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These days, purchasing items at auction houses has become normal. Doing so comes with perks, such as relatively lower prices, greater variety of items offered, and online and offline purchasing process.
One auction house that can be your go-to place to buy quality auction items is IBID, a business unit of PT Serasi Autoraya, which is also a part of Astra Group.
IBID has over 17 years of experience in holding auctions for many items: vehicles, electronics, gadgets, products that support various lifestyles, office equipment, and heavy equipment.
Prior to attending an auction at IBID, there are several terms that you must know about so that you can follow the process seamlessly. These terms refer to those under the Regulation of the Minister of Finance Number 27/PMK.06/2016 concerning the Guidance on the Implementation of Auctions.
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An auction house is a private legal body established to implement auctions, based on the permit issued by the Finance Department of the Directorate General of State Receivable and Auction (DJPLN).
Auction houses shall only deliver pre- and post-auction services. These services include the preparation of the auction requirement documents, sales of auction items, and administrative processes for the post-auction documents.
This is the fee charged to the auction winners. It serves as the handling fee for the auction unit won. The fee may vary depending on the category and type of the auction item.
Bid or bidding is an activity in which the auction participants propose a price for an auction item. The bid increment applied by IBID may vary based on the auction item category.
Bid and Run (BNR) refers to the auction participants who have won the auction but failed to fully pay the auction price up to the specified deadline.
Directorate General of State Assets Management (DJKN) is an echelon I agency of the Ministry of Finance (MoF) whose task is to formulate and implement policies for the state’s assets.
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DJKN is also responsible for managing the state’s assets, conducting reviews, managing the state’s receivables, and managing auctions in line with the laws and regulations.
Flash Auction is a secondhand car auction conducted via the IBID application for 1–2 hours. The schedule of this auction does not follow the regular auction held in any city.
This is the score (A-E) given to the components and documentations of secondhand cars inspected by vehicle inspection service Astra Car Valuation (ACV).
Auction base price or auction limit value is the minimum price determined by IBID for an item to be auctioned. In other words, it is the initial price offered to all auction participants.
This is the highest price proposed by an auction participant later approved as the winner. This price is acquired through the bidding process involving all auction participants.
Auction info is the notification given to each prospective auction participant regarding auction implementation. It is to attract auction participants and notify those who want to be involved.
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This is a process to check auction goods or items to see their actual condition. This process also detects any issues or forms of damage before the goods or items are auctioned.
The auction schedule comprises the dates and time of auctions that may be adjusted to the auction house branch location.
Price Increment means the increment of the auction unit price the participants must follow when proposing their bids.
Auction Winner Confirmation (KPL) is a confirmation letter indicating that a participant has won an auction item. KPL is sent to the auction winner’s registered email address.
A digital or online auction is an auction accessible by digital devices with an internet connection. Auction participants don’t need to visit the auction location as they can propose their bid from where they are.
A live Auction is a regular auction held in real-time on a certain website and application.
Lot means the sequence number or list that comprises one or more auction units.
Market Auction Price (MAP) feature provides the most comprehensive information about market price listings of auction cars based on market research for the last 6 months.
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Auction Participant Number (NPL) is a prerequisite to attend an auction. You can get an NPL by paying a deposit to the auction house.
If you win an auction, the deposit will be used to deduct the full payment. However, if you lose an auction, this deposit will be paid back to you in full via your registered account.
Open House means the period during which prospective auction bidders can come and check auction units directly.
An auction winner can be an individual, a legal entity, or an enterprise that proposes the highest bid and is declared as the buyer of an auction unit or item.
An auction unit owner can be an individual, a legal body, or an enterprise that owns the auction unit.
An auction participant can be an individual, a legal body, or an enterprise that meets the requirements to join an auction.
Before joining an auction, participants must register their accounts and buy an Auction Participant Number (NPL) based on the auction category that they want through a virtual account or Astra Pay.
Timed Auction means an auction that is held for 1–3 days exclusively on the auction house’s app.
Auction unit means each item that can be auctioned. Today, auction units include not only vehicles but also products that support various lifestyles, heavy equipment, and scrap.
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This means the condition in which a buyer fails to pay in full for their auction unit during the specified period.
Those are several auction terms to know about prior to joining an auction. In addition to knowing these terms, you must be sure to win quality auction items and join a safe auction process. These can be guaranteed by ensuring the credibility of the auction house.
When it comes to a credible auction house, Balai Lelang Serasi or IBID is an example. IBID is a trademark of the auction company, PT Balai Lelang Serasi.
You can also enter a Live Auction on the IBID app available on the Play Store and App Store. Access a trouble-free auction through your mobile phone.