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IBID updates its administration fees and auction rules, effective January 2025. These changes aim to ensure transparency and convenience for all bidders.
One important change is the adjustment of the fees that will be charged for each winning bid. The fee varies based on the type of auctioned item and its final price.
Here are the new administration fees for all IBID branches, starting January 2025. Prices exclude Value Added Tax (VAT).
Car Auction: The administration fee ranges from Rp2 million to Rp3 million for final prices below Rp333,333,333. If the final price exceeds Rp333,333,333, the fee will be 0.6% of the final price.
Motorcycle Auction: The administration fee is Rp 250,000.
Lifestyle Auction: The administration fee is Rp50,000 for final prices below Rp500,000, Rp150,000 for prices between Rp500,000 and Rp2.5 million, and Rp250,000 for prices above Rp2.5 million.
Heavy Equipment and Scrap Auction: It follows the same administration scheme. For prices under Rp5 million, the fee is 10% of the final price. If the final price is between Rp5 million and Rp150 million, the fee is 2.5%.
A 1.8% fee applies to prices between Rp150 million and Rp300 million. For final prices between Rp300 million and Rp500 million, the fee is 1.5%. Lastly, for final prices exceeding Rp500 million, the fee is set at 1%.
Keep in mind that these administration fees may change at any time based on IBID’s policies and regulations.
See also: Consign Your Old Office Equipment on IBID
In addition to the administration fee changes, IBID is implementing an Auction Agreement. This will be sent by email to every bidder already purchasing an NPL (Auction Participant Number).
With the Auction Agreement, bidders are deemed to understand that the physical condition of the auctioned items is “as is”. This means that following a completed auction, no claims regarding the vehicle’s physical condition can be made.
The purpose of these changes is to protect all parties involved in the auction. Transparency in fees and auctions leads to a smoother, more satisfactory experience for everyone.
Learn the Rules: Before bidding, read and understand all terms and conditions.
Check Vehicle Condition: Always check the vehicle thoroughly before deciding to participate in an auction.
Ask a Mechanic: If necessary, ask a friend or trusted mechanic to check the vehicle’s condition before deciding to bid on the item.
After winning an auction at IBID, the winner must immediately confirm and pay for the unit. Even though this step is the same at all IBID places, the payment end time is different, based on the type of auction item won.
See also: What You Need to Know Before Bidding at IBID
The payment due date for used cars and motorcycles is 5 business days after the auction, while lifestyle products are 3 working days. If payment is not made within that time, the auction win will be canceled.
If a winner cancels on their own or does a “bid and run,” this will be considered a default. In addition, the deposit will be forfeited. In some cases, a winner can be sued for damages by the seller or auction house.
Participating in an IBID auction is quite simple. Bidders must register and have an NPL. NPL ensures eligibility for participation in the bidding process.
To get an NPL, bidders must deposit a guarantee. The amount itself varies depending on the item. For example, the NPL price is Rp5 million for cars and Rp1 million for motorcycles.
If the bidder fails to win, the deposit will be refunded. The refund process will take 3 days after the auction.
See also: Avoid Consequences: Pay Immediately After Winning an Auction
With these changes, IBID is anticipated to offer improved services and greater transparency to its customers. If you’re seeking auction items at competitive prices, IBID is a great choice.
IBID is a subsidiary of PT Serasi Autoraya (SERA), dealing in auctions of vehicles, heavy machinery, gadgets, and lifestyle products. In addition to being professional and reliable, one of its benefits is the easy process.