How It Works
Global AVX is the only transparent online bidding platform for buying and selling aircraft. All those bidding on your aircraft must be fund approved before they can do so – this saves everyone time and means that all bidders are serious and have the funds to make the purchase. You can get started by following these steps and get selling or bidding on an aircraft today!
How it works – for the Buyer
Any visitor to Global AVX can browse current listings without an account. However, to make a bid on an open listing you must have an active and fully verified account. You will require the following to get started
- Photo ID;
- Utility bill dated within the last 3 months;
- Email address;
- Contact number;
Once you have provided your contact details, you will be sent a confirmation email. Next you will verify your account via the email and confirm you have read and understand the terms and conditions. We will then bring you through the funds approval process. (You will not be able to place a bid until we have completed this process) Your financial institution / bank / lender will need to provide proof of available funds held in your designated account – this can also be provided from your designated escrow account. Global AVX will need authorisation from the account holder to verify the contents of the proof of funds.
Once this process is complete you are now fund approved and you will see this symbol appear on your Global AVX account. The account holder can now place bids up to the limit of the fund confirmation.
Once the account information has been verified and you are fund approved the account holder can now place bids on aircraft up to the value of your fund approval. Bids are anonymous. When you bid you will be given a randomised user number for each individual listing bid on.
If you are successful in a bid the listing will be listed as ‘sale agreed’. The escrow account will be notified immediately that funds are to be held pending the close of the sale. The sale must complete within 2 months of the close of the auction. In this time contracts will be exchanged between buyer and seller and viewing of the aircraft will take place in this period.
(Please note: an escrow account provider is internationally considered as a safer method to transfer and hold funds. If you do not currently have an escrow provider please click here to see a list of escrow providers. Please note that we do not have any connection with the escrow providers listed and each account holder should do their due diligence before selecting a provider)
If the account holder is a broker purchasing on behalf of a client, the broker may have one account or several accounts. However, proof of funds will be required for each client and bid. If the broker has several clients, the broker will provide the following for each client:
- Written agreement between broker and client;
- Contact details of client to verify same;
- Proof of funds for the specific client;
When each broker client account is verified, the broker can bid on a listing but must select which client he/she is bidding on behalf of and as such the bid amount will be subtracted from that specific client’s available funds.
How it works – for the Seller
Register an account with Global AVX
This is where the seller uploads all the information on the aircraft via photos and videos. Please note that some fields in this section are mandatory. All legal documents
Once the seller has created a listing and is happy to advertise it, the next decision is when to open and close the bidding window. The seller places a minimum reserve on the listing. As with every bidding platform, if the listing does not receive a bid above the minimum reserve, inside the bidding time window, the listing will automatically be taken down and the seller will have the option to re-list the aircraft.
Once the bidding has commenced, i.e the bidding window has opened, the listing cannot be taken down if there has been a bid on the listing unless the bids are below the reserve of the listing. You are provided with a real time live feed on your listing which allows the seller to see what has been bid, by whom and when.
Communication between the buyer and the seller begins and they exchange contracts, arrange for a viewing of the aircraft, and fulfil any other criteria that needs to be fulfilled to their satisfaction. Global AVX assists in this process.
Global AVX will mark the listing as ‘sold’
Please also note the following important information
The parties are bound once the highest bid has been accepted
Once a sale has completed funds will transfer from the buyer escrow account to Global AVX escrow account and net funds will then be forwarded on to the seller. The sale will be deemed to be closed once full funds are received by Global AVX
The fund approved bidding rule is simple, reliable and saves time
Buyer ‘A’ is fund approved for €4 million. Listing number 123 is €2 million. Whilst this bid is in place (and yet to be accepted, rejected or outbid), Buyer A is now only fund approved for €2 million.
This is to prevent a buyer from bidding on more listings than they are fund approved for.
Should Buyer ‘A’ be successful and his offer on listing 123 for €2 million be accepted, Buyer ‘A’ can now only make offers on listings up to the value of €2 million. If Buyer ‘A’ wants to add more funds to make more bids on aircraft, further fund approval will be required.
Should a sale not complete, Buyer ‘A’ will be fund approved for €4 million, as if no bidding had occurred. Following confirmation from the escrow account provider, the seller of listing 123 will have the option to re-list the aircraft.
The sale occurs through the currency of the Seller
This is the default position of sales on Global AVX. However, it remains open to the seller to choose a different currency to conduct the sale.
Each aircraft listed on the platform for sale must have valid and sufficient insurance. The buyer is responsible for insurance once the purchase is complete. Please note the terms of any previous policies and local regulations. Both seller and buyer are advised to consult their relevant insurance policies/brokers in relation to the delivery of the aircraft once the sale has completed.