Mahindra First Choice Wheels Ltd (MFCWL) today announced the launch of a platform that allows buyers to participate in traditional ‘on the ground’ used-car auctions via internet in real-time.
The platform, True Time Bids (www.truetimebids.com) will significantly improve efficiency of how vehicle auctions are conducted in India today, the company said in a statement.
MFCWL ran a pilot project of True Time Bids with Kotak Bank prior to its launch.
MFCWL Senior Vice President of eBusiness B Ganeshkumar said: “The pilot launch of Truetimebids.com with Kotak has been extremely successful and we look forward to taking this platform to all our clients over the next few weeks.”
Stating that the platform will fundamentally change the way vehicles are disposed at auctions, he added: “Our clients are continuously looking for higher liquidity and more efficiency in our auction services, and we are pleased to develop and launch India’s first simultaneous online-offline auction platform.”
Typically, vehicle auctions are conducted offline while some are also done online to attract non-local bidders. The truetimebids.com platform combines both auction formats into one simultaneous auction event.
The launch of True Time Bids is a part of Mahindra First Choice Wheels’ overall aim to organise the used-car space in India and bring legitimacy and transparency to the market, the company added.