The process is very simple. At present SelectAutoMart offers two types of auctions.
A> Closed Auction : The insurance company does not disclose their rates. The buyer has to bid their maximum rate before the specified deadline on the website. Their rates will not be disclosed to the other buyers. The buyer with the highest ACTIVE bid is notified shortly after the deadline of being the highest.
B> Open Auction : The basic rate of the auction item is displayed on the website. The buyer has to place a bid on a vehicle before the specified deadline.
The buyer has to deposit Rs.5000/- or 10% of the bidding amount (which ever is higher).
The buyer with the highest ACTIVE bid is notified shortly after the deadline of being the highest. Next our affiliated dealers, on customer`s behalf, present your bid to the Insurance Auction (closed to the general public). If they win the vehicle at the Insurance Auction, our affiliated dealer acquires the vehicle for the customer, who is required to pay the balance within 2 business days. If the affiliated dealer does not acquire the item, the deposit is refunded to the customer upon request. Alternatively, the deposit can be applied towards an offer on another vehicle
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