Timed vs. Flash Auction on IBID: What’s the Difference?

One of the easiest and fastest ways to sell or buy goods is through an auction. However, be cautious and don’t settle for just any auction house. Choose one that is truly professional and trustworthy, such as IBID, which has over 18 years of experience.

There are at least five categories of goods that can be auctioned at IBID, ranging from used cars, used motorbikes, lifestyle products (from electronics to fashion), heavy equipment (excavators, forklifts, generators and the like), to scrap materials (metal, wood, plastic, industrial machinery, and demolition remnants).

If you are interested in purchasing auctioned goods at IBID, it is essential to understand the auction methods they employ. IBID offers four auction methods: Live Auction, Timed Auction, Flash Auction, and Closed Auction.

Each of them operates differently. However, many people are still confused about the difference between Timed Auction and Flash Auction, as the two often appear similar.

See also: 5 Items You Can Consign Through IBID

What Is the Difference Between a Timed Auction and a Flash Auction?

Like other auction types at IBID, Timed Auction and Flash Auction are held online, following a set schedule. Here’s what sets them apart.

In terms of duration, a Timed Auction runs over a specific period (usually 1–3 days), while a Flash Auction is broadcast for a much shorter time (around 45 minutes). 

The objects being auctioned are also different. A timed auction is used for auctioning various types of items, including cars, motorcycles, heavy equipment, lifestyle products, and scrap materials. Meanwhile, Flash Auction is specifically reserved for used cars only.

To make it easier to understand, the features available in the IBID application are tailored to the specific auction method. In a Timed Auction, there is an Auto Bid feature that allows users to set a maximum bid limit. Meanwhile, since Flash Auction is broadcast live, it is equipped with Live Stream and Live Chat features.

From the platform perspective, the Timed Auction method can be accessed via the IBID website or application. Meanwhile, Flash Auction is only available on the IBID application.

How Timed Auction and Flash Auction Works

To help you understand easily, here is how the Timed Auction method works when buying a used car through IBID auction:

First, check the list of available cars and the auction schedule on the IBID website or application. Then, review the vehicle details by looking at the inspection report provided by Astra Car Valuation (ACV).

Once you have chosen the car you are interested in, the auction duration will be shown in the vehicle’s information section.

See also: Get the Most Out of Buying a Used Car at IBID Auctions

Next, register by submitting your personal details and purchasing NPL via the IBID website or application. NPL payments can be made through Virtual Account, credit card, or EDC machines available at IBID counters.

For a Timed Auction, you can place bids at any time while the auction is ongoing. Meanwhile, a Flash Auction allows you to submit questions to the inspector via the chat column during the live streaming session.

If you win, you must complete the payment within a maximum of 5 working days after the auction. But don’t worry, if you lose the auction, your NPL deposit will be 100% refunded to your registered account number within 3 business days at most after the auction.

Once all administrative steps are completed, you can pick up your winning item at the nearest IBID Pool. Or, if you’d rather skip the hassle, you can use IBID’s logistics service.

However, there are several differences in procedures between Timed Auction and Flash Auction. That’s why it’s important to understand the method being used, so your auction experience runs smoothly and boosts your chances of winning.

See also: Pros and Cons of Buying Older Used Cars

IBID is a subsidiary of PT Serasi Autoraya (SERA), dealing in auctions of vehicles, heavy machinery, gadgets, and lifestyle products. In addition to being professional and reliable, one of its benefits is the easy process.