A Real-Time auction is registered on our website and is advertised to take place at a certain time. It can be any time of day but will most likely be in the evening, when buyers have had time to settle in behind their computers. There is no limit to the number of buyers who can load lots, but in the interest of effective time management, the aim will be not to offer more than 50 lots per auction.
Sellers can load lots themselves, or a Livestock Auctions representative can do it on their behalf. Two photographs will be available per lot, and all information relevant to the lot will be loaded and available. Animals do not have to be in a boma, so capturing can take place after the auction, which lessens the stress on the animals, leading to less mortality. The costs incurred by the seller are of course decidedly lower as the animals do not need to be transported to boma’s before the auction. Good pictures and accurate information are thus of cardinal importance and will have an impact on prices achieved.
Buyers firstly register as users on www.livestockauctions.co.za and are then issued with a buyer number for each auction in which they want to partake. These are not tender auctions; it happens in real time, and buyers thus bid against each other while they are behind their computers, on their tablets or on their cell phones. Buyers see how the bid appears on the screen and can choose if their name will be visible to other buyers or not.
Two options will be available that can be set beforehand :
* an auction with a predetermined time allocation per lot, i.e. 5 minutes, which means the lot automatically sells to the highest bidder after 5 minutes have passed; or
* It can be controlled by an agent who closes the lot as soon as there are no more interested bidders.
Buyers will immediately know whether their bid was successful, just like with live auctions. This is a live auction in every sense of the word, except that buyers are at home/the office behind their computers instead of physically present in an auction house. Tablets and cell phones work equally well, and these devices support the technology of the auction site.
To facilitate the process, buyers will not have to type in amounts, as there are "quick bid buttons" on the page. Buyers only have to click on the button for R100, R200 etc. after which the bid is added and the total new amount offered appears on the screen. Invoices are issued directly after the auction, after which payment takes place. The animals are loaded at the place and on the day advertised prior to the auction. As with a live auction, buyers will be able to arrange their own transport, or they can request the seller or Livestock Auctions to take care of these logistics.
Livestock Auctions plan on holding these auctions on demand, even as often as once a week if necessary. Sellers can contact us to discuss commission, but it will be much lower than with live auctions as there are no boma or catalogue costs. Commission will be a maximum of 4% and a minimum of 2.5%, based on a sliding scale that will be negotiated separately with each buyer.
