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1. What is COE Open Bidding service?
2. How often is the bidding exercise held?
3. What is needed to bid for a COE?
4. Who is eligible to apply for COE Open Bidding service at Maybank?
5. Do I need to install any special software?
6. How do I apply for the service? What are the fees and charges?
7. Is there a limit to the number of authorised users?
8. What happens to the bid deposits for unsuccessful bids at the end of an exercise?
9. How do I pay for the outstanding bid amount for successful bids?
10. Will I be able to cancel a submitted bid during an exercise?
11. What should I do if I have lost or forgotten my acknowledgement code?
12. What should I do if my Internet connection is disconnected during a bid submission?
13. Who can I contact should I encounter any problems when using the service?
14. What does the different terms mean?

1. What is COE Open Bidding service?

   The COE Open Bidding service is implemented by Land Transport Authority (LTA) to allow greater transparency during the COE bidding process. Bidders will be able to access such information as the Current COE Price, number of bidders and their own bid status during the bidding period.

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2. How often is the bidding exercise held?

   There are 2 COE Open Bidding exercises in a month. The bidding exercises usually start on the 1^st and 3^rd Monday of the month at 12 pm and lasts for 3 working days. The exercise will usually end on Wednesday of the same week at 4 pm.

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3. What is needed to bid for a COE?

   The company will need to maintain a Maybank Singapore Dollar Current Account and apply for the COE Open Bidding service.

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4. Who is eligible to apply for COE Open Bidding at Maybank?

   Only motor traders are eligible to sign up for the service.

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5. Do I need to install any special software?

   You do not need to install any special software to access COE Open Bidding as long as the computer browser is running on Microsoft Internet Explorer 6.0 and above, Netscape 6.2 and above or Mozilla Firefox 1.5.

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6. How do I apply for the service? What are the fees and charges?

   To apply for this service, simply download the following forms:

   • COE Open Bidding Application Form
   • Company Resolution (Specimen)
     • Private Limited Company
     • Limited Liability Partnership
     • Partnership

   Complete and mail them to:
   Maybank
   Automobile Financing
   200 Jalan Sultan
   #05-03 Textile Centre
   Singapore 199018

   There is a one-time deposit for each new bid application. From the first bidding exercise in October 2010, the bid deposit will be reverted to $10,000 per COE bid application for Categories A,B,C and E. The bid deposit for Category D will remain unchanged at $200. The bid deposit will be deducted from the designated company account maintained with Maybank immediately when a new bid is successfully submitted.
   
   In addition, an administrative fee of S$8.56 (inclusive of GST) will be debited from the same account for each bid submission and bid revision. All other terms and conditions for bidding of a COE remain unchanged.

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7. Is there a limit to the number of authorised users?

   Yes. There is a maximum of 3 authorised users per organisation.

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8. What happens to the bid deposits for unsuccessful bids at the end of an exercise?

   The bid deposits will be credited back to the designated company account maintained with Maybank 1 (one) working day after LTA announces the bidding results.

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9. How do I pay for the outstanding bid amount for successful bids?

   You will pay the outstanding bid amount when you register your vehicle.

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10. Will I be able to cancel a submitted bid during an exercise?

    No. Cancellation of bid is not allowed once the bid is accepted by LTA.

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11. What should I do if I have lost or forgotten my acknowledgement code?

    If you have lost or forgotten your acknowledgement code, you can only revise your reserve price via Maybank, which is where the original bid was submitted. No acknowledgement code is needed for revision via the same bank channel.

    However, you will need your acknowledgement code if you wish to revise your reserve price using LTA's facilities or the facilities of other participating banks.

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12. What should I do if my Internet connection is disconnected during a bid submission?

    You can reconnect your Internet connection and perform a bid status enquiry to check on the bid status. You may also check the bid status via LTA's Open Bidding website at https://ocoe.lta.gov.sg or LTA's Opening Bidding Phone System at 6362 1465.

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13. Who can I contact should I encounter any problems when using the service?

    Please call our hotline on 1800-MAYBANK (1800-629 2265) or (65) 6533 5229 (overseas).

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14. What does the different terms mean?

    • Acknowledgement Code (Ack. Code)
      It is the 6-digit number generated after each bid submission and bid revision. The acknowledgement code is required to verify the bidder if subsequent bid revisions are submitted via a different channel.
    • Bid Deposit
      This is the deposit amount to be paid when you submit a new bid for your COE. From the first bidding exercise in October 2010, the bid deposit will be reverted to $10,000 per COE bid application for Categories A, B, C and E. The bid deposit for Category D will remain unchanged at $200. All other terms and conditions for bidding of a COE remain unchanged.
      
      For your easy reference, the various COE Categories are listed as follows:
      Category A - Cars (1,600 cc and below) and Taxis
      Category B - Cars (1,601 and above)
      Category C - Goods Vehicles and Buses
      Category D - Motorcycles
      Category E - Open Category
      
      The bid deposit will be deducted from the designated company account maintained with Maybank immediately when a new bid is successfully submitted.
    • Administration Fee
      A fee will be charged by Maybank for every bid submission and for every subsequent bid revision. With effect from 1 April 2009, the new administrative fee will be $8.56 per bid (inclusive of GST).
    • Current COE Price (CCP)
      This is the prevalent COE price during the COE bidding exercise period.
    • Exercise Period
      This is the period when bidding exercises are conducted.
    • Reserve Price
      This is the maximum amount that a bidder is willing to pay for a COE. The minimum reserve price is S$1. During the exercise period, the system will automatically revise the bid upwards at an increment of S$1, until the reserve price is reached. Once the current COE price is higher than the reserve price, the bidder is out-bidded, unless he revises his reserve price. A bidder may revise his reserve price at any time during the exercise.
    • Bid Status :
      • Accepted - The bid has been received by LTA for processing
      • Out-Bidded - The bid is no longer in the running for a COE as the Current COE Price (CCP) is higher than the bidder's reserve price
      • Rejected - The bid has been rejected by LTA or the Bank; this could be due to repeated submissions for individuals or insufficient balance in the bank account for the bid deposit
      • Successful (EOE) - The bidder has successfully bidded for a COE
      • Unsuccessful (EOE) - The bid for a COE is unsuccessful.

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