HMR has been a major player in the buy and sell business here in the Philippines for a very long time. Their chain of surplus shops offers a wide selection of low-priced items from appliances to power tools to toys, and anything and everything under the sun.
In 2016, they started their Auto Auction line of business, and has sold over 4,000 vehicles since then. Unlike most used cars business, HMR Auto Auction offers a unique bidding experience to people looking to buy used vehicles at affordable prices.
Last December 11, HMR Auto Auctions celebrated their 3rd year anniversary by opening their latest auction site. It is located in ACSIE compound at KM 14, West Service Road, Bicutan, Paranaque City. The facility is also their biggest, showcasing up to 450 vehicles.
The facility also provides comfort for all bidders including a fully air-conditioned registration and bidding area that can accommodate up to 300 bidders.
HMR Auto Auction also announced a new partnership with Unionbank for this unique venture. Unionbank representatives VJ Vergara and Pico Sarmiento graced the event, here pictured with HMR Auctions CEO Sam Powell and HMR Auto Auction Branch Manager Jaye Carreon during the ribbon cutting.
Auction and Bidding Process
Auctions happen every Saturdays, and potential bidders can register from Monday to Friday prior to the auction proper, or register on the auction day itself. HMR officers also mentioned that many of the cars being lined up for auction are foreclosed units which are almost brand new with very few kilometers traveled.
During this period, they have a chance to inspect the units parked outside the facility. They can pop the hood open, inspect the interior and even the chassis – pretty much every nook and cranny of the vehicle. They can even bring their own mechanics to do the inspection and give feedback on the condition of the vehicle and estimated market value. The only thing that is not allowed is a test drive of the vehicles. They can, however, start the engine, leave it idling or rev it up as much as they want.
During the bidding period, cars will be put on auction one after another, and the auctioneer will kick off the bidding process with a starting price, which anyone can put a bid on for the next higher price. This goes on until such time that the current bid is unchallenged, at which point the auctioneer will call once, and call twice for any higher bids. If none are put in after the 2nd call, the most current bidder wins the auction.
Winning bidders can opt to pay the winning bid amount in cash, but they are also given an option to settle payments within 3 working days. A third option is to avail of bank financing through HMR Auto Auction’s partner, Unionbank. This can be applied for during the week’s period prior to auction schedule. The bank will assess the potential bidder’s financial status through various documents which the applicant will need to submit. Once the bank approves, a winning bidder during the auction proper will need to pay 30% of the winning bid price up-front, and the rest will be paid through the bank following an amortization schedule agreed upon by the winning bidder and the bank
It’s Auction Time!
HMR showed appreciation to bidders and guests alike by treating them to food, games and prizes. There were vendor promos and giveaways as well.
Bidding went underway afterwards. Each bid was an exciting session, and many won great deals on their bids. Some of the vehicles even had surprise bonuses, much to the delight of their winning bidders.
Cheers to HMR Auto Auction’s 3rd year!