Now you can list your vehicle under Auctions on your own on Droom's online platform. While listing your vehicle on Droom’s platform you can select Auctions as one of the selling formats.

Here is the information you need to fill while opting for Auction as the pricing format:

  1. Reserve Price: A minimum amount that will be accepted as the winning bid of your in auction. This prevents the auction from being won at a price that is lower than what you expect. If the reserve price is not met, no winner will be declared.
  2. Auction Duration: This will set the number of days your listing will be under auction. The time will start the moment your listing goes live.
  3. Starting Bid: This is the first minimum bid amount from where the auction will start. Bidders will start bidding above this amount.
  4. Minimum Bid Increment: It is the minimum increment value between two consecutive bids made by same or different bidders.

Droom is a self-service platform, where your success completely depends on you. Providing auction as a pricing format will help you gain a lot of buyer attention. You can also sell more in short duration of time.

vehicle on Auction

Benefits of Auction

There are various benefits of auctions for sellers:

  1. You can get more buyer attention on your vehicles
  2. You can sell more and sell fast
  3. You can test the market value of the product
  4. You can get a higher value than the reserved price.

Pro-Tips for Auctions

Following are some simple recommendations which you may use to get maximum success in auctions:

  1. Starting bid must be 20% below the reserved price
  2. Bid increment should be ₹1000
  3. Reserved price should be minimum at which you are willing to sell. (suggested 5%-8% less than selling price)
  4. As per our experience auctions for 48 hours work best
  5. Auctions ending between 1:00 pm to 6:00 pm works better

Important FAQs

Auction is a pricing format which allows buying & selling of automobiles using a bidding process where vehicle is sold to highest bidder.