- What is the difference between the closed and open bidding system?
The difference is:
| |
Closed Bidding System |
Open Bidding System |
| Bid Period |
Usually between the 1st and 7th of each month |
On every third week of the month, from 9:00 am of the first working
day to 4:00 pm of the third working day |
| Bid Deposit |
50% of bid amount |
S$200 for motorcycles and S$10,000 for all other vehicles |
| Reserve Price (max. amount bidder is willing to pay) |
Not applicable |
You submit your bid by indicating your reserve price through the system.
The system automatically revises your bid higher by $1 each time and
submits your bid up to the limit of the reserve price stated by you.
If the current COE price is higher than your reserve price, then you
are out of the running unless you revise your reserve price upwards |
-
Where and how do I submit my bid under the Open Bidding System?
You can submit your bid and revise your reserve price through any DBS/POSB
ATM. You must have sufficient fund in your account to meet the payment
of bid deposit. Upon successful submission of your bid at the ATM, the bid
deposit will be deducted from your bank account. A S$2 fee is charged for
every bid submitted and for subsequent revision of your reserve price.
-
What is the minimum reserve price?
The minimum reserve price is S$1.
-
How do I know if my bid is being processed?
When the system receives your submission, you will receive a confirmation
that your bid has been received for processing. You will also be given an
acknowledgement code for every successful bid submission/revision. You are
advised not to release this acknowledgement code to another person as it
is used by the system to identify you for subsequent bid revisions.
-
When will the money for the bid deposit be deducted from my bank account?
The bid deposit will be deducted from your bank account immediately when
you submit your bid.
-
How soon will my money be credited back into my bank account if I am
unsuccessful in my bid?
The bid deposit will be credited to your bank account one day after the
confirmation/announcement of the bidding results.
-
What is an acknowledgement code?
An acknowledgement code is a 6-digit number that will be issued to you for
every bid submission/revision. You will have to key in this acknowledgement
code for subsequent bid revisions if you have first submitted your bid through
a different channel.
-
Why do I need the acknowledgement code to revise my bid?
The acknowledgement code is a security feature that confirms your identity
to the system. This is necessary because only the bidder or an authorized
person is allowed to revise the reserve price.
-
What if I have lost or forgotten my acknowledgement code?
If you have lost or forgotten your acknowledgement code, you can only revise
your reserve price at the bank where you originally submitted your bid.
There is no need for the acknowledgement code for bid revisions if you use
the same bank account. However, you will need your acknowledgement code
if you wish to revise your reserve price using LTA's facilities or the facilities
of other banks.
-
The word "reject" appears when I try to submit my bid. What
does it mean?
"Reject" means that the system is not able to accept your bid for
processing. This could be because a bid has already been submitted in your
name or there is insufficient money in your bank account for the bid deposit.
-
What does "Accepted" mean?
"Accepted" means that your bid has been accepted for processing
and also that your bid is still in the running for a COE.
-
How do I revise my bid?
Currently, you can revise your reserve price using:
- any DBS/POSB ATM, if you are
an account holder. The administrative fee of S$2 will be deducted from
your bank account.
- LTA's Open Bidding web-site at http://ocoe.lta.gov.sg/.
The administration fee of S$2 will be deducted from your lump-sum fixed
bid deposit amount posted with LTA.
- LTA's Open Bidding Phone System at Tel: +65 6362 1465. The administration
fee of S$2 will be deducted from your lump-sum fixed bid deposit amount
posted with LTA.
-
Is there a limit to the number of times I can revise my bids?
No. You may revise your reserve price as many times as you like. Please
note that there will be a fee of S$2 each time a bid revision is made.
-
What does "out-bid" mean?
It means that your existing bid is no longer in the running for a COE as
the Current COE Price (CCP) is higher than your reserve price. If you wish
to get a COE at the current bidding exercise, you will need to revise your
reserve price upwards.
-
What is CCP?
It stands for Current COE Price. During the bidding exercise, bids with
reserve prices higher than the CCP remain in the running for a COE.
-
Can I input a reserve price that is lower than the CCP?
No, under the open bidding system, your reserve price has to be higher than
the CCP. The ATM system will reject your bid if you key in a reserve price
that is lower than the CCP.
-
Do I have to top up my bid deposit if I revise my reserve price upwards?
No, under the open bidding system, the bid deposit is fixed at S$10,000
(for all vehicles) and S$200 (for motorcycles). There is no need to top
up the deposit amount whenever you revise your reserve price. For your convenience,
the bid deposit will be deducted from your bank account when you have submitted
your bid. If there is insufficient money in your account, your bid submission
will be rejected.
-
How much will be debited from my account for every bid submission?
For every bid submission, the bid deposit amount of S$10,000 (for all vehicles)
or S$200 (for motorcycles) and a commission charge of S$2 will be debited
from your account. Similarly, a commission charge of S$2 will be debited
from your account for every bid revision.