2 minute read
1 Mar 2014
9:00 am

Online innovations for bidders

Over the years, Park Village Auctions (PVA) has pioneered numerous technological innovations.

Picture: Supplied.

These include, the development of the Direct Assets Wireless Network (Dawn) and South Africa’s first real-time, online auction platform.

In essence, Dawn is a real-time asset tracking system which utilises Radio Frequency Identification tags as its method of data input. The system provides PVA (and clients where relevant) with comprehensive information such as an asset’s current location, movement, related expenses, conditions and the status of the stock – pending/sold etc. Suppliers can enter new stock information (with authorisation from PVA) and authorise PVA to auction items where appropriate.

The system covers all regions in South Africa and ensures verification processes are performed accurately and quickly. The system has proven particularly useful from an auction preparation point of view and has greatly enhanced PVA’s security offering. Reports can be issued directly to digital user interfaces or printed to paper. Unveiled in 2011, the system enables bidders from around the world to participate in live auctions with the click of a mouse.

Bidders have to pay a deposit first which enables them to register and bid. Online bids are submitted incrementally as bidding proceeds on the day, via home, office PC or other devices.

Live streaming webcast enables bidders to view the proceedings as they unfold.

Bidders are further aided by virtual catalogues which appear on screen accompanied by information about each lot.

The display changes in real time during the course of the auction showing the next lot to be sold and lots that have already been sold.

An electronic vending roll sends a text message to the successful bidder, also in real time, to confirm that a bid is accepted and the display is projected at the auction site, allowing bidders on the floor to keep track as well.

There’s also the option of using PVA’s proxy bidding service where the audio from the auction floor is relayed by telephone to an office or home while viewing the proceedings on a PC or laptop.

A third option using a different portal on the same platform is Time on-Line Sales (no live streaming) which is basically the same as a conventional, static on-line bidding system similar to that already widely used in the auction sector.