Auctions are gaining popularity as an alternative way to get your hands on used vehicles, like cars or motorcycles, at competitive prices. In Indonesia, one of the most trusted auction organizers is IBID, an auction house under the Astra Group.

Offering a transparent, digital system, IBID makes it easy for anyone to participate in auctions for all kinds of things, from vehicles and gadgets to even heavy equipment.

That said, if you’re new to auctions, you might find the terms a bit overwhelming at first: Lot, Open Bid, NPL, and Hammer Price, for instance. Before going in, get yourself ready with these essential IBID auction terms.

9 Auction Terms on IBID

1. Lot

A lot is a unit of goods or objects that is up for auction. One lot typically consists of a single vehicle, including details such as the make and model, year of manufacture, color, and physical and mechanical condition.

This gives the bidders everything they need to know about the item before placing a bid.

2. Open Bid

An Open Bid is an open bidding process. Participants can place increasingly higher bids until the auction closes, and the highest bidder at the end of the allotted time is declared the winner.

3. Limit Price

The Limit Price is the minimum price set by the auction house for a specific lot. Any bid placed below this price will not be accepted or processed.

4. Buy Now

Buy Now is a feature that allows participants to skip the bidding process entirely and just purchase an item. By simply agreeing to a fixed price, they can secure the unit immediately.

5. Sold Status

A Sold status indicates that an auction item has been sold to the highest bidder when the auction concluded.

6. No Bid

No Bid is when no participants placed any bids during the auction session. Items with this status are typically offered again in the next session.

7. Pre-Inspection

Pre-Inspection is the process of evaluating a vehicle’s condition before it goes up for auction. During this process, participants can review details about the vehicle’s physical condition, engine performance, and document completeness—helping reduce potential risks.

At IBID, every vehicle is inspected by Astra Car Valuation (ACV) before being put up for auction, ensuring objective, transparent reporting of its condition.

8. Reserve Price

The Reserve Price is the minimum bid required for a unit to be declared sold. If the highest bid is below the reserve price, the item may be withdrawn and then relisted in a future auction.

9. Auction Fee

The Auction Fee is an administrative charge applied to the winning bidder. It’s typically calculated as a percentage of the final selling price.

Advantages of Joining Auctions at IBID

Joining auctions on IBID gives you several benefits, including:

Transparent Process

The entire auction process is recorded digitally, allowing participants to track the bidding in real time.

More Competitive Prices

The open bidding system creates opportunities to purchase vehicles at prices below typical market rates.

Clear Information on Vehicle Condition

Each vehicle is inspected prior to auction, ensuring participants get accurate and transparent information about its condition.

Authorization: Online Auctions

With the IBID app, participants can join auctions from their smartphones without visiting the auction site in person.

100% Legal

All auctioned vehicles come with complete official documentation, making administrative processes such as ownership transfer much easier.

Understanding the terminology at IBID is an important step towards participating in a simple and safe auction process.

With its transparent system, competitive pricing, and thorough inspection process, IBID is the best option for anyone looking to purchase quality used vehicles through auctions.

IBID is a subsidiary of PT Serasi Autoraya (SERA) and specializes in auctions for vehicles, industrial scrap, heavy equipment, electronics, lifestyle products, and even properties.

 
Download the IBID app from the Play Store and App Store. Also, follow IBID’s official Instagram: @ibid_balailelangserasi for the latest auction details and valuable tips.