Ghana: Customs Warn Public Against Online Auctions

The Principal Revenue Officer in Charge of Customs Auctions, Mr. Prince Akwaboah has hinted that the Customs Division of the Ghana Revenue Authority is considering online means of auctioning general goods and vehicles in order to broaden its reach.

The head of auctions of Customs revealed that, the procurement plans are advanced to select the technology partner for that service.

Mr. Akwaboah, however warned that until a formal announcement is issued by the Ghana Revenue Authority, the Authority does not conduct online auctions and the public should treat any current advertisement of that nature in the name of the GRA as fraudulent.

“I would like to caution the public that we have not started online auctions yet,” he stressed.

Speaking on Eye on Port, the Principal Revenue Officer in Charge of Customs Auctions disclosed that reports coming to the attention of the Division is that some unknown individuals or syndicates

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Making Auctions Work in Practice Is Worth a Nobel

(Bloomberg Opinion) — Quite literally since the days of Adam Smith, economists have been great believers in the invisible hand that guides markets. But sometimes, we give the invisible hand a little help.

When coordination problems or other complexities stop the market from finding the right price on its own, we often bring people together and discover prices through auctions. That’s the specialty of Paul Milgrom and Robert B. Wilson, two Stanford economists — and it’s the reason they received the Nobel Memorial Prize in Economic Sciences on Monday.

Auctions are everywhere, of course. People use them to sell art, antiques and houses; to find the right price for fresh fish and used cars; and to raise money for nonprofits. Auctions also hide in the backdrop of daily life, controlling the advertisements we see on the internet — and maybe even the page you’re looking at right now.

In many

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Retrospective: Early days of simulcast auto auctions

CARY, N.C.  – 

Particularly in the COVID-19 era, the importance and growing presence of simulcast auction sales cannot be overstated. From corporate giants to independents, the ability to simulcast is a necessity in the tool belt of an auto auction. 
 

Digital-leaning wholesale may now be ubiquitous, but it has been years — decades, even — in the making. 

 

In fact, Monday marks the 25th anniversary of what ServNet has said was the first-ever auto auction sale to be simulcasted.

 

That sale happened at State Line Auto Auction in Waverly, N.Y. 

 

 “400 vehicles were offered that day, and 400 were sold. 125 bidders were in attendance on the floor, and 15 bidders chose to stay at their respective dealerships and bid remotely,” State Line owner Jeff Barber said in a news release. “Forty-five cars were purchased electronically by these remote bidders. At the time, all of us at State Line felt

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Customs warn public against online auctions

Thu, 1 Oct 2020
Source: Eye on Port

The Principal Revenue Officer in Charge of Customs Auctions, Mr. Prince Akwaboah has hinted that the Customs Division of the Ghana Revenue Authority is considering online means of auctioning general goods and vehicles in order to broaden its reach.

The head of auctions of Customs revealed that, the procurement plans are advanced to select the technology partner for that service.

Mr. Akwaboah, however warned that until a formal announcement is issued by the Ghana Revenue Authority, the Authority does not conduct online auctions and the public should treat any current advertisement of that nature in the name of the GRA as fraudulent.

“I would like to caution the public that we have not started online auctions yet,” he stressed.

Speaking on Eye on Port, the Principal Revenue Officer in Charge of Customs Auctions disclosed that reports coming to the attention of the

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Manheim announces Marshall ‘Mega Week’ used car auctions event

Manheim will auction 1,000 used cars across five locations as part of a Marshall Motor Group mega-event running from October 12 to 16.

The five-day event will feature exclusive content from the top AM100 car retail group, with virtual sales taking place across Manheim sites in Bristol, Northampton, Wimbledon, Colchester and Mansfield, using the Simulcast online platform.

Manheim said it would normally host a series of physical sales for an event like this across the week, but current Government restrictions due to the ongoing coronavirus outbreak have resulted in the event taking place virtually this year.

Jon Head, commercial director at Marshall Motor Group, said: “We usually hold mega-week events twice a year at Manheim. We planned to hold our first event in April but had to quickly change our plans due to the impact of the pandemic.

“We’re delighted to now put on this event and confident it will

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Russian rouble firms with other emerging currencies ahead of OFZ bond auctions

MOSCOW, Oct 7 (Reuters)The Russian rouble firmed ahead of treasury bond auctions on Wednesday along with other emerging market currencies, but its gains were capped by falling oil prices and geopolitical risks.

Political unrest in Kyrgyzstan, where rival opposition factions made grabs for power on Wednesday, added to turmoil in neighbouring Belarus, a military conflict in the South Caucasus and the suspected poisoning of Kremlin critic Alexei Navalny in exerting pressure on the currency.

At 0746 GMT, the rouble was 0.4% stronger against the dollar at 78.15 RUBUTSTN=MCX and had gained 0.2% to trade at 91.88 versus the euro EURRUBTN=MCX. Rising coronavirus cases globally and at home also weighed.

Brent crude oil LCOc1, a global benchmark for Russia’s main export, was down 1.2% at $42.12 a barrel.

Rouble sales would be facilitated by the situation on energy markets, said Bogdan Zvarich, chief analyst at Promsvyazbank. However,

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HOT ROD Hits the Road to Classic Car Auctions

“Mothers hide your daughters” is not what the marquee on HOT ROD‘s new motorhome will read, but perhaps “Dads hide your old cars” should be.



a group of lawn chairs sitting on top of a car: 1-1957-chevy-1958-corvette-auction-regehr


© VanDerBrink Auctions
1-1957-chevy-1958-corvette-auction-regehr

This lockdown stuff and cancelation of the car shows isn’t going away anytime soon, but as it turns out, media personnel are considered essential workers and that’s just enough of an excuse for HOT ROD’s Auction Action! team to hit the road and bring inperson coverage from some of the best auto auctions we can find.

Mecum Spring Classic look – Ray Skillman collection

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The first road trip after we mount the new fully polished Alcoas and slap HOT ROD Auction Action! signage on the motorhome is to head to the VanDerBrink Bob Regehr Auction on October 24, 2020 at the Kansas State Fairgrounds.

For more information contact VanDerBrink Auctions at www.vanderbrinkauctions.com

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1941 Cadillac No Reserve Mecum Auctions’ 2020 Indy Fall Special

She’s a go! Mecum Auction’s Indy Fall Special for 2020 takes place at the Indiana State Fairgrounds and runs from October 29-31. It’s hard to beat the class and style of a pre-war Cadillac, and the 1941 model Cadillac has to be one of the prettiest Cadillacs ever made.

These days, Mecum Auctions doesn’t seem to be listing much information about individual cars in its online descriptions, but we can fill you in what makes Lot S71 a 1941 Cadillac Series 62 Deluxe Coupe such an interesting find.

There were 5,050 Series 62 1941 Cadillacs produced in four basic body styles. 1941 was the first year for concealed running boards and revised styling for the frontend. Modern convenience options included Hydra-Matic automatic transmission, and factory installed air conditioning. Under the hood a 346-inch Flathead V-8 that produced 150 Brake horsepower at 3,400 rpm.

1941 Cadillac Series 62 Deluxe Coupe MSRP

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Dealers can be “more productive” at online auctions, says Aston Barclay group MD

The COVID-19 restrictions have allowed dealers to embrace finding stock online rather than physical auctions.

Martin Potter, group managing director at Aston Barclay told Motor Trader that he doesn’t see a full return to the physical environment for dealers at auctions.

He said: “I really don’t think there’s any need to fully return to a physical environment because buyers can buy with confidence. They’ve realised how easy it is to use online functionality and they can actually be more productive and buy more stock.

“By using the buyer apps you can log on to, and sort of three or four sales at a time and still be bidding at vendors. I think in that arena, there’s really no need to return to a physical environment actually, which is great news for everybody.”

However, he went on to say that budget and older cars at auction will still attract dealers to

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Classic car auctions go virtual during coronavirus restrictions

The coronavirus pandemic is forcing many companies to rethink how they do business, with car auctions being the latest to show how they’ve adapted.

Classic Car Auctions held its first virtual sale on March 28, with 188 cars going under the hammer.

It has increased its capacity to accept online and telephone bidding to allow anyone with their eye on a vehicle to get involved, while the additional one per cent fee that is usually in place for online bidding will be waived.

Gary Dunne, manager at Classic Car Auctions, said: “We have certainly been thrown a challenge and one we have been keen to make happen. We have a superb catalogue and with the full support of our vendors, we are putting on a virtual auction.

“We have put in place lots of additional resources to support online bidding with Proxibid, The Saleroom and Invaluable for our virtual auction.

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