Bid COE yourself - I tried it!

[5kylark]

Would it be correct to say that the 20%-30% profit margin AD makes is to cover things like marketing, service centres, FX, overheads, bonuses, etc.?

 

So, with your purchased COE, your need to talk to the company or small PI to get the vehicle else me to with the AD to make 10% margin only?

 

As AD, I would discourage buyers with their own COE as it would disrupt the ecosystem in place?

 

If I was clearing stock I would be more receptive but not if I carry new models.

 

 

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[awhtc]

There are quite a lot of PI that makes around 10% gross profit margin only for lower end cars, compare to around 20% for ADs.  The cons are some risk that the PIs cannot deliver or they cannot handle manufacturer's recall.

[Sdf4786k]

There are quite a lot of PI that makes around 10% gross profit margin only for lower end cars, compare to around 20% for ADs. The cons are some risk that the PIs cannot deliver or they cannot handle manufacturer's recall.

Nice. Has the AD being able to provide the recall for 8 year old card for Takata airbags ? Or did they simplify it by removing the airbag?

[Jumpmanz]

Nice. Has the AD being able to provide the recall for 8 year old card for Takata airbags ? Or did they simplify it by removing the airbag?

I replaced my civic airbags with kah motor for this issue. No charges on my end. Both were replaced.

[Ct3833]

Nice. Has the AD being able to provide the recall for 8 year old card for Takata airbags ? Or did they simplify it by removing the airbag?

in 2017, Motor Image sent me a letter to replace my WRX airbag when it was 6 months left before scrap, and they did really replace it. 

[boonhat_91]

Hi all, since it is skool holidayz, I have some questions about COE bidding that hopefully more seasoned members can help to answer.

 

Following all taken from LTA:

 

 

 

HOW DOES THE COE OPEN BIDDING SYSTEM WORK?

• Bidders outbid each other to obtain a COE during the bidding exercise.
• Bidders can submit their bids by keying in the reserve price* into the COE Open Bidding System or through the System’s various channels listed at ONE.MOTORING.
• The COE Open Bidding System will automatically revise the bid upwards, at an increment of S$1, until the reserve price is reached.
• The bid is in the running as long as the reserve price is equal or higher than the Current COE Price (CCP).
• The number of successful bidders is limited by the COEs available for each particular COE category. The CCP is the price of the highest unsuccessful bid plus S$1.
• If the CCP rises above the bidder’s reserve price, the bidder is then out of the running for a COE unless he revises his reserve price upwards.
• The CCP will stop rising when the number of bidders who are prepared to pay more than or at the CCP equals the quota at the close of the exercise.
• At the close of the exercise, bidders whose bids are above or equal to the CCP will get a COE.
• The latest CCPs at the close of bidding are the Quota Premiums for the bidding exercise. All successful bidders in the vehicle category will pay the same Quota Premium for that category.

* The reserve price is the maximum bid amount that a bidder is prepared to pay for the COE.

CALCULATION OF COE QUOTA PREMIUM

Here’s an example of how the COE Open Bidding Exercise works:

2nd COE Open Bidding Exercise in the month (N)
COE Quota for Category A = 3
Number of bidders = 5 with reserve prices of S$100, S$88, S$70, S$70 and S$41
At the close of the bidding exercise, the bid status of each of the 5 bids will be as follows:

 

 

Taking June 1st exercise as reference, looking at Cat A figures unless otherwise stated:

 

My starting questions:

1. If 1902 bidders all put in a reserve price of $1, will there be 0 successful bids?

2. "The COE Open Bidding System will automatically revise the bid upwards, at an increment of S$1, until the reserve price is reached." Where is the system's starting point? $1? How does it revise upward by $1 increments? Every time a bid is submitted? Or every X mins?

3. Is it safe to say that at the point of this bidding exercise, there was definitely more than 1902 outstanding orders for Cat A cars across all dealers?

[Knoobie]

 

Hi all, since it is skool holidayz, I have some questions about COE bidding that hopefully more seasoned members can help to answer.

 

Following all taken from LTA:

 

 

 

Taking June 1st exercise as reference, looking at Cat A figures unless otherwise stated:

coe june.PNG

 

My starting questions:

1. If 1902 bidders all put in a reserve price of $1, will there be 0 successful bids?

2. "The COE Open Bidding System will automatically revise the bid upwards, at an increment of S$1, until the reserve price is reached." Where is the system's starting point? $1? How does it revise upward by $1 increments? Every time a bid is submitted? Or every X mins?

3. Is it safe to say that at the point of this bidding exercise, there was definitely more than 1902 outstanding orders for Cat A cars across all dealers?

 

 

1. That one call COE fixing. IIRC, LTA got reject such bids before.

2. See your first quote. In the case of the Jun bidding exercise, it should be start from the next lower bid amount of $30,009. Which could be $30,008 or $25,000. 

3. We cannot say for sure the amount of outstanding orders is definitely more than the amount of bids received. Don't forget COE can be bid by individual who may not have an order with dealer. 

[boonhat_91]

1. That one call COE fixing. IIRC, LTA got reject such bids before.

2. See your first quote. In the case of the Jun bidding exercise, it should be start from the next lower bid amount of $30,009. Which could be $30,008 or $25,000. 

3. We cannot say for sure the amount of outstanding orders is definitely more than the amount of bids received. Don't forget COE can be bid by individual who may not have an order with dealer. 

 

Thanks!

 

More questions, not directed at you specifically but glad to hear your inputs

 

1. Looking at LTA example, the 2 $70 bids are unsuccessful. Let's not say $1, what if 1902 bidders all put a reserve price of $30,000? All unsuccessful also? Since each individual bid's reserve price is undisclosed, it is plausible that all bids reserve price are the same - by coincidence if nothing else.

2. This part confuses me. When the exercise opens, does the CCP starts at $1? Or does it start at $X, where X is the reserve price of the first bidder?

[Knoobie]

Thanks!

 

More questions, not directed at you specifically but glad to hear your inputs

 

1. Looking at LTA example, the 2 $70 bids are unsuccessful. Let's not say $1, what if 1902 bidders all put a reserve price of $30,000? All unsuccessful also? Since each individual bid's reserve price is undisclosed, it is plausible that all bids reserve price are the same - by coincidence if nothing else.

2. This part confuses me. When the exercise opens, does the CCP starts at $1? Or does it start at $X, where X is the reserve price of the first bidder?

 

1. by right it will be unsuccessful. but the chance of it happening is close to zero for open bidding. no one puts a round number when bidding (e.g. you bid $5000, someone bids $5001 and wins it.)

2. COE all starts at $1. If the amounts of bids received is < quota, COE = $1. If amount of bids received > quota, COE = go back and see your table and you'll understand.

[boonhat_91]

1. by right it will be unsuccessful. but the chance of it happening is close to zero for open bidding. no one puts a round number when bidding (e.g. you bid $5000, someone bids $5001 and wins it.)

2. COE all starts at $1. If the amounts of bids received is < quota, COE = $1. If amount of bids received > quota, COE = go back and see your table and you'll understand.

 

2. Looking back at LTA's 5-bidder example, if CCP starts at $1, at what point does it become $70? 

 

2a. Perhaps what I'm trying to ask is, how is COE bidding similar or different from auction bidding?

 

New qn 4. If I submitted a low reserve price, say $100, and the CCP has exceeded $100 but the exercise is not closed yet. Can I still revise my bid or am I out of the running already?

[Knoobie]

2. Looking back at LTA's 5-bidder example, if CCP starts at $1, at what point does it become $70? 

 

2a. Perhaps what I'm trying to ask is, how is COE bidding similar or different from auction bidding?

 

New qn 4. If I submitted a low reserve price, say $100, and the CCP has exceeded $100 but the exercise is not closed yet. Can I still revise my bid or am I out of the running already?

 

2. the LTA 5 bid example had 3 quota. so at that point with the bid received, the COE will be awarded to top 3 highest bid + $1 = $71. When exactly it happened would be the time where it received the 4th bid.

 

2a. I peasant don't know auction. perhaps one need to raise the hand to indicate interest while the other one is thru ATM or ibanking? 

 

4. Not sure. took me awhile to understand how COE bidding works too but never bother to try on my own. From TS video, it seems there was no option. then again, my pal said his agent revised his COE bid before. 

[boonhat_91]

2. the LTA 5 bid example had 3 quota. so at that point with the bid received, the COE will be awarded to top 3 highest bid + $1 = $71. When exactly it happened would be the time where it received the 4th bid.

 

2a. I peasant don't know auction. perhaps one need to raise the hand to indicate interest while the other one is thru ATM or ibanking? 

 

4. Not sure. took me awhile to understand how COE bidding works too but never bother to try on my own. From TS video, it seems there was no option. then again, my pal said his agent revised his COE bid before. 

 

2. Went back to watch TS video and I think I understand a bit better now. At 0:07 (14:03hrs on that day) the Cat A CCP is still $1 while at 0:08 (14:25hrs) the CCP has suddenly gone up to $45,730. The respective bids received at those times was 1555 vs 2344. The Cat A quota for that exercise was 1659. So I guess once the number of bids received exceeds the quota, the system automatically sets the CCP = the 1660th highest reserve price+$1. I think LTA's description of "automatically revise the bid upwards, at an increment of S$1"  threw me off.

 

https://youtu.be/LmUOZo_X1r4

 

 

4. I think this is an important point. If I am not allowed to revise my bid once the CCP has exceeded my bid, that means I need to gamble with my starting bid to be high enough to escape the cutoff once no. of bids reaches the quota.

 

[Vlsc]

On 1/18/2016 at 9:33 PM, Boringchap said:

Anybody tried before?  I just tried this evening.  Yeah.  Try for fun, see whether can get or not.  How much did I bid for?  Check out this video for the experience.  

 

 

Take note, once you bid, the deposit is $10,000.  The non-refundable fee is $2.  If I get the COE, I will have 6 months to register the car.  LTA only collects the rest of the COE when I register the car.  Sounds cool to me. 

Looks like this video is no longer available.

Did u try on self bidding again and managed to get it?

 

[Vlsc]

On 6/13/2019 at 4:31 PM, boonhat_91 said:

 

2. Went back to watch TS video and I think I understand a bit better now. At 0:07 (14:03hrs on that day) the Cat A CCP is still $1 while at 0:08 (14:25hrs) the CCP has suddenly gone up to $45,730. The respective bids received at those times was 1555 vs 2344. The Cat A quota for that exercise was 1659. So I guess once the number of bids received exceeds the quota, the system automatically sets the CCP = the 1660th highest reserve price+$1. I think LTA's description of "automatically revise the bid upwards, at an increment of S$1"  threw me off.

 

  Reveal hidden contents

https://youtu.be/LmUOZo_X1r4

 

 

4. I think this is an important point. If I am not allowed to revise my bid once the CCP has exceeded my bid, that means I need to gamble with my starting bid to be high enough to escape the cutoff once no. of bids reaches the quota.

 

Why will u be Not allowed to revise ur bid even if CCP exceeded Yr bid? As long u still willing to pay and increase Yr bid, u shd be able to adjust Yr bid higher. Ain't that suppose to be the case? 

[louishavoc6661]

On 7/5/2020 at 3:25 AM, Vlsc said:

Why will u be Not allowed to revise ur bid even if CCP exceeded Yr bid? As long u still willing to pay and increase Yr bid, u shd be able to adjust Yr bid higher. Ain't that suppose to be the case? 

Please visit https://ocoe.lta.gov.sg to enquire/revise your bid.

[fatmond]

Anyone manage to self bid coe and purchased a car from AD/PI before?

[Jamesc]

I bid $2 for my MIL car and didn't get. 

So no chance to visit PI/AD.

[yishunite]

You give me $10k deposit I bid for u 12 times NG confirm plus chop best price or money back