Many people have shown interest in buying reconditioned cars from Japan through customs auctions. Many of us as individuals have wanted to know how to buy a car at auction. We have been collecting information for you for some time. Yes, if you want you can also buy one or more of these 256 cars auctioned at Mongla Custom House. No special qualifications are required for this. No trade license, IRC, ERC, VAT certificate, or any other documents are required. How to buy a car at a customs auction
At the individual level, this is our attempt to cut the skepticism about the auction. You only need to have an income tax certificate to participate in the auction. This will be required for submission of AIT and later for car registration. A national identity card is required for auction at Chittagong Custom House. Mongla has not wanted that yet.
Here’s what you need to do to buy a car at auction:
Buy the catalog (list of lot-based vehicles) from the custom-house or station from which you will buy the car or product at auction. The attachment contains a catalog of 256 vehicles. It belongs to the official auctioneer. All customs offices have one auctioneer. The price of the catalog can be 50-100 rupees. You must purchase a schedule from the official auctioneer participating in the auction (you have to purchase a schedule for each lot). If you bid for three cars, you will have to buy three schedules. The price of the schedule can be 100-200 rupees.
The information on the field mentioned in the schedule should be clearly filled/written in Bengali. The lot you want to buy should be mentioned in the catalog along with the product description. The lot you want to bid for the lot at the rate of 10% of the quotation price must be submitted along with the security deposit/bank draft schedule. The price of the product should be clearly written in the schedule in numbers and words. Must submit income tax certificate with the bid. You can also submit National Identity Card (optional). Auctions are usually held once a month in custom houses (if not perishable, the car is not perishable).
Remember, you have to submit the bid or bid proposal within the stipulated date of schedule submission. You can find out from the auctioneer when buying the day schedule. If you are the highest bidder of a lot of your choice and your bid is 60% of the reserved price (usually duty paid value) of this car in the first auction. If the second auction price is higher than the first auction. The third auction will be sold at whatever price. Needless to say, the purpose of the auction was not to collect or increase revenue but to vacate the port warehouse.
Tips for bidding: Don’t rush into a bid or cheat at auction or lose your favorite item. Make sure you look at the car or the product yourself. Judge the quality. Guess the market price. If the car you are bidding in the auction is not the first auction of that car, you will find out how much the price has fallen in the previous auction.
Consider the surrounding aspects and make a bid based on your own guess. It is better not to bid for CP vehicles or conditional vehicles. You may not like the hassle of taking CP. Since you do not do business, the price you pay may go down. You can get the car of your choice.
If you have any queries regarding the auction, you may want to ask the concerned Assistant Commissioner of Customs House / Station about the auction. We are here to help you with any VAT customs.
I will give another post with details of the auction, and its purpose. The legality of the auction, and the names, addresses, and telephone numbers of the auctioneers. Apart from this, the date on which the auction is being held in a customs house. Who you will contact, will also be mentioned in the post. Data collection continues.