Auction
Auction hammer

Guide to Auction

Through our Droom Auction pricing format, Droom Auction allows buying and selling of automobiles using a bidding process wherein vehicle is sold to highest bidder. By providing this trading mechanism, we allow buyers to buy vehicles at unique prices. Registered buyers can participate in the auction and can make unlimited bids. Droom Auction specifies the minimum bid value and also the minimum bid increment value. Listing gets deactivated when auction is over, or the highest bidder pays the 2% - 3% token amount. The highest bidder is obligated to buy the vehicle, and can meet the seller to close the deal.

How it works?

Auction flow

Benefits

Benefits to Buyer Benefits to Buyer

Buyers can buy at their own chosen price

Buyer may buy at a price lower than market price

Benefits to Seller Benefits to Seller

Seller can test the market value of the product

Seller may get a higher value than the reserved price

Glossary

  1. Starting bid is the minimum first bid made by droom. droom sets a minimum value for each auction depending upon the type of vehicle. The starting bid is ₹999 for motorcycles and scooters, and ₹9999 for cars.

  2. Reserved Price is the minimum price that the auction must reach for the transaction to close

  3. Minimum Bid Increment is the minimum increment value between two consecutive bids made by same or different bidders. This value is explicitly specified by droom.Buy Now is an option to purchase the vehicle for the given amount without participating in auction.

  4. Auction Duration is the time for which auction is active.Current Bid Price is the current highest bid made by the bidder participating in the auction.

  5. Automatic bidding is the systemized bidding process automatically done by the system on behalf of the bidder, wherein bidder sets the highest bid amount he wants to pay. The bidder specifies the highest bid value into the system, and system automatically bids on his behalf. The bid made is more than the current bid price and increased by minimum bid increment.

Droom Pricing Formats Overview

The automobile market is a sizeable market with plenty of buyers and sellers eager to transact. We, at droom, are here to help you minimize the angst in the automobile selling

PAIN POINTS FOR SELLERS

  • He/she wants to sell more
  • He/she wants to sell fast
  • He/she wants to sell at the maximum price possible

PAIN POINTS FOR BUYERS

  • He/she wants to buy a verified vehicle
  • He/she wants to buy best deal at the minimum price possible
  • He/she wants security for his money
  • He/she wants to buy from a verified seller
  • He/she wants an easy and simple process

One way droom is tranquilizing these pain points is by introducing different pricing formats . We provide three pricing formats (Fixed Price, Best Offer and Auction) helping both buyers and sellers to buy and sell easily. As India's only online marketplace, we allow buyers to choose the best deals at best prices from a wide variety of listings and categories, whereas sellers enjoy the advantage of selling more and selling fast. Please note that you need to be a registered buyer or seller with us to use these formats.

Droom Offers three pricing formats : Fixed Price, Best Offer and Auction