AUCOR, SA’s largest auction company, has sold 26% of its business to the family trust of businessman and attorney Tony Tshivhase and his wife Phyllis for an undisclosed sum.

This is the first major empowerment transaction in an industry that has been lagging in the empowerment stakes.

The acquisition makes the Tshivhases Aucor’s single largest shareholder.

Aucor’s business includes valuations, property assessments, aircraft, mining, motor vehicle repossessions and valuations, liquidations, excess stock and government auctions.

Aucor Group founder and CEO Eddie Winterstein said: "We have been a white-owned company for a long time, and with the changes happening in SA in terms of transformation, we believe we should be changing too."

Winterstein said previous efforts at establishing a working and sustainable black empowerment company had failed.

"Although I have always had a working relationship with Tony, I had presumed that he was so well established in his legal position that joining the auction industry was not on his agenda.

"Fortunately for us, this is not the case and it is quite comforting to think we will have a legal expert on board," said Winterstein.

Tshivhase said Aucor —-which handles two auctions a week and has seven branches around the country — was a good investment. He said that although he had never worked in the industry, he had vast experience of dealing with auctioneers in his previous banking positions.

"However, I also intend to bring aboard new thinking, and together with the Aucor team I know a synergy of innovation can be garnered that will lead to positive changes — not just at this company but for the auction industry generally."