen’, as third party platforms such as ours, can’t possibly be technical experts in every item that goes up for sale.
There can be risks with any auction sale, but the vast majority of the time, the savings available hugely outweigh them – over 70% of our customers end up winning and paying well under the market value for goods. To minimise risk, before placing a bid there is often the option to enquire or inspect goods, so do your research before submitting your offer.
From woodworking, construction and engineering machinery to cars or catering equipment, visit our live auctions today to grab yourself a great deal with confidence.
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