Frequently Asked Questions (FAQ)

Last Updated:  April 13, 2024

Welcome to the Bids24 FAQ. If you have any questions that are not answered here, feel free to contact our support team at support@bids24.in or call +91 70228 38222.

1. General Questions

What is Bids24.in? Bids24 is an online auction platform that connects buyers and sellers of vehicles, including bank repossessed vehicles, insurance salvage cars, used cars, and other automobiles. We act as an intermediary to facilitate transparent and competitive bidding.

Who can use Bids24? Anyone above 18 years of age can register. Both individual buyers/sellers and businesses (dealers, fleet owners, etc.) are welcome. Corporate users must ensure the registering person has proper authority.

Is Bids24 safe and legitimate? Yes. We follow strict KYC norms, use secure payment gateways, and comply with applicable Indian laws. All auctions are conducted transparently, and we do not take custody of vehicles.

2. Registration and Account

How do I register on Bids24? Click on “Register” or “Sign Up”, provide your name, email, phone number, and create a password. You will need to complete KYC by uploading PAN, Aadhaar (or other ID), and address proof before you can bid or sell.

Do I need to pay any registration fee? No, registration is completely free. However, you may need to pay a refundable Earnest Money Deposit (EMD) or bid security to participate in specific auctions.

Can I have multiple accounts? No. One person or entity is allowed only one account. Creating multiple accounts may lead to permanent suspension.

3. Bidding Process

How does the bidding process work?

• Browse active or upcoming auctions.
• View vehicle details, photos, inspection reports (if available), and terms.
• Place your bid before the auction ends.
• The highest valid bid above the reserve price (if any) usually wins.
• You will be notified if you are the winning bidder.

Are bids binding? Yes. Once you place a bid, it is irrevocable. Withdrawing a bid or failing to complete payment may result in forfeiture of your deposit and possible blacklisting.

Can I inspect the vehicle before bidding? Most auctions allow physical inspection at designated locations during specified dates/times. Details are mentioned in the auction listing. Test drives are generally not permitted. We strongly recommend inspecting the vehicle or hiring a mechanic before bidding.

What is “As Is, Where Is” basis? All vehicles are sold in their current condition without any warranty on roadworthiness, mechanical condition, or hidden defects. Buyers are responsible for their own due diligence.

4. Payments and Fees

What fees do I have to pay?

• Buyer’s Premium (a percentage of the winning bid)
• Platform/service fees (if applicable)
• GST and other applicable taxes
• Payment gateway charges

Exact fees are mentioned on each auction page.

How much Earnest Money Deposit (EMD) is required? It varies by auction and is clearly mentioned. EMD is usually refundable if you do not win. If you win and fail to pay the balance, the EMD may be forfeited.

When do I need to make full payment? Winning bidders must pay the full amount (winning bid + buyer’s premium + taxes) usually within 24 to 72 hours. Exact timelines are mentioned in the auction terms.

What payment methods are accepted? Payments must be made through approved online methods (net banking, UPI, RTGS, etc.) via our secure payment gateway. Cash transactions are not allowed.

5. After Winning an Auction

What happens after I win a bid? You will receive a confirmation email/invoice. After full payment, the seller will provide necessary documents for ownership transfer (RC transfer, Form 35, NOC, sale invoice, etc.). Delivery/possession is arranged between buyer and seller.

Who is responsible for RTO transfer and related costs? The buyer is fully responsible for all costs related to transportation, insurance, RTO transfer, road tax, registration, and any repairs.

Do you provide vehicle delivery? No. Bids24 does not arrange or take responsibility for transportation. Buyers must coordinate directly with the seller.

Can I cancel the purchase after winning? Generally no. Cancellations after winning are not allowed and may lead to forfeiture of all amounts paid.

6. Selling on Bids24

How can I sell my vehicle on Bids24? Register as a seller, list your vehicle with accurate details, photos, and documents. Our team may review the listing before it goes live. You must have clear ownership/title to the vehicle.

What happens after my vehicle is sold? You will be notified of the winning bidder. After the buyer completes payment, you must cooperate for document handover and vehicle delivery.

7. Vehicle Condition and Risks

Are auction vehicles in good condition? Vehicle condition varies widely — from excellent to salvage/damaged. Many bank/insurance vehicles are repossessed due to loan defaults and may need repairs. Always review available reports and inspect personally.

Do you provide warranties? No. Bids24 and the sellers provide no warranties. All sales are on “As Is, Where Is” basis.

What documents will I receive? Typically: Original RC (or duplicate if applicable), sale invoice, NOC from financier (if any), Form 35, insurance papers, and other relevant documents. Availability depends on the seller.

8. Technical and Support

I forgot my password. What should I do? Use the “Forgot Password” option on the login page to reset it.

The website is not loading or I face technical issues during bidding. Try clearing your browser cache, using a different browser, or switching to a stable internet connection. Contact support immediately if the issue persists during live bidding.

How can I contact customer support? Email: support@bids24.in Phone: +91 70228 38222 We aim to respond to all queries within 24–48 hours.

9. Other Important Questions

Is there a refund policy? EMD is usually refunded to non-winning bidders. For winning bidders, payments are generally non-refundable except in rare cases approved by us (mentioned in auction-specific terms). Refer to our Refund Policy for details.

Can I bid from outside India? Currently, the platform is primarily for users in India. International bidders may face restrictions due to KYC, payment, and vehicle registration rules.

How do I know if an auction has a reserve price? It is clearly mentioned in the auction details. If the highest bid does not meet the reserve, the seller may choose not to sell.