DEPOSIT & REFUND POLICY

Last updated: 6 October 2026

GT AUCTION requires approved bidders to maintain a refundable R5,000.00 bidding deposit before bidding access is activated.

This Deposit & Refund Policy explains how the bidding deposit works, when it may be refunded, how refunds are processed and the circumstances in which amounts may lawfully be deducted from the deposit.

This Policy should be read together with the GT AUCTION Terms & Conditions and the applicable Rules of Auction.

1. REFUNDABLE BIDDING DEPOSIT

A refundable bidding deposit of R5,000.00 (Five Thousand Rand) is required before a bidder’s account is activated for bidding.

The deposit is held as security for the bidder’s obligations to GT AUCTION.

It is not a fee merely to participate in an auction.

Bidder activation will only take place once:

• The R5,000.00 deposit has been received in cleared funds;
• The required identity and supporting documentation has been submitted; and
• GT AUCTION has completed the required verification and approved the bidder account.

Payment of the deposit does not automatically guarantee bidder approval where the required information or documentation cannot be verified.

2. ONE DEPOSIT FOR YOUR BIDDER ACCOUNT

The R5,000.00 deposit is linked to your registered bidder account and may remain on your account as security for future auctions.

You do not need to request a refund after every unsuccessful auction.

Provided your bidder account remains approved, your deposit remains in place and you owe no amount to GT AUCTION, it may continue to support your bidding access for future auctions.

If you request and receive a refund of your bidding deposit, your bidding access may be suspended or removed.

A new R5,000.00 deposit and any required verification may be required before bidding access is activated again.

3. WHEN YOU MAY REQUEST A REFUND

You may request a refund of your bidding deposit if:

• You have not made a successful purchase for which payment or other obligations remain outstanding;
• You have no outstanding invoice, storage charge or other amount lawfully due to GT AUCTION;
• You are not in default of a binding auction sale; and
• There is no other lawful reason for GT AUCTION to retain or apply the deposit.

Where these requirements are satisfied, the refundable balance of your deposit may be returned to you.

4. HOW TO REQUEST A REFUND

A refund request must be submitted through info@gtauction.co.za.

You may be required to provide:

• Your full name;
• Your registered bidder or account details;
• Your South African identity or passport details for verification;
• Proof of the bank account into which the refund must be paid;
• Any additional information reasonably required to verify the request; and
• Any documentation reasonably required for fraud prevention or account verification.

A refund request will only be regarded as complete once GT AUCTION has received and verified all information reasonably required to process it.

5. WHERE REFUNDS ARE PAID

Refunds will only be made to a verified bank account held in the name of the registered bidder.

GT AUCTION will not make:

• Cash refunds; or
• Refunds to an unrelated third party.

Reasonable bank-account and identity verification may be required before a refund is processed.

This requirement is intended to protect bidders and GT AUCTION against fraud and unauthorised refund requests.

6. REFUND PROCESSING TIME

Where the bidder has made no successful purchase, owes no amount to GT AUCTION and has submitted a complete verified refund request, the refundable deposit will be processed within 7–10 Business Days.

The 7–10 Business Day period begins once GT AUCTION has received and verified a complete refund request.

Delays caused by incomplete, inaccurate or inconsistent information may delay the refund process.

7. IF YOU WIN AN AUCTION

If you become the successful Buyer of a vehicle, your bidding deposit may:

• Be applied towards the amount payable on your invoice; or
• Be retained as security until your payment, documentation, collection and storage obligations have been fulfilled.

The treatment of the deposit will be stated on the applicable invoice or transaction documentation where relevant.

Once all amounts and applicable obligations have been settled, any refundable balance of the deposit will remain available for future bidding or may be refunded in accordance with this Policy.

8. IF A BUYER DEFAULTS

A successful bid may create a binding sale in accordance with the applicable Rules of Auction.

If a Buyer breaches or defaults on a binding sale, GT AUCTION may, to the extent permitted by law, apply or set off the bidding deposit against amounts lawfully due.

These amounts may include reasonable and documented:

• Administration or cancellation charges;
• Storage charges;
• Transport costs;
• Recovery expenses;
• Resale expenses; and
• Any proven shortfall resulting from the resale of the vehicle.

GT AUCTION will provide an itemised statement on request.

Any balance remaining after lawful amounts have been deducted will be refundable to the Buyer.

If the lawful amount owed exceeds the bidding deposit, the Buyer remains liable for the outstanding amount.

Nothing in this Policy permits GT AUCTION to forfeit a deposit merely because a consumer exercises a statutory right that cannot lawfully be excluded.

9. OUTSTANDING STORAGE OR OTHER CHARGES

Where a Buyer owes storage charges or another amount lawfully due under the Terms & Conditions, applicable Rules of Auction or transaction documentation, GT AUCTION may retain or apply the deposit to the extent permitted by law.

Any lawful deduction will be accounted for, and any remaining refundable balance will be dealt with in accordance with this Policy.

10. FRAUD PREVENTION AND VERIFICATION

GT AUCTION may delay a refund while reasonably necessary to verify:

• The identity of the person requesting the refund;
• Ownership of the nominated bank account;
• The bidder’s account status;
• Outstanding auction transactions;
• Outstanding amounts;
• Suspicious or inconsistent account information; or
• A suspected fraudulent or unauthorised request.

GT AUCTION will not knowingly redirect a refund to a bank account supplied through an unverified request to change banking details.

11. PAYMENT GATEWAY AND BANKING INFORMATION

Where a deposit was originally processed through a payment gateway or financial institution, the refund process may also be subject to applicable banking or payment-provider processing procedures.

A refund will only be regarded as completed once it has been processed through the applicable payment method or paid into the verified bank account.

GT AUCTION is not responsible for processing delays caused solely by a bank or payment provider after GT AUCTION has correctly initiated the refund, subject to applicable law.

12. BUSINESS DAY

For purposes of this Policy, “Business Day” means a day other than a Saturday, Sunday or South African public holiday on which GT AUCTION is open for its ordinary business operations.

Saturday does not count as a Business Day unless expressly stated otherwise.

13. PERSONAL INFORMATION

Personal information provided for a deposit payment or refund request will be processed in accordance with the GT AUCTION Privacy & POPIA Policy.

This may include identity, account, banking, payment and transaction information reasonably required to verify and process a deposit or refund and prevent fraud.

14. CHANGES TO THIS POLICY

GT AUCTION may update this Deposit & Refund Policy from time to time.

The current version will be published on the GT AUCTION website together with the date on which it was last updated.

Any deposit or refund will remain subject to the terms applicable to the relevant transaction and applicable law.

15. CONTACT US

For questions regarding your bidding deposit or a refund request, please contact:

GT AUCTION
32 Amsterdam Avenue
Park Central Business Park
Selby
Johannesburg

Email: info@gtauction.co.za
Website: www.gtauction.co.za

Please include your registered name and bidder or account details when contacting us about a deposit or refund.