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There are various methods that can be used when it comes to auctions. One of them is the Closed Auction method. IBID auction house adopted this method back in 2023.
The method is a step forward in its digitalization era. This aims to make the online auction experience easier and more efficient.
Prior to starting the Closed Auction in 2023, IBID had already taken steps towards auction digitization by introducing the Live Auction in 2019, Timed Auction in 2020, and Flash Auction in 2021. It’s important to note that each auction method has its own process and benefits.
IBID’s Closed Auction is specifically designed to auction off scrap materials, which include production waste or various unused items. Examples of scrap items auctioned by IBID include 25kg plastic sacks, tarpaulins, vehicles, and heavy machinery.
In line with its name, the Closed Auction method on IBID conceals the bidding process, ensuring that bidders remain unaware of each other’s bids. So, how do you use the Closed Auction at IBID? Here are the steps.
See also: Simple Steps to Sell Electronics at IBID Auction House
Just like any other auction, you’ll need to register a personal or business account and purchase an Auction Participant Number (NPL) before bidding in IBID auctions. Use an NPL Closed deposit and follow these steps:
On the main page, click the Scrap icon or Upcoming Auction Schedule.
Select the desired scrap lot. Read the information and description of the scrap unit carefully.
Purchase NPL deposit by selecting Scrap.
Click NPL Closed.
Choose the location, auction date, lot, and quantity of NPL you want to buy
Keep in mind that one NPL is only valid for one auction lot. Review and verify NPL purchase details carefully before making a virtual account payment.
Once the steps are complete, you can bid on scrap lots based on the NPL of the purchased lots. Bids must be placed in the specified increments.
Bids from other bidders are hidden during the auction and will only be revealed after the auction ends. If you receive a notification of a matching bid, you must resubmit a different bid.
To increase your bid, click Edit Bid. Make sure your new bid is higher than your previous one.
See also: Don’t Miss Out! Check Out These IBID Auction Branches in Indonesia
Currently, you can only change their bids once. Keep an eye on the auction duration, as bids close one minute before the end.
If you win, your deposit will be deducted from the price of the winning unit. Pay the demolition deposit for a certain unit at the specified amount.
You will get your deposits back if you complete the dismantling process before the deadline. On the contrary, if you lose the auction, your deposit will be fully refunded to your registered account number within 3 business days at most after the auction.
While Closed Auction is specifically for scrap items, it’s worth learning about the three other auction options at IBID. They are Live Auction, Timed Auction, and Flash Auction.
This option involves bidding on used cars and motorcycles on IBID’s website and app. Each IBID branch has its own Live Auction schedule. For instance, IBID Jakarta holds Live Auctions every Wednesday and Saturday.
If you’re interested in participating, you need to see the Live Auction schedule for the desired used car or motorcycle. You can join a maximum of 4 auctions simultaneously through the website or 1 auction through the IBID app.
See also: How Used Car Inspections Work at IBID
For lifestyle goods and heavy equipment, IBID uses the Timed Auction. In this option, items are auctioned off for a specific period, typically one to three days, on IBID’s website and app. You can place offers until the auction ends.
Flash Auction is an exclusive way to bid on used cars through a 45-minute live stream on the IBID app. During the auction, an appraiser explains the car’s condition online via the Live Stream.
If you have any questions, you can ask them through the Live Chat. There’s also an Autobid that lets you set a maximum bid amount. You need to purchase an NPL Timed deposit to participate in a Flash Auction.
Here’s a wrap-up of IBID’s auction, intended to guide you through a simpler and more efficient auction process. For more information about IBID’s auction house, visit IBID’s official website at www.ibid.astra.co.id or download the IBID app from the Play Store and App Store.
You can also follow IBID’s social media accounts on Instagram @bid_balailelangserasi. Facebook: IBID - Balai Lelang Serasi. TikTok: @ibid_balailelangserasi. Youtube: IBID - Balai Lelang Serasi and X: @ibid_lelang.