Owning your own car just got a lot easier with BidOnWheels; a game-like, fun and fair way of competing with a given number of people for the car of your choice. As a result of the fact that everything and everyone has gone digital and online, well almost, BidOnWheels makes the service available when you are on the move (mobile) or stationary (PC).
Here is how it works:
A vehicle is put up to be auctioned at a certain date and time.
Interested bidders ae then invited to participate and are therefore required to reserve auction slots using ‘bidding tokens’. These tokens can be bought with a debit/credit card.
Now, on the average, BidOnWheels auctions will have 2000 auction slots i.e. 2000 people competing for a car and the higher the number of people who show interest in an auction, the lower the price of the vehicle. So let’s assume a vehicle costs N5, 000,000 and there are 1800 people who show interest in bidding for the vehicle, if each auction slot is 2,500 naira, it simply means the price of the car will fall to N500, 000. If all 2000 slots are reserved, the price falls to Zero Naira (N0).
It is however important to know that each auction has a reserve price. A reserve price is the amount the price of a vehicle must fall to in order for an auction to start at the set date and time. If the price doesn’t reach the reserve price, the auction is postponed to allow more people show interest.
On the set date and time of auction, bidders compete by clicking the ‘bid’ button as many times as they can within one hour. While clicking the bid button, every 5 seconds, we show you who the current highest bidder is and how many times he/she has clicked. The bidder who clicks the bid button the most times wins and gets to pay the final price of the vehicle as at the start of the auction. At the end of the auction, the result is immediately made available so you can see how many times you clicked and how many times the winner clicked. It is made very transparent so that If you win you will know exactly why and If you do not, you are not left in the dark either.
The guys at BidOnWheels also have a unique and commendable reward system that caters to bidders who do not win in the auction with incentives that will reduce the feelings of loss to encourage them to keep bidding until they win. Here is how it is set up:
After every auction, the top 10% of bidders according to the auction result get 100% of their bidding tokens back so they can participate in another auction i.e. out of 2000 bidders, 199 bidders (minus the winner) get their bidding tokens back.
Also, with BidOnWheels, the reserve price is significantly lower than the market value of the vehicle and even more, whenever you want to buy a car, if you buy from any car dealer partnering with BidOnWheels, the latter can arrange for you to get a cash discount equivalent to the amount you have spent in bidding in the previous 12 months.
The developers have assured that they are working on more innovative incentives to circulate free bidding tokens to ensure that nobody loses money.
For a more graphic tutorial on the car auction service, watch below:
