Which auction site is best for cars in India?
Ediig is India’s leading auctions platform with a 17,000+ strong buyer base. We provide transparent and profitable auctions for repossessed, used, and scrap vehicles; Serving banks, OEMs, insurance providers, and dealers with innovative and,tech-driven solutions. Auction Platform | India’s Best Online Auction Website and App.
What is the minimum price in an auction?
What is an auction reserve price? This figure represents the minimum price a seller is willing to accept for their property. Regardless of where the bidding level reaches on the day of the auction, the property will not be sold for a penny less than what the seller has set for the reserve price. Auction weaknesses are: Reserve price is not always met. The market value of your property is decided on the spot. You can never be sure of precisely how much you will get. Marketing costs tend to be higher.The reserve price is the lowest price the seller will let their house go for, and is normally confidential. Once bids pass the reserve, the auctioneer will announce an auction is live – the highest offer will win the property.Once the auction house receives the payment from the buyer, they will initiate the settlement process. During this stage, the auction house deducts their fees and commissions before transferring the remaining funds to the seller.The highest bid at the end of the auction is the winning bidder, as long as the property’s reserve price is met. When an auction ends, the winning bidder must pay a non-refundable ‘reservation fee’. There may be other fees to pay too – read on for more on these. This reservation fee is on top of the agreed sale price.