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Automobile Auction
Motorcycle Auction

Untitled Document
Thai English
In August 1991, Union Auction Co., Ltd. became the first company to start an Automobile Open Auction business in Thailand. Its founder, Khun Thepthai Sila, foresaw that the open auction method, used successfully in the United States, Japan and Germany, would prove to be an alternative means for Thai consumers to transact their purchases and sales in a fair and public manner, mutually satisfactory for both buyers and sellers.

Through the years, Union Auction Co., Ltd. has built a reputation for expertise and transparency in its business operations. During this period of economic crisis, the company was entrusted by financial institutions to hold a series of automotive auction events and helped relieve financial burdens by creating a channel for liquidating the assets of various finance companies. In addition, it acted as the intermediary between buyers and sellers, on behalf of the private sector-in the form of companies, retail stores and the general public.

In 1997, Thailand’s economic situation was aggravated in particular by problems arising from under-qualified leasing and sales of automobiles, Financial institutions were forced to appropriate and sell off assets in cases where debtors were unable to fulfil their financial obligations. The method most accepted as effective and fair to both financial institutions and debtors in arrears of payments was the public auction system. Allowing financial institutions to sell assets through open tender or to conduct their own auctions would risk exposure to criticisms of inexperience, resulting in debtors having to shoulder unnecessarily high outstanding debts. The Open Auction by professional auctioneers was thus selected as the most fair and transparent means available to financial institutions and Union Auction was given the task.

Thus, it was found that, regardless of regardless of prevailing economic conditions, Union Auction Co., Ltd. has proved to be instrumental improving the nation’s liquidity.

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