e-Auction
Real-time, multi-level asset auctions with automated increments and secure settlement.
What it does
Assets or licences are listed, the auction is announced, registered bidders bid against each other with the increment applied automatically, and the winner pays the settlement through the connected banking channel. Deposits, refunds and receipts are handled by finance on the same record, and the documents and the analytics are produced when the auction closes.
Who uses it
The administrator categorises the assets, sets up the auctions and generates the documents. Bidders explore the assets, bid as the auction runs and manage their deposits. Finance handles the deposits, the settlements, the refunds and the receipts.
How it runs
The administrator lists the assets and schedules the auctions by district or block, notifications and media announce them, bidders register and bid with the increments applied automatically, the winner deposits the settlement through integrated banking, and the documents, analytics and notifications are generated at the end.
In government, and in a private business
For a body auctioning plots, shops, vehicles or licences, every bid is timed and recorded, the increment rule cannot be bent in the room, and the deposit ledger reconciles itself. The losing bidders get their refunds without a visit.
A bank or a company selling repossessed assets, scrap or surplus stock runs the same auction with the same worry about a rigged room. The bidding record is the answer to that worry.
How it runs, step by step
- Asset listingAdmin lists and schedules auctions by district or block.
- PromotionNotifications and media announce the auction.
- BiddingBidders register and bid with automated increments.
- SettlementWinners deposit settlement via integrated banking.
- Wrap-upDocuments, analytics and notifications generated.
Talk to Sketch about e-Auction
Describe the process as it runs today and who is in it. We will say how close this platform is and what a working prototype would show.
