The Internet has permeated through every layer of the human lifestyle. It is an integral part of the walk-in virtual world and the educational exchange that began during Covid-19. And finally, 4g and fiber optics have given us the medium to conduct real-time eAuctions for automobiles. Truly a game changer, eAuction is revolutionizing car buying in India, offering opportunities PAN India.
Knowing eAuction India and Its types
eAuction is an online platform where automobiles can be brought up to be auctioned to the highest bidder, giving buyers an advantage over traditional car dealerships.
Online car auctions are generally conducted by three major bodies all over India:
1. Government eAuctions
The government of India and police authorities conduct eAuctions to accept biddings for seized and de-commissioned(scrap) vehicles. It ensures the government fleet is up-to-date with modern automobiles and eliminates liabilities. Examples are eAuctions by:
- MSTC Limited
- eProcurement System of India
- Directorate of Supplies and Disposals.
2. Bank eAuctions
Banks generally conduct eAuctions to recover losses from non-paying assets after repossession due to non-payment. These vehicles are then put to auction to recover the outstanding loan amount.
Such instances are
- HDFC Bank eAuction
- ICICI Bank eAuction
3. NBFC eAuctions
NBFC eAuctions are digital car auctions conducted directly by nonbanking finance companies, NBFCs. The main aim is like Bank eAuctions, to recover loan amounts from defaulters.
Prime auctions are:
- Mahindra and Mahindra Finance Service Limited eAuction
- Shriram Transport Finance Company Limited’s SAMIL eAuction
Benefits of eAuctions India
Buying a car through eAuction India carries various advantages:
- Transparency and Fairness: eAuction ensures a transparent process where all participants have an equal chance to bid on vehicles
- Affordable Pricing: Most auctioned cars carry a reasonable price tag and enough certification to trust
eAuction Car Buying Process Explained
The e-auction car-buying process invokes the need for careful steps as follows:
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Research & Platform Selection
Multiple eAuctions platforms exist today. It is essential to research, compare, and then choose the one that best fits your needs. Explore the desired platform after selecting, and go through the vehicle listings.
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Registration
One has to register with their desired platform to participate in an eAuction. This involves providing personal details and identity proofs. Each platform will guide you through this process. Make sure your registration is complete and the information you enter is correct.
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Pre Bidding Preparations
Before participating in your desired eAuction India, consider the chosen vehicle’s history carefully. Check the service records and accidental or repair history. eAuction platforms often provide a detailed inspection report, which can be crucial in evaluating the vehicle’s condition.
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Auction & Bidding
eAuctions in India follow the ascending bid format until the final bid. The bidding process might happen in real-time or during a specific time frame depending on the platform.
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Winning + Payment
In case your bid turns out to be the winning bid, you have won the vehicle! The next step is to generally make the payment, through provided options and do the necessary formalities. Make sure you go through the payment guidelines and complete the process within the stipulated timeframe.
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Delivery & Documentation
After the payment, the eAuction platform starts the ownership transferring process. This involves the paperwork and insurance transfer, followed by the delivery of the vehicle at the designated location. It is advisable to conduct a thorough inspection of the vehicle and make sure all documents are present before concluding the process. If there are any irregularities, promptly inform the platform for a solution.
Also See: Important Documents to Check while Purchasing a Car
Car Bidding and Things to keep in mind
One is ready to purchase with the step-by-step guide to buying a car through eAuctions India. However, it is wise to practice patience and caution before placing a bid to avoid overspending. The placed bid should get you its worth or more. Research well or seek experienced advice from a trusted source.
Choose a reputable e-Auction platform with satisfactory customer reviews. They should provide transparent information, clear guidelines, and a streamlined bidding process.
eAuction is now becoming a major player in the field of car purchasing. It provides the comfort of remote purchase, eliminating favoritism. Whenever you participate in an eAuction, follow the best practices and you will surely enjoy a successful and fair purchasing experience!
