This service is currently available for OCBC Personal Banking customers, who wish to bid for a COE for their own use. All you need is a OCBC SGD Savings or Current account, and OCBC Phone Banking access.
Bidders must have sufficient funds in their accounts to meet the payment of bid deposit. Upon successful submission of the bids to the system, OCBC will deduct the bid deposits and administration fee / commission charges from the bidders' bank account.
For this service, a commission charge of $10 will be levied for each bid submitted and $10 for each subsequent revision made on the reserve price.
|Open Bidding System|
|Bid period||1st and 3rd Monday of the month|
|Bid deposit||S$200 for motorcycles; S$10,000 for all other vehicles|
(maximum bid amount bidder is willing to pay)
|Bidder submits his bid by indicating his reserve price through the system. System will automatically revise by adding $1 each time and submit the bid up to the limit of the reserve price.
If the current COE price is higher than reserve price, then bidder is out of the running unless he revises his reserve price upwards.
Reserve price can only be revised upwards. Bidder is also not allowed to withdraw his bid if the reserve price is equal or higher than the current COE price.
The bidding process for the open bidding system will be similar to that of an open auction. Under the open bidding system, the bidder will submit a bid by indicating his reserve price – Bid amount (or the maximum bid amount that he is willing to pay) through the system. The system then automatically revises and submits his bid upwards at S$1 increments, subject to the limit of his reserve price.
His bid is considered out-bid when the prevailing or current COE price exceeds his reserve price. However, he can revise his reserve price upwards to keep his bid in the running.
A bidder will not be allowed to withdraw his bid. The reserve price can only be revised upwards, but not downwards.
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 revision.
Bidders need to pay a fixed lump sum deposit of S$200 for Category D (motorcycles) and S$10,000 for Categories A, B, C, and E (open).
Bid deposit will be deducted from your bank account when you submit your bid. If there are insufficient funds in your account, your bid will be rejected.
As the bid deposit is fixed, you do not need to top up your bid deposit if you revise your reserve price.
Check the status of your bids anytime until 2 days after the close of the bidding exercise via phone banking.
The bid deposit will be credited back to your bank account one working day after the announcement of the bidding results.