Page 30 - One report AUCT2024_Eng

Part 1
Business Operation and Operating Results
1. The privileges regarding place a money deposit and deposit payment at least 10% until no need to place a money deposit and no deposit payment at least 10%.
2. The privileges regarding payment for taking the vehicle out before due date payment or taking the vehicle out before payment, pay in full by cash, cheque, credit card, or QR code before taking the vehicle out as the case may be.
Auction Procedure
The auctioneer announces bids for each item at a time. Bidders must raise their hands (Wristband) in the gathering to gain witnesses. The bid goes up from the opening price. If there is more than one bidder, the one who places the highest bid wins the auction. The auctioneer shall call out increments for each type of property as follows:
Automobile: Opening price at less than 1 million Baht sees a price increment at 2,000 Baht per call.
Opening price at more than 1 million Baht sees a price increment at
10,000 Baht per call.
Motorcycle: Price increment is 1,000 Baht per call
The auction will end after the highest bid caller was called 3 times preceding the gavel hitting sound from the auctioneer. Normally the bidding takes about 45 seconds per 1 item. Every bid will be recorded as references to be used for verification purposes later on and to assure transparency of bidding.
Besides regular auction at the Head Office by bidders showing up their wristbands or the AUCT Live which is the real time auction via internet is another alternative of public auction. It increases auction channels and creates transparent competitive bids. After a successful bid, the Company’s staff will arrange for the bid winner to make a deposit payment at 10% - 20% of the winning bid price but not less than 5,000 Baht and also to pay the auction fee (if any).
After-bidding Procedures
Payment of Auction Price
Auction price, in general, is paid in two tranches, the first one on the auction date for 10% - 20% of the property value but not less than 5,000 Baht and the other one within 3 business days except for the privileged customers as specified. The customers who bid via the AUCT Live will pay for the full auction price within 3 days after the auction date According to the conditions of placing the collateral of each customer.
For general customers, the property shall be handed over only when the full payment is made. The Company will deliver the registration book and ownership transfer documents within 15 - 30 business days (depending on each property owner). Buyers can check the registration book in the Company’s
30
Annual Registration Statement / Annual Report 2024
(Form 56-1 One Report)