Q1.
How often will the bidding exercise be held?
A.
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 12pm and lasts for 3 working days. The exercises
will usually end on the Wednesday in the same week at 4pm.
Q2.
Where and how do I submit my bid under the Open Bidding System?
A.
Under the Open Bidding System, bidders will be able to submit
their bids and revise their reserve price through the services
of the following participating banks:
- ATMs -
DBS
- Internet
- Citibank and UOB
- Phone Banking
- OCBC
To use any of the services above, bidders must have sufficient funds in their accounts with the relevant participating banks to meet the payment of bid deposit. Please ensure that the ATM card and bank account are in the name of the COE bidder (ie if the bid is successful, the COE will be issued to the ATM card and bank account holder). Upon successful submission of the bids to the system, the participating banks will deduct the bid deposits from the bidders' bank account.
For this service, the banks will levy an administration fee for each submitted bid and for each subsequent revision of the reserve price.
Q3.
What is the minimum reserve price?
A. The
minimum reserve price is $1.
Q4.
How would I know if my bid is still in the running during the
bidding exercise?
A.
You can check the status of your bid anytime through the Internet
and the bank's Phone Banking facility. To access the system, you
will have to key in your identification number and acknowledgement
code.
Q5.
How do I know if my bid is being processed?
A. When
the system receives your submission, you will receive a confirmation
that your bid has been received for processing. You will also
be given an acknowledgement code for every successful bid submission/revision.
You are advised not to release this acknowledgement code to other
persons as it is used by the system to identify the bidder for
subsequent bid revisions.
Q6.
What is the bid deposit payable under the Open Bidding System?
A.
Under the Open Bidding System, bidders need only pay a fixed lump
sum deposit of $200 for Category D (motorcycles) and $10,000 for
Categories A, B, C and E (all other vehicles).
Q7. Do I have to top up my bid deposit if
I revise my reserve price upwards?
A.
No. The bid deposit is fixed at $200 for motorcycles and $10,000
for all other vehicles, regardless of the reserve price. Hence,
there is no need to top up your bid deposit whenever you revise
your reserve price. For your convenience, the bid deposit will
be deducted from your bank account when you submit your bid. In
the event that there is insufficient funds in your account, your
bid will be rejected.
Q8.
When will the funds for bid deposits be deducted from my bank
account?
A.
The bid deposit will be deducted from your bank account at the
point of submission of the bid.
Q9.
If I am unsuccessful in my bid, when will the funds be credited
to my bank account?
A. The
bid deposit will be credited to your bank account, latest, one
day after the confirmation/announcement of the bidding results.
Q10.
What is an acknowledgement code?
A.
An acknowledgement code is a 6-digit number that will be issued
by the system for every bid submission/revision. The bidder will
have to key in this acknowledgement code for subsequent bid revisions,
if he is not using the access channel provided by the bank where
he submitted his bid.
Q11.
Why do I need the acknowledgement code to revise my bid?
A.
The acknowledgement code serves as a security feature to authenticate
the bidder, i.e. it ensures that only the bidder or authorised
person is allowed to revise the reserve price. Bidders are only
required to key in the acknowledgement codes for bid revisions
that are made at channels other than those of the banks where
the bids were originally submitted. This is as in the latter case,
the banks would be able to authenticate the identity of the bidders.
Q12.
What if I have lost or forgotten my acknowledgement code?
A.
If you have lost or forgotten your acknowledgement code, you can
only revise your reserve price price at the bank where you originally submitted
your bid. There is no need for the acknowledgement code for revision
using the same bank account. However, you will need your acknowledgement
code if you wish to revise your reserve price using LTA's facilities or
the facilities of other participating banks.
Q13.
While I was trying to submit my bid, the word "Reject" appeared.
What does it mean?
A.
"Reject" means that the system is not able to accept your bid
for processing. This could be because a bid had already been submitted
in your name or there are insufficient funds in the bank account
for the bid deposit.
Q14.
What does "Accepted" mean?
A.
"Accepted" means that your bid has been received for processing.
It also denotes that your bid is currently still in the running
for a COE.
Q15.
What is "reserve price" and how is it applicable in the Open Bidding
System for COE?
A.
The reserve price is the maximum amount that a bidder is willing
to pay for a COE. As is the case in other real-life auctions,
the Open Bidding System will allow a bidder to enter his reserve
price into the system to obviate the need for him to revise his
bid at frequent intervals. This reserve price will not be disclosed
to other bidders.
Once a bidder
has submitted his bid by indicating his reserve price, the system
will automatically revise his bid upwards, at an increment of
$1, until his reserve price is reached. Once the current COE price
is higher than the reserve price, the bidder is out of the running
for a COE, unless he revises his reserve price. A bidder may revise
his reserve price anytime during the exercise.
Q16.
How do I revise my bid?
A.
Currently, you can revise your reserve price using the following bank's
facilities, if you are an account holder:
Alternatively,
you may revise your reserve prices via:
Please note that an administration fee will be charged for each bid revision. If you are using LTA's access channels, the fee will be deducted from your lump-sum fixed bid deposit posted with LTA. If you are using the banks' access channels, the administration fee will be deducted from your account with the bank.
Learn
how to revise your reserve price
Q17. Why can't I revise my bids downwards?
A. Allowing
bidders to lower their reserve prices after bid submission would
encourage them to submit initial bids that are higher than what
they could afford. It would also lead to wide swings in the COE
prices during the bidding session. The bidders would hence have
to monitor the on-going COE prices closely and revise their bids
accordingly.
Q18. Is there a limit to the number of times
I can revise my bids?
A.
No. You may revise your reserve price as many times as you like. However, you are encouraged to submit your reserve price - the maximum amount that you are willing to pay, so that there will not be a need for you to revise your reserve price frequently. Please note that there will be an administration fee payable each time a bid revision is made.
Q19.
What does "out-bid" mean?
A.
"Out-bid" means that your existing bid is no longer in the running
for a COE as the Current COE Price(CCP) is higher than your reserve
price. If you wish to get a COE at the current bidding exercise,
you will need to revise your reserve price upwards.
Q20.
If I submit my bid with one participating bank, can I revise my
bid using another bank's facilities?
A.
Yes, you will be able to do so provided the bank used is one of
the participating banks and you are able to access the bank's
facilities. If the bid revision is submitted through a channel
that is different from the original bank where you first submit
your bid, you will need to key in the acknowledgement code for
identification.
Q21.
What is "CCP"?
A.
"CCP" stands for Current COE Price. During the bidding exercise,
bids with reserve prices higher than the CCP would still be in
the running for a COE.
Q22.
Why do I hit error page when accessing the LTA COE Open Bidding System website at http://ocoe.lta.gov.sg?
A.
The address to the LTA COE Open Bidding website is https://ocoe.lta.gov.sg. Please click on this link and update your
bookmark, if applicable.
Q23.
Why do I need to enter the character verification image when I perform a COE bid enquiry or COE bid revision?
A.
The character verification image is an added security feature for the LTA COE Open Bidding website.
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