Vehicle auctions have been going on in Nigeria for as long as the country itself, but it hasn’t been publicized like it has of late.
Before, these kinds of auctions were carried out by auto dealers or importers who want to clear old stock for newer vehicles.
But these days, vehicle auction has become one of the biggest sales activity for government agencies in Nigeria.
The good news is, you can make money by being involved.
I trust Nigerians. They love cheap things, aka “awoof”, an item that must be bought even when not needed as long as it is cheap.
So, even if you have a fleet in your garage, you can still take part in the “awoof” and make money for yourself buying and selling auction vehicles in Nigeria.
So, what vehicle auctions are available in Nigeria?
Let’s take a look at some of them.
Customs Vehicle Auctions
The Nigerian Customs Service are the biggest auctioners in Nigeria.
They regularly post auction adverts on their website and other publications for various types of items and vehicles are not left out.
The Nigerian Customs auction imported vehicles that are either uncleared for a long period of time or vehicles whose demurrage has exceeded the declared value of the vehicle.
Bidders are advised to register their interest on the Nigerian Customs e-auction website and proceed from there.
LASTMA Vehicle Auctions
The LASTMA Vehicle auction is a peculiar one due to the nature of the auction process.
The vehicles auctioned by LASTMA are usually vehicles confiscated for traffic offenses such as driving one-way or obstruction of traffic flow.
The auction is usually advertised on the Lagos state government information portals and other publications.
However, the auction and the bidding process is usually done physically and may be cumbersome to follow through.
FRSC Vehicle Auctions
The FRSC Vehicle Auctions are usually unclaimed vehicles impounded from road defaulters.
There is usually a stipulated period for owners of impounded vehicles to respond to the corps either through the courts or to pay offence charges.
Vehicles that have overstayed in the custody of the corps are usually auctioned to the general public.
Announcements are made on the FRSC website and other publications, where interested parties are required to register their interest on the FRSC e-auction portal.
EFCC Vehicle Auctions
The EFCC are not left out of vehicle auctions in Nigeria.
The commission usually accumulate a lot of vehicles from crime offenders who are going through court processes.
In the event that the law pronounces a forfeiture of assets such as vehicles, the EFCC will be obligated to auction such vehicles.
The auction and bidding process is usually a physical exercise and carried out in the regional offices of the commission around the country.
So, How Do You Make Money With Auction Vehicles in Nigeria?
There are two ways to make money by participating in vehicle auctions in Nigeria. You could decide which path is easier or more predictable for you.
Buy & Sell Bidding Slots
The truth about vehicle auctions in Nigeria is that it is a very hard process.
Not everyone who indicates their interest would get shortlisted for the bidding stage, and that has created a secondary market where bidding slots are traded.
If you are able to get a bidding slot, you could trade it for almost double the price and leave the bidder to try their luck at the auctions.
Buy & Sell Auction Vehicles
Even though it is quite hard to win an vehicle auction in Nigeria, you could be lucky enough to win one.
And when you do, you could resell your prize for more than double what you paid for it.
You could even be lucky enough to find a buyer for a reasonable price at the location of the auction itself.
If you do, make sure to cash out as quick as possible.