Who can buy an item?
Anyone can purchase items by participating in the bidding process, if you win the bid; the item will become yours after full payment is made.
What should I do to register?
Please fill in all the information on the registration page Register. Please note that you will need to place a bidding security deposit in order to be able to participate in specific auction. Be sure to register in the name that you would like your paperwork completed in.
Will my information be kept private?
Yes, your information will be private and kept safe on our SSL secured server.
What kind of Identification do I need and how can I send it?
You do not need to send us your identification information during the registration process except you are registering as a broker. However, if you win a bid, you will be required to come with a valid registered Government ID card (e.g. International Passport, Driver License or National ID Card) which must match your registration information. It is required that we have full knowledge of our clients.
How much do I pay for registration?
Registration is free for users but not for brokers.
What benefits do I get by registering?
You get access to large pool of items while providing you with auction sales, consulting, documentation handling and repairs consultation.
I live outside Nigeria, can I still register?
Yes, you can register from anywhere in the world, as well as purchase items. However all purchased items must be redeemed within 48hrs of purchase.
What are the methods of payment?
We have our secured integrated payment porter powered by Paystack. Our wallet system can be used to make Bidding Security Deposits, inspection fees and payment for purchase of items. There are three main payment method; 1, Bank Transfer 2, Card payment 3 Cash of redemption
Why do I have to pay the bidding security deposit first?
The deposit helps us determine if your intention to purchase an item is honest.
How do I make payment and what are your company’s bank details?
You can make your Bidding Security Deposit and inspection fees through the website payment porter; upon completion of every bid, the winner is contacted through email; this email contains payment instruction.
What is a minimum required deposit?
Your deposit will be determined by the number of items you wish to bid for simultaneously, but the minimum deposit per auction is N5,000
Will you refund my deposit if I request?
Yes your deposit will be refunded upon your request. In your “MY ACCOUNT” page, click the “Withdrawal”, and follow the link and instructions so that we could process your refund. Transfer time may take up to 24 hours. Please note that a refund transaction fee/bank charges apply. Also note that your deposit will be forfeited if you do not redeem your item within 48hrs of winning a bid.
What are your transaction charges?
- 5% buyer premium for every purchase ( to be paid by buyer)
- 5% sellers commission for every sale applies (to be paid by seller to broker)
- N5,000.00 inspection fee applies (if buyer choose to inspect vehicle before bidding)
- N5,000 refundable Bidding Security Deposit (will be forfeited if item is not redeemed within 48hrs after bid is won)
- Accrued bank charges and transaction fees
What will I be charged if I buy an item on the website?
A buyer premium fee of 5% will be charged and added to the closing bid price of the item in question which will be sent to you as an invoice.
How much time do I have to send my money over to you after the purchase?
You have 48hours to pay for the purchased item. To avoid any form of penalties, you have to send your money the same day you receive your bid winning notification.
What are the penalties if you do not receive my money on time?
You have 48hours to pay for the item after you win a bid, if we do not receive the payment from you at the time lapse, you will forfeit your Bidding Security Deposit for the specific auction. If we do not receive a payment or payment confirmation in 72 hours, the item will be relisted for auction at the approval of the seller/broker.
How would I know if you received my payment?
You will receive an automated email message. You can also check the status of your payment in your WALLET on the website.
Can I pay for the item after delivery?
NO, we require the full payment before delivery because we need to buy the item from the seller. That is why transportation of the item will be possible once the full payment is made. But you can choose to redeem and make payment physically at our office.
Bidding Process Questions
How and where do I place my bid / offer?
You can place a bid by offering a price as bid through the website.
If I am the highest bidder at the indicated bidding end time, does that mean that I won the item?
Yes, but only if your bid meets the seller reserve or the broker approves your bid, you will win the item. This is why we advise you to place reasonable bids, not to waste our time and yours.
Can I inspect the item before I bid?
Yes you can, you will have to schedule an appointment but you will be charged a fee of N5000 for the inspection.
How can I cancel my bid?
Please note that you can NOT cancel your bid once it is received. That is why we strongly advise bidders to be sure of the price they are placing as bid and to make up their minds before participating in the auction.
Will I lose my deposit if I don’t win the item?
No. If you don’t win the item, your deposit will stay in your account and you can use it for your next bid or withdraw it.
What is item inspection?
Although sellers will provide you with a condition report complemented with a detailed picture of the item on the website. If you are buying an item and you’re worried about its condition, you can choose to physically examine the item you are considering to buy. Please note, you will be charged an inspection fee of N5,000 for the inspection to be approved. Inspectors must be available on the agreed inspection date; day or time, Failure to show up will lead to the forfeiture of the inspection charges.
What are your hours of operation?
9:00 am – 5:00 pm Monday-Friday but our website is open 24hr, 7days a week,
I am trying to login but keep getting an error message, what should I do?
Most likely your registration is not yet approved; please contact us to find out more on the status of your registration.
I emailed and got no answer, what should I do?
Probably your email went to spam, please try to resend your email, or simply contact our customer service department, and someone will be happy to assist you.
How often is the inventory on the site being updated?
Inventory is constantly being updated.
Where do you get the items you sell on www.auctionnaira.com?
Our inventory comes from sellers and brokers, people who wish to sell their item urgently.
Who is a Broker?
Someone who is solely accredited to list items for auction on www.auctionnaira.com
How can I register as a Broker on Auction Naira?
Contact us at [email protected] to learn more.
How can I list my item for auction on the website?
You can contact us at [email protected] for assistance. Items can only be listed by an accredited broker.
What is the shop URL?
It’s a unique link to your account as a broker, during registration, you will be required to fill your desired business name in the Shop URL box, and the system will automatically generate your unique URL link when this is done.