What is the difference between the closed and open bidding system?
Closed Bidding System Open Bidding System Bid Period Usually between the 1st and 7th of each month On every third week of the month, from 9:00 am of the first working day to 4:00 pm of the third working day Bid Deposit 50% of bid amount S$200 for motorcycles and S$10,000 for all other vehicles Reserve Price (max. amount bidder is willing to pay) Not applicable You submit your bid by indicating your reserve price through the system. The system automatically revises your bid higher by $1 each time and submits your bid up to the limit of the reserve price stated by you. If the current COE price is higher than your reserve price, then you are out of the running unless you revise your reserve price upwards • Where and how do I submit my bid under the Open Bidding System? You can submit your bid and revise your reserve price through any DBS/POSB ATM. You must have sufficient fund in your account to meet the payment of bid deposit. Upon successful submission of your bid at the ATM, the bid de
