create online auction

AUCTION

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. Online auctions include business to business (B2B), business to consumer (B2C), and consumer to consumer (C2C) auctions.

Online auctions are a widely accepted business model for the following reasons:
- No fixed time constraint
- Flexible time limits
- No geographical limitations
- Offers highly intensive social interactions
- Includes a large numbers of sellers and bidders, which encourages a high-volume online business

HOW TO PARTICIPATE

CONDUCT YOUR OWN AUCTIONS OF REPO STOCK

ABOUT AUCTION

PLATFORM FEES

DEPOSIT

Repo stock management

CREATING AUCTION PROCESS

PROMOTING AUCTION

PROXY BIDS

AUCTION LIVE BIDDING

AUCTION CLOSING

AUCTION APPROVAL

BACKOUT

To know about the Auction Terms , Conditions & Process Click Here

Online auction Glossary

– Creating auction screen –


  • Auction title : visible to all


  • Client name : Optional. Add if you are doing auction on behalf of a client.


  • Auction start date and time : Auction will start at that date and time. Buyers can give live bids after auction is live. Buyers can enter proxy bids until the auction is live.


  • Auction end date and time : Auction will end and buyers cannot bid once the auction is ended. Auction end report will get mailed from system. Alternately you can also take mail of the auction report by click of a button.


– Type of auction

  • Physical – Auction happening in front of the vehicle. You can still create an event for physical type of auction and attach vehicles to it. It gets promoted to buyers and buyers can confirm participation for this event. Add vehicles and buyers can also view the vehicles for this auction before deciding to come to the event.


  • Online – Auction happening on the autokatta platform is online auction.

    Types of online auction

    Open type – Here the current highest bid received for a vehicle is visible to all the other bidders. Bidders bid the next highest price considering the current highest bid received as it is visible to all.

    Closed type – Here the current highest bid received is not visible to other bidders, it is hidden from other bidders.


  • Banquet – Auction happening in a conference hall by showing photos of the vehicle is termed as banquet auction. You can still create auction event and attach vehicles. It gets promoted to buyers and buyers can confirm participation for this event. Add vehicles and buyers can also view the vehicles for this auction before deciding to come to the event.



Stock Type –


  • Select the stock type - this helps the buyers to decide if they have to participate in the auctions as each stock type has different interested buyers.


  • Finance/ Repo – Choose this option if it is the repossessed stock of the financiers parked at various locations.


  • Insurance – Choose this option if it is insurance salvage vehicle.


  • Scrap – Choose this option if it is a scrap vehicle auction.


  • Inventory / Market place – Choose this option if it is a trade-in stock, used vehicle dealer stock or direct customer stock.


  • State – Choose this option for indicating the location state of the stock.


  • Special clauses – You can add your own custom clauses or terms and conditions. These will be seen to you an every time you create new auction you have to just select the appropriate clause. This will be visible to the buyers.


– Adding vehicles

  • By self – vehicles uploaded by you in autokatta for sale. These are also the same vehicles which are visible in the marketplace for all the buyers.


  • By admin – This feature is currently not active. Vehicles added thru web login will be seen there.


  • Reauction – Vehicles which have been auctioned earlier but not approved due to desired price not received can be auctioned again. These vehicles are seen in re-auction tab for convenience of selection. All vehicles marked as “reauction” in My ended auctions are seen in this tab. These vehicles can be added again to the auction.

    You can filter the vehicles auction-wise making it convenient to choose the vehicles to be auctioned again.


  • Start price – The minimum bid for the vehicle. The app will not accept any bid below this price. The bidders have to bid a price higher than the start price.

    You can opt to either show or hide this start price.


  • Reserve price – The target price. It’s the price at which you are ready to approve the bid or sell the vehicle. This price is always hidden from the buyers or bidders and visible to you. The app indicates separately the vehicles where the bid price is higher than the reserve price.



Live auction screens –


  • Your Bid – Bids you have given for the vehicles in an auction.


  • Highest Bid – Indicates that you are the highest bidder for the vehicle.


  • Out Bid – Indicates that someone else has made a bid higher than your bid.


  • Bidding limit – The total sum value of highest bids you can place in autokatta platform. This shows This is calculated based on the highest bids in all the auctions. The limit changes as you get outbid or your highest bid gets rejected.


Ended auction screen –

  • Reject – This action is performed by auctioneer after the auction is ended. The auctioneer uses this action to convey that the bid has been rejected and the vehicle is not approved.


  • Approve – This action is performed by the auctioneer after the auction is ended. The auctioneer uses this action to convey to the bidder that his bid is approved.


  • Payment done – This is used to by bidder to convey that the payment is done for the approved vehicle.


  • Payment received – This is used by the auctioneer to convey that the payment for an approved vehicle has been received.


  • Default – Default is used when you want to convey that the payment is not being made in an approved vehicle. This action can be performed by both auctioneer and bidder.


  • Blacklist – This action is performed by the auctioneer against the bidder. Incase a bidder is default and auctioneer wishes to disallow the bidder to the future auctions, this action can be used. The auctioneer can view this list of blacklist members from the drawer menus. The auctioneer can remove the bidder from blacklist anytime.

    Blacklisting a member is sole discretion of the auctioneer.



– Tabs –


  • Live auction – Shows you all the live auctions currently in autokatta. Scroll horizontally to view all auctions.


  • Interested auction – Shows you all the auctions in which you have shown interest by click of “interested”. The auction is seen till the auction is live.


  • Upcoming auction – All auctions that have been created but are yet to start are seen here. You can give proxy bid from here or confirm your interest by click of “Interested”.


  • Participated Auction – All ended auctions in which you have shown interest or given bid are seen here. You can track the status of your bids from here.


  • My Active events - All auction events created by you which are currently live are seen here. You can monitor the auction, view bids received, call bidders.


  • My upcoming Events – All auctions created by you but are yet to start are seen here. You can view the participants who have shown interest in your auction.


  • My saved Events – All auctions created by you but are not made active are seen here. you can edit the auctions details, add vehicles and complete the auction creation process from here.


  • My ended events/Participated Events – All events you have created and have ended can be seen here. You can perform various actions - approve/ reject, send to re-auction, confirm payment, default, and blacklist bidder for your ended auctions.


Download the App from mobile

  • Autokatta | Used Cars, Sell Cars, Buy Cars, Car Auctions, Car Prices

    Email id: info@autokatta.com

    Office Address / Postal Address

    403, Garden plaza, Opposite to 'D' prabhag P.C.M.C. office, Near Five Garden, Aundh Ravet Road, Rahatani, Pune, Maharashtra 411017

©2017 Autokatta Solutions Pvt.Ltd. All right reserved Terms and Privacy Policy

©2017 Autokatta Solutions Pvt.Ltd. All right reserved Terms and Privacy Policy

©2017 Autokatta Solutions Pvt.Ltd. All right reserved Terms and Privacy Policy

©2017 Autokatta Solutions Pvt.Ltd. All right reserved Terms and Privacy Policy

©2017 Autokatta Solutions Pvt.Ltd. All right reserved, Terms and Privacy Policy

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