GOING once, going twice, sold to the highest bidder!

The auction concept is relatively novel to automotive sector, but PAJ Imports Limited’s principal Michael Powell believes consumers are now being sold on the idea.

Come Sunday, the used-car dealer will be hosting his fourth annual event, Jamaica Auto Auction, at 76 Constant Spring Road in Kingston. He said consumers are the biggest winners at these auctions.

“The consumers are the ones who are in control as they determine the final prices of the vehicles. So they leave the auction very satisfied with their deals,” Powell told the Jamaica Observer’s weekly Auto magazine.

The used-car dealer said a customer can leave the auction with a vehicle costing $300,000 to $400,000, which values twice that.“People will have the opportunity to get better prices,” he said.

He is also encouraged by the buzz ahead of the event.

“There has been a rise in registrations. The word has been getting out,” he said.

Powell said he saw the auctions in Japan and decided to bring it home, with a few adjustments.

“We introduced it in 2014, but tweaked it… making it member driven… So far, we are doing pretty good as we have a number of repeat bidders and for this year, there is an increase in registrations,” he said.

According to Powell, prospective bidders are required to pay a non-refundable $3,000 to be eligible to participate in the auction. On winning the bid, a 10 per cent deposit is required.

“A number of financial institutions will be present on the day to handle loan applications. And vehicles will be handed over on completion of loan process. If it was bought cash, you can leave with it,” he said.

On Sunday, more than 200 vehicles will be going under the hammer. According to Powell, they include: Lexus cars; Nissan AD wagons; Toyota Boons, Corollas, Axios and Noahs, as well as light trucks.

“We have a wide range of vehicles for sale. The starting bid for small cars are $50,000. So it really starts low,” he said.

Powell said when the event was first held they started with 60 cars.

He said all the imported vehicles are of the highest quality.

“All of our cars are bought in Japan. They are really good cars as they have gone through the pre-inspection process. We stand by our products,” he added.