BidX1 in strategic joint venture with South African company
Auction house BidX1 has announced a "strategic joint venture partnership" with South African property group Pam Golding Properties.
Online auction platform BidX1 said it would be a "key step" in internationalising its auction platform, which Pam Golding will utilise for property sales. Pam Golding chief executive Andrew Golding said adding the platform would "add value to our service offering and our value proposition to the various markets in which we operate.
"This partnership will indeed add a new dimension to the South African auction property market and thereby provide our agents, sellers and buyers with increased opportunities in this space." BidX1 said it has to date sold more than 8,000 assets - €750m though traditional auctions and €550m through the digital platform.
Users can buy and sell property online on any digital device using the platform. Stephen McCarthy, the founder and managing director at BidX1, said the company's focus was on "using technology to enhance the experience of buying and selling property, making us a complementary partner for property agents and auction businesses who want to expand their market reach via our advanced digital platform."
Pam Golding Properties has a network of 2,000 agents working in over 300 offices in sub-Saharan Africa, as well as a number of international offices including the UK, Mauritius and Seychelles.
It also does sales in Spain, Portugal, Germany and France among other countries.
"We believe that greater transparency throughout the sale process provides a foundation of trust for both buyers and sellers," said David Murphy, chief operating officer of BidX1 South Africa.
"Transparency is the cornerstone of our business; from past results to real-time bids, everything is logged and displayed on our website. We believe digitisation and innovation will be the primary drivers of advancement in the South African property auction process."