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The COE Open Bidding System allows you to submit your bid for a COE, monitor the Current COE Price and revise your reserve price for your bid. With the real-time information provided by the Open Bidding System, you will be able to make more informed decisions when placing your bids for a COE.
There are 2 COE Open Bidding exercises in a month. The bidding exercises usually start on the first Monday and third Monday of the month at 12 pm. It lasts for 3 working days and usually ends on the Wednesday in the same week at 4 pm. If a public holiday falls within the three-day bidding exercise, the bidding period would be extended accordingly.
The monthly COE quota for each vehicle category will be divided equally for each exercise. LTA will issue a press release on the start and end dates and times, and the actual quota for the bidding exercise before each bidding exercise.
During the bidding exercise, the bidders will have to outbid each other to be successful in bidding for a COE. Bidders will submit their bids by keying in the reserve price into the COE Bidding System. A bid deposit and an administration fee will be charged for each bid application. The reserve price is the maximum bid amount that a bidder is prepared to pay for the COE. Once the bid has been submitted and accepted by the Bidding System for processing, it cannot be withdrawn. The COE Bidding System will automatically revise the bid upwards, at an increment of $1, so as to keep the bid in the running, until the reserve price is reached. The bid is in the running as long as the reserve price is higher than the Current COE Price. If the reserve price falls below the Current COE Price, the bid will be out-bid. The bidder is then out of the running for a COE unless he revises his reserve price upwards.
A bidder may revise his reserve price upwards at any time before the end of the bidding exercise. An administration fee will be charged for each bid revision. There is no limit to the number of times the bidder may revise the reserve price. However, bidders are encouraged to submit the maximum amount that they are willing to pay for the COE as the reserve price. There will then be no need for the bidders to revise their reserve prices upwards frequently. The reserve price cannot be revised downwards.
The Current COE Price will rise to a level when sufficient number of bidders drops out because they are not willing to match that price. The Current COE Price will stop to rise when the number of bidders who are prepared to match that price equals the quota.
At the close of the exercise, those bidders whose bids are still in the running will be successful in the bidding for a COE. The latest Current COE Prices for the various vehicle categories will be set as the Quota Premiums for the bidding exercise. All successful bidders in the vehicle category will pay the same Quota Premium for that category.
To illustrate
2nd COE Open Bidding Exercise in the month (N)
COE Quota for Category A = 3
Number of bidders = 5 with reserve prices of $100, $88, $70, $70, $50 and $41
At the close of the bidding exercise, the bid status of each of the 5 bids will be as follows :
| Reserve Price | Bid Status | Remarks |
| $100 | Successful | Only the first 2 bids will be successful. The latest COE Price (or Quota Premium) will be $71. Accepting the 3rd and 4th bids (both with reserve price of $70) will exceed the COE Quota of 3. The remaining 1 un-allocated COE Quota will be carried forward to the next corresponding COE bidding exercise in the following month (i.e. 2nd COE Open Bidding Exercise in month (N+1). |
| $88 | Successful | |
| $70 | Unsuccessful | |
| $70 | Unsuccessful | |
| $41 | Unsuccessful |
Find out how to submit a bid, enquire on the bid status and revise the reserve price, as well as the COE bid deposit amounts and administration fees for each bid submission and revision with this easy and simple-to-use system.
Or visit our Demonstration
Kit and User Guide for a hands-on demo.
Advantages
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Last Updated on 24/11/2009
