You can expect more bankruptcies, says PVA director
The rate of liquidations and business failures is likely to rise next year, says Park Village Auctions (PVA) director Roy Lazarus.
Lazarus said there was an
“encouraging” decrease in liquidations this year, but load-shedding and water shortages cast a shadow over the economic landscape.
“Uncertainty remains a significant factor, and with it, the potential for liquidations and business rescue operations to rise,” he said.
Looking at auction buying behaviour, Lazarus said bidders are more informed and discerning, becoming “increasingly knowledgeable about what they want, and are prepared to pay a fair price”.
Going into 2024, he said: “Our advice is to secure financing beforehand to avoid missing out on valuable opportunities.
“We’ve also seen a growing number of international buyers, which could be a promising sign of investment revival.”
PVA will start the new year with enhancements to its online auction platform as the format has proven highly successful.
“Online auctions offer unparalleled convenience, allowing buyers to participate from anywhere in the world,” said Lazarus.
He said the team working on the upgrade project had focused on the user experience, making the bidding platform simple and user-friendly.
Despite concerns, PVA remained optimistic about the future of the South African auction industry.
“We are constantly innovating and adapting to market trends,” said Lazarus.
“By leveraging our expertise and embracing technology, we are confident in our ability to navigate any challenges and continue to provide our clients with exceptional service.”
Lazarus said PVA was committed to excellence and to weathering any storms with its clients.
While 2024 may be shrouded in uncertainty, PVA had lined up scores of auctions starting as early as January 9, which can be found on www.parkvillageauctions.co.za.
For all auction-related information, contact Park Village Auctions on 011-7894375 or go to www.parkvillageauctions.co.za