Common terms used in e-auction

If you are new to Indus EasyWheels & if you come across terms that you might not be familiar with, Do not worry! Here is a list of the most common terms used and their meaning.


KYC Verification: Know Your Customer is abbreviated as KYC. KYC documents are a basic set of documents that verify a user’s identity & other parameters. Usual KYC documents are PAN Card, Aadhar Card, Driving License, Passport, etc.


Open Auction: An auction where the highest bid is visible to everybody in the auction.


Closed Auction: An auction where the highest bid is not visible.


Bid: Bid is the amount that you are willing to pay for a vehicle in an auction.


Bid Id: Bid Id is the reference number by which your successful bid is identified.


Token Amount: A token amount is an initial amount that you place after winning a bid. You can think of this as an advance amount.


Full & Final Payment: This is the total amount that you pay after winning the bid. This amount will be minus the token amount.


Auto-Bid: Auto-bid lets you place bids automatically in minimum intervals 


Base Branch: This is the branch where all documents related to the vehicle will be available. 


Authorization Letter: A letter that authorizes a 3rd person to collect documents or pick up the car from the yard. 


Yard: Yard is a place where all vehicles are parked. 


No Objection Certificate: This is the document that shows that the transaction is completely over and there is no objection from our side.


Vehicle Release Letter: This is a formal letter that is released by the branch. This has to be presented at the yard to collect the vehicle.


Watchlist: By adding vehicles to your Wishlist, you can track them all in one place. You will also be notified when a vehicle from your Wishlist is about to go to an auction.