How to Participate and Bid in Auctions
Here are the comprehensive details and practical steps that will enable you to activate your membership, start bidding, and complete the purchase procedures in the world of Electronic Auctions:
Company Auctions
To compete for vehicles listed by companies, you must pay the auction security deposit via one of the following two options:
- Pay Auction Insurance Fee
* Required Amount: SAR 5,000.
* Method: Direct bank transfer to the Auction account.
* Approval: Approval is processed within just 5 to 10 minutes, enabling you to bid immediately.
* Once payment is completed, an account manager will be assigned to assist you with the procedures throughout the auction experience - Promissory Note
Only individual registrants can issue a promissory note instead of paying the security fee.
* Value: Issuance of a promissory note valued at 15,000 SAR (as a mandatory security guarantee).
* Issuance Cost: You only pay a non-refundable issuance fee of 100 SAR.You may cancel the "Promissory Note" or request a refund of the security deposit fees at any time, provided there are no outstanding financial obligations owed by you to the Auction.
Individual Auctions
Individual Auctions offer you a completely different experience, characterized by:
- No Insurance Fee: It does not require paying the 5,000 SAR or issuing a promissory note.
- Participation Fees Only: You simply pay a nominal and simple participation fee.
- Genuine Savings: Transactions occur without intermediaries or additional commissions, saving you thousands of Riyals.
- Strategic Tools: It allows you to use the "Minimum Increment" button up to 6 times to support your bidding strategy.
Post-Auction Procedures
When the auction is awarded to you, the vehicle purchase phase begins. Because we understand that Selling via Electronic Auctions must be easy and documented, your seamless digital experience continues via the app to finalize the transaction from your location:
- Verification via Nafath (For individuals): Enter your national ID number, which will be automatically linked with the Nafath app.
- Document Management: You can view and download all the required official letters and invoices directly from the app.
- If you are registered as a company, you can complete the vehicle plate deregistration process or add yourself as a user through the app
- Transfer of Ownership: Completion of vehicle ownership transfer procedures in a legal and documented manner.
- Flexible Collection: You have the freedom to choose between picking up the car yourself, requesting delivery to your location, or authorizing a company or individual to collect it on your behalf, with the entire process managed fully online.
In conclusion, Mazad by Motory platform is committed to providing a digital transaction environment that combines ease of use with high reliability. Whether your focus is on corporate or individual auctions, we guarantee an integrated experience that achieves the highest standards of safety, speed, and transparency across all stages of buying and selling.
