Buying from online auctions like Auto Auction Mall is a lengthy process that many Nigerian prospective car buyers are always wary of. That they can’t physically see and touch the car they want to buy is a big turn off for many. The biggest of all turn-offs is the possibility of being scammed. We show you here the basics of online auctions in Nigeria.
Many of these concerns can be solved by pure research and due diligence in the buying process. Waiting for 6 – 8 weeks to take delivery of your car might seem long, but the patience is worth it as you will be getting a car whose condition you can vouch for to a comfortable degree and also save hundreds of thousands of Naira on.
Without mincing words, buying cars online is the new shortcut to saving a lot of money and avoiding the tricks and gimmicks of a few dishonest car dealers.
Understanding just enough of how an auction works to be able to take advantage of them is not rocket science and is what anybody can learn. U.S auto auctions provide a wide variety of cars for you to choose from across all makes and models. For instance, Auto Auction Mall’s online inventory of over 150,000 cars is far more extensive than anything your local dealers can offer you.
Further Reading
- Online Car Auction: How Does It Work?
- Buying a used car in Nigeria directly from USA auctions
- Where Do Cars That You Buy at Auction Come from?
- How You Can Get Your Next Car from a Dealers Auto Auction
If you’re looking for super savings, you may even choose to buy slightly dented or damaged cars usually called salvaged cars to reduce your costs. Compared to the cost of labour in the U.S., auto repair work in Nigeria is way cheaper. More so, if you are buying a favorite brand like Honda and Toyota with parts and skilled workmanship available at almost every nook and cranny.
That you save a significant sum of money buying from online auctions is not up for debate but exactly how much? This article will provide an estimated breakdown of the costs associated so you can see firsthand why the long process of buying from online auctions is worth it.
Comparison of Market Prices
Cars bought through Auto Auction Mall are usually at a fraction of their retail price. Below is a table that compares the current market prices of some popular car brands and models in Nigeria to those of cars bought from Auto Auction Mall.
Lexus Rx 350 2007 Model – EOD
Local dealer price = NGN 4.6 million – NGN5.5 million
Auto Auction Mall price = NGN2.8million – NGN2.9million
Breakdown
Price of Car = N1, 800,000 (This a Buy Now offer, can be lower at the live auctions)
Auction fees = 180,000
Shipping Domestic + International = NGN468,000 – NGN540,000
Clearing fee = NGN450,000
2003 Honda Accord Model – EOD
Local dealer price = NGN 1.4 million – NGN1.6 million
Auto Auction Mall price = NGN1.1million – NGN1.2million
Breakdown
Price of Car = N180,000 (This a Buy Now offer, can be lower at the live auctions)
Auction fees = 180,000
Shipping Domestic + International = NGN468,000 – NGN540,000
Clearing fee = NGN350,000
2008 Mercedes Benz C300 Luxury 4Matic Model – EOD
Local dealer price = NGN 4.6 million – NGN5.5 million
Auto Auction Mall price = NGN2.8million – NGN2.9million
Breakdown
Price of Car = N2, 700,000 (This a Buy Now offer, can be lower at the live auctions)
Auction fees = 209,000
Shipping Domestic + International = NGN468,000 – NGN540,000
Clearing fee = NGN450,000
2003 Toyota Corolla Model
Local dealer price= NGN 1.7 million – NGN1.8 million
Auto Auction Mall price = NGN1.4million – NGN1.5million
Breakdown
Price of Car (Buy Now) = N450,000 (This a Buy Now offer, can be lower at the live auctions)
Auction fees = 180,000
Shipping Domestic + International = NGN468,000 – NGN540,000
Clearing fee = NGN350,000
The breakdown above shows a comparison of auction and market prices of some of the most popularly driven cars in Nigeria. You can see that compared to general market prices, you’d be saving a lot when you register and buy at www.autoauctionmall.com.
How Auto Auction Mall Works
AAM aims to enable you to gain access to dealer only auctions and private auctions you would generally need a dealer’s license for. The goal is to help you save more money by keeping the dealer’s profit in your pocket drastically cutting any excess and unnecessary costs you’d have to incur.
Dealers attend dealer only auctions where they buy cars at a very cheap rate, repair the minor damages they might find, and then sell to you at some outrageous price that seems fair to you. So rather than buy from the dealers at an expensive cost and paying for shipping as well, AAM bridges the gap for you by providing you unfettered access to dealer only auctions like Manheim, ADESA, COPART, and IAAI.
To get started, all you need to do is visit www.autoauctionmall.com and register for free with your name, phone number, and email address.
I’ve just registered! What Next?
Now that you’ve registered and you’re ready to bid or buy your first car, there are some fees that you would have to pay before you can start bidding and also when making your final payment.
-
Refundable Security Deposit
All bids and offers made on AAM as with other online and offline auto auctions are final and binding. This deposit stands as a guarantee that you will go through with the purchase of the vehicle if your bid wins the auction. It also grants you buying power so you can make bids and offers.
Without the security deposit, you would be unable to make a bid or buy a car from AAM. The security deposit is 10% of the amount you’ll be spending on the car, with a NGN145,000 minimum deposit. This minimum deposit of NGN144,000 gives you buying power of up to NGN1,440,000.
-
Auction Charges and Fees
This is only charged when you make a purchase. Auto auction mall charges the following fees for the respective reasons;
- Auto Auction Mall access fee- NGN70,200
- Documentation fee(title transfer, mailing)-NGN30,600
- Bank Fee(for any bank related issues)-NGN21,240
- Auction House clearing fee: This depends on the make, model and year of the car you want to buy
- Shipping- AAM has shipping partners who will ship cars from the auction lot to tin can port at competitive rates so you don’t need to worry about how to get your car down to Nigeria from the U.S. The cost of shipping varies with the proximity of the auction lot to the port of origin.
If you ever had doubts about joining AAM, this should have changed your mind by now. If you have further questions, you can call Femi on 08025307997 for clarification.
Join the bid already!
Comments