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Auction sense Be wary of cash buyers Operators should be
Page 69
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wary about disposing of vehicles through auctions that allow bidders to pay in cash and fail to identify them properly, Gray warns.
Likely future legislation governing corporate responsibility could place sellers in serious difficulties if the vehicle is subsequently used in the commission of a serious crime— a terrorist outrage, for example — and the purchaser cannot be traced.
"We're a trade-only auction, and we don't accept cash," he adds. "Most of the bidders who attend our sales are account holders with us. Anybody who is not must produce a VAT number that we can check, a letter heading with their name, address, and telephone number on it, and provide us with a £500 deposit using a swipe card.'
British Car Auctions is prepared to take cash along with various other means of payment, and admits non-trade customers. "But no matter what means of payment buyers use, we take their personal details to allow us to update the V5 tear-off slip that we then forward to the Driver & Vehicle Licensing Agency (DVLA)," says a spokesman.
"Furthermore, if a cash payment exceeds €15,000 (£10,300) then we are bound to seek further evidence of identity under new regulations governing money laundering that come into effect fully on 1 March," He does not believe vendors have any serious cause for concern: "They have an invoice and a fully transparent audit trail to prove they have sold the vehicle, and the V5 document will have been sent to the DVLA showing they are no longer the owner. In terms of corporate good practice, they have done everything that they should."