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Now you can list your vehicle under Auctions on your own on Droom's online platform. While listing your vehicle on Droom’s platform you can select Auctions as one of the selling formats.
Here is the information you need to fill while opting for Auction as the pricing format:
- Reserve Price: A minimum amount that will be accepted as the winning bid of your in auction. This prevents the auction from being won at a price that is lower than what you expect. If the reserve price is not met, no winner will be declared.
- Auction Duration: This will set the number of days your listing will be under auction. The time will start the moment your listing goes live.
- Starting Bid: This is the first minimum bid amount from where the auction will start. Bidders will start bidding above this amount.
- Minimum Bid Increment: It is the minimum increment value between two consecutive bids made by same or different bidders.
Droom is a self-service platform, where your success completely depends on you. Providing auction as a pricing format will help you gain a lot of buyer attention. You can also sell more in short duration of time.
Benefits of Auction
There are various benefits of auctions for sellers:
- You can get more buyer attention on your vehicles
- You can sell more and sell fast
- You can test the market value of the product
- You can get a higher value than the reserved price.
Pro-Tips for Auctions
Following are some simple recommendations which you may use to get maximum success in auctions:
- Starting bid must be 20% below the reserved price
- Bid increment should be ₹1000
- Reserved price should be minimum at which you are willing to sell. (suggested 5%-8% less than selling price)
- As per our experience auctions for 48 hours work best
- Auctions ending between 1:00 pm to 6:00 pm works better
Important FAQs
Auction is a pricing format which allows buying & selling of automobiles using a bidding process where vehicle is sold to highest bidder.
Droom is a self-service platform and you can now start an auction on your own. It is easy to list your vehicle under Auction. Just select “Fixed Price + Auctions” as a pricing format while you are uploading a listing. Then provide the below details for below mentioned points if you wish to opt for Auction as a pricing format.
- Reserve Price
- Auction Duration
- Starting Bid
- Minimum Bid Increment
A minimum amount that will be accepted as the winning bid of your listing in auction. This prevents the auction from being close at a price that is lower than what you expect. If the reserve price is not met, no winner will be declared.
This will set the number of days your listing will be under auction. You can select the number of days from the drop down menu. The time for auction will start the moment your listing goes live.
Starting Bid: It is the minimum bid price provided by you to start an auction. Bidders will start bidding above this amount.
Minimum Bid Increment: It is the minimum increment value between two consecutive bids made by same or different bidders.
If the Auction times out and no winner is declared, then your listing will still be available for the buyers to buy it on Fixed Price and Best-Offer (If you have selected Best offer as a pricing format during listing creation)
When a winner is declared for your listing, he will be given 12 hrs to pay the commitment fee/token amount for your listing. Your listing will not be available for the rest of the buyers for 12hrs. If the winner fails to pay the commitment fee/token amount, then your listing will be relisted as a listing with Fixed Price and Best Offer (If you have selected Best offer as a pricing format during listing creation)
Droom will be continuously tracking your auction and will keep you updated by sending emails on every bid placed on your listing. We will also share the result whenever the Auction ends. You will also receive email after the winner of the auction has made the payment of commitment fee/token amount.
Soon, we will be providing you a platform under MyAccount/Storemanager that will allow you to easily track and monitor your listing placed under Auctions.
No, as of now we do not provide you the capability to relist your listing under Auctions. However soon we will be launching this feature and will share the details with you.