KUALA LUMPUR: Auction company, Ng Chan Mau and Co Sdn Bhd today launched the first ever hybrid auction in the country.
Its business director Low Chee Hian said the new system would allow the public to have an option to bid physically, referred to as “on-site bidders”, or via the internet, “e-bidders”.
“We have been working on the system for about two years ago including the studies and specifications.
“Our aim is to create more channels for bidders to come forward to bid and hopefully it will help borrowers fetch a higher and fairer market value prices.
“So far, there are few banks showing their interest in adopting this system,” he said.
He said being an e-bidder would make it convenient for bidders to bid from any location.
“It will also save time and cost as bidders don’t need to queue or travel far to the auction’s venue.
“The system also provides for a transparent bidding process and bidders can bid comfortably without interruption,” he said.
Low added, to be an e-bidder, those interested will first have to register as a user and select the property with an e-bidding option.
“One needs to complete the e-bidder registration and auction deposit within three working days before the auction starts and they can start bidding by logging into the e-bidding system using a secured PIN,” said Low, adding that e-bidder could cast the bid from anywhere, as long as they have an electronic device with Internet connection.
Low also shared some tips for e-bidders.
“Make sure your devices have sufficient power and test your device first to ensure it’s compatible with the website.
“Use the latest version of Internet browser and do not refresh your browser once the auction starts,” he added.
The launch was held at New Straits Times Press (M) Bhd’s headquarters today in collaboration with CIMB Auto and Property Mart.
“We are very happy that CIMB has put their trust in us as we are the first auctioneer working with them to launch this hybrid auction for cars.”