Vehicle Auction
1. List of Auction Vehicles
Potential Purchasers/Bidders may obtain a copy of the auction vehicle listing ( Proclamation of Sale) 4 days before the auction date from Praise Million Sdn Bhd Store Yard guard house or download from Praise Million Sdn Bhd webpage praisemillion.com.my and also through our facsimiles service on request
2. Public Viewing
Vehicles listed for auction can be viewed 4 days prior to the auction date at the Praise Million store-yard, from 8:30am to 5:00pm.
AmBank, CIMB bank and RHB bank vehicles will be unlocked for viewing 2 days ( Friday and Saturday) before the auction date
No inspection is allowed after the auction.
3. Registration
On the day of auction, all bidders must registered at the auction house Registration Counter, in accordance with their NRIC or Company Name and to deposit an earnest Down Payment (Vehicle Deposit) of RM1000.00 and Buyers’ Premium of RM500.00 by Cash, Credit Card or Bank Draft/Cashier’s Order for each vehicle. No Personal & Company cheques are accepted, unless prior arrangement and approval is given from the Management of Praise Million Sdn Bhd.
A Bidding Card will be issued to the registered bidder during the registration, each bidding card is entitled to bid for (01) one unit of vehicle. e.g: to bid for 5 vehicles, you need to purchase 5 Bid Cards. Once you makes a successful bid, the bidding card will be collected by the Auction Contract Runner immediately.
Successful purchasers/bidders are required to sign the Sale Contract and you may collect your original Sale Contract from the Registration Counter as soon as the auction ends
If a Successful purchaser/bidder failed to sign the Sale Contract, the earnest Downpayment will be forfeited and credited to the Bank/Legal Owner of the vehicle
Unsuccessful bidders are advice to return the Bidding Cards in good condition to the register counter as soon as the auction ends, and your advance deposit & buyer’s premium will be refunded to you immediately.
4. Settlement
Successful purchasers/bidders are required to bring the original Sale Contract to the respective Bank/Legal Owner for balance payment settlement within 10 working days from the auction date. The Bank/Legal Owner will issue an authorized letter to “release” the vehicle to the buyer upon full payment . A penalty charge may be imposed to the purchasers/bidders for late settlement. The Vendors/Banks/Legal Owners reserve the right to forfeit the deposit or re-auctioned the said vehicle for late settlement, unless instructed otherwise.
5. Collection of Vehicles
The purchaser must produce the original vehicle Release / Authorization Letter from the respective Banks/Legal Owners and NRIC for collection of vehicle at the store-yard.
6. Puspakom Inspection
Successful Bidders/Purchasers are advised to arrange for the vehicles to be inspected by PUSPAKOM (VR1 inspection) before the vehicle(s) is/are taken out from the store-yard. No refund will be entertained to the successful purchasers/bidders for those vehicles taken out from the store yard without prior PUSPAKOM inspection. The inspection fee shall be borne by the purchasers/bidders
7. Condition of Vehicles
- All vehicles sold “AS IS WHERE IS” basis and subject to the Conditions of Sale.
- All vehicles are being checks from JPJ & PDRM blacklist enquiry on line before the auction
- All expenses incurred in respect of the ownership transfer shall be borne by the Purchasers.
8. Indemnity
All Purchaser /bidder or members of the public enter the Auction Compound entirely at your own risk. Purchasers/Bidders & members of the public are warned of the possibility of dangerous machinery, chemical etc being present in the auction premises.
- As from the time of sale, the vehicle not taken possession by the successful purchaser/bidders will be at the sole risk of the purchasers from any peril.
- Time is of essence of the purchaser’s obligation under these conditions.
- Auctioneer/ Vendor is the sole arbiter in all cases of dispute.
Potential Purchasers/Bidders may obtain a copy of the auction vehicle listing ( Proclamation of Sale) 4 days before the auction date from Praise Million Sdn Bhd Store Yard guard house or download from Praise Million Sdn Bhd webpage praisemillion.com.my and also through our facsimiles service on request
2. Public Viewing
Vehicles listed for auction can be viewed 4 days prior to the auction date at the Praise Million store-yard, from 8:30am to 5:00pm.
AmBank, CIMB bank and RHB bank vehicles will be unlocked for viewing 2 days ( Friday and Saturday) before the auction date
No inspection is allowed after the auction.
3. Registration
On the day of auction, all bidders must registered at the auction house Registration Counter, in accordance with their NRIC or Company Name and to deposit an earnest Down Payment (Vehicle Deposit) of RM1000.00 and Buyers’ Premium of RM500.00 by Cash, Credit Card or Bank Draft/Cashier’s Order for each vehicle. No Personal & Company cheques are accepted, unless prior arrangement and approval is given from the Management of Praise Million Sdn Bhd.
A Bidding Card will be issued to the registered bidder during the registration, each bidding card is entitled to bid for (01) one unit of vehicle. e.g: to bid for 5 vehicles, you need to purchase 5 Bid Cards. Once you makes a successful bid, the bidding card will be collected by the Auction Contract Runner immediately.
Successful purchasers/bidders are required to sign the Sale Contract and you may collect your original Sale Contract from the Registration Counter as soon as the auction ends
If a Successful purchaser/bidder failed to sign the Sale Contract, the earnest Downpayment will be forfeited and credited to the Bank/Legal Owner of the vehicle
Unsuccessful bidders are advice to return the Bidding Cards in good condition to the register counter as soon as the auction ends, and your advance deposit & buyer’s premium will be refunded to you immediately.
4. Settlement
Successful purchasers/bidders are required to bring the original Sale Contract to the respective Bank/Legal Owner for balance payment settlement within 10 working days from the auction date. The Bank/Legal Owner will issue an authorized letter to “release” the vehicle to the buyer upon full payment . A penalty charge may be imposed to the purchasers/bidders for late settlement. The Vendors/Banks/Legal Owners reserve the right to forfeit the deposit or re-auctioned the said vehicle for late settlement, unless instructed otherwise.
5. Collection of Vehicles
The purchaser must produce the original vehicle Release / Authorization Letter from the respective Banks/Legal Owners and NRIC for collection of vehicle at the store-yard.
6. Puspakom Inspection
Successful Bidders/Purchasers are advised to arrange for the vehicles to be inspected by PUSPAKOM (VR1 inspection) before the vehicle(s) is/are taken out from the store-yard. No refund will be entertained to the successful purchasers/bidders for those vehicles taken out from the store yard without prior PUSPAKOM inspection. The inspection fee shall be borne by the purchasers/bidders
7. Condition of Vehicles
- All vehicles sold “AS IS WHERE IS” basis and subject to the Conditions of Sale.
- All vehicles are being checks from JPJ & PDRM blacklist enquiry on line before the auction
- All expenses incurred in respect of the ownership transfer shall be borne by the Purchasers.
8. Indemnity
All Purchaser /bidder or members of the public enter the Auction Compound entirely at your own risk. Purchasers/Bidders & members of the public are warned of the possibility of dangerous machinery, chemical etc being present in the auction premises.
- As from the time of sale, the vehicle not taken possession by the successful purchaser/bidders will be at the sole risk of the purchasers from any peril.
- Time is of essence of the purchaser’s obligation under these conditions.
- Auctioneer/ Vendor is the sole arbiter in all cases of dispute.