| 1 | How do I register on Motorexchange.in as a buyer?
Registering on our website is simple and easy. Just follow the below
mentioned steps:
Click on “Register” or “Buy” tab on our homepage
Complete the Registration form online
Click on “Submit”
Once you click on the “submit” tab, you will be contacted soon by our Buyer
Registration team to complete your registration |
| 2 | What are the documents needed to complete my registration?
Once you get a call from our buyer registration team, you will need to
submit the following documents:
a. PAN Card copy
b. Latest Bank Statement
c. Telephone Bill
d. Business Proof – (Membership of a registered association/ Shop
Certificate/Rent Receipts/Agreement of rent/Letterhead & Visiting card-Any one)
e. Address Proof - (Electricity Bill/ Landline Phone Bill / Ration Card)
f. KYC Declaration |
| 3 | How do I create my user id and password after registration?
At this time, User id and password are assigned to the members by
Motorexchange and you do not have an option of creating your own user id and
password |
| 4 | I am a registered member of Motorexchange, but I have forgotten
my password?
It’s easy to get a new password. Just click on the “Forgot Password” tab on our
homepage. You will be asked to enter the e-mail address or mobile number which
is linked to your account and the password would be mailed and messaged across
to you. |
| 5 | I am a registered member of Motorexchange, but I am unable to
login with my correct user id and password?
If you are unable to login with your correct user id and password, it might be
that your id has been suspended due to non payment of vehicle purchased in a
previous auction. If you have made the payment, please call us on 022-43525200
and report your payment so that your ID is activated immediately. |
| 6 | How can I view and participate in the auctions?
If you are a registered member, you can view upcoming auctions under the tab
“upcoming events” and you can view and participate in LIVE auctions under the
tab “Live events” on our homepage. If you are not a registered member, you need
to register yourself with us. |
| 7 | What is Auto Bid?
An Auto Bid is a feature on our website which allows you to bid for the maximum
amount which you wish to pay for a particular vehicle. Our online system will
automatically bid for you till the price of the vehicle does not reach upto the
maximum amount entered by you. This feature helps you if you do not wish to stay
online for the entire auction. You can enter your auto bid and log off from our
website and check the result of the auction at your convenient time. |
| 8 | Whenever I bid on a vehicle in the last minute before
closing, the ending time is extended by two minutes?
This feature is called Auto Extension feature. Whenever a member places a bid on
any asset in the last 2 minutes of the closing time of the auction, the end time
of the auction is automatically extended by the system for another 2 minutes.
This is to give equal opportunity for every buyer to place a bid once again on
that particular asset. |
| 9 | What is a Reserve Price Auction?
Reserve Price Auction is a type of online auction selling format where a
seller sets the opening, or start, bid at the minimum price they are willing to
accept for the item. Buyers are not shown the reserve price until that reserve
price has been met. To win the buyer must meet or exceed the reserve price set
by the seller.
Example: A seller wants to sell a vehicle at 100000. In this case the
reserve price of the vehicle is 100000. The start price of the vehicle is 50000.
Auction starts at 50000 and bidding happens on the website. The highest bidder
will be declared the winner only after his bid crosses 100000. If the bid does
not cross 10000, he will not be declared the winner. However, the reserve price
is not disclosed during the auction to the members. |
| 10 | I am able to view a particular auction, but am unable to
bid on it?
As a policy, you will be able to bid on auctions which are of your state. If
you wish to participate in auctions of any other state, please contact us on
022-43525200 |
| 11 | My phone number/email address has changed. How do I update it
to get auction alerts on the new phone number/email address?
Updating your information is simple and easy. Just follow the following
steps:
Login on Motorexchange with your user id and password
Go to “My Page” located at the top of homepage
Click on “My Profile”
Here you can edit and update your phone number/email address. |
| 12 | I have won a vehicle, however it shows as pending approval in
my account?
IIf the vehicle which you have won was a part of a post approval auction, it
will show as pending approval in your account, till we receive approval of the
same from the seller. Once we receive the approval from the seller, the status
will automatically change to “Approved” after which you can make the payment. If
the approval is declined by the seller the status will change to “not approved”. |
| 13 | What is a Post Approval Auction?
Post Approval Auction is a type of online auction selling format where a seller
does not set the minimum price they are willing to accept for an item unless the
auction is over. The highest bids are sent to the seller after the auction,
which the seller may or may not approve. Approval and Declining of assets is at
the discretion of the seller and Motorexchange does not play any part in the
approval of auctions. |
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