sgCarMart Quotz guarantees that our Bid price exceeds all other Market offer prices or you get $100 cash from us.
A Market offer price is the purchase price offered by a registered used car dealer for your vehicle.
The guarantee is no longer valid once the Bid price is accepted.
The Market offer price needs to be indicated in a Sales Agreement issued by the purchasing car dealer to you.
sgCarMart Quotz is deemed to have failed the guarantee only if the Market offer price is higher than the Bid Price.
The amount must be claimed within 1 month after bidding has ended.
The amount needs to be claimed in person from our office with the original receipt and sales agreement.
Frequently Asked Questions
Will I be guaranteed the highest selling price?
Yes, we will give you $100 in cash, if you can sell your car to a car dealer at a price higher than ours!
Can someone else drive to Quotz on my behalf for photo taking and inspection?
Yes, however, the registered owner may need to be present after acceptance to sign the paperwork.
Can I view the bidding online?
Yes, it's a live and transparent bidding, you can monitor your own car bidding online. However, like the COE bidding, you might see the bidding get more intensive as it gets nearer to the closing time.
How long does it take to sell my car on Quotz Sell-by-Bidding?
Once the bidding closes, you will get an offer to sell on the spot. If you accept the offer, we will pay you a deposit to secure the deal.
Thereafter, we will fully pay up any outstanding loan you have. This typically takes 1 week. We will then pay you the balance amount once you handover your vehicle.
If you do not have any outstanding loan and wish to handover the car immediately, we can pay you the full sum on the spot.
Will I transact with the car dealer who offered the highest bid?
No. After we receive the offer from the winning dealer and you agree to the deal, we will pay on behalf of the dealer. To ensure excellent service and a comfortable transaction, we will be the ones interfacing with you throughout. After we pay you and takeover your vehicle, we will then hand it over to the dealer.
Who will take care of the paperwork?
We will take care of all the paperwork for you. This includes your loan full settlement, insurance refund and ownership transfer. You will be paid by us as well.
Can I accept the bid offer and handover when my new car arrived?
It is recommended to handover your car within two weeks from the bidding close date, this is to better secure the deal. Dealers may offer at a conservative price if the handover date is longer than 2 weeks due to unforeseen market fluctuation.
Can I reject the highest bid?
Yes, it's absolutely up to you whether to accept or reject the bid price. No obligations to sell.
How does Quotz uphold the Highest Price Guarantee?
Quotz is an online bidding platform by sgCarMart which provides a unique service that puts used cars up for bidding. With their network of over 500+ used car dealers, car sellers can get the highest possible selling price for their car in just ONE HOUR!
Do I Need To Pay Anything?
Quotz will conduct the bidding process of your car for a service fee of $38 (inclusive of GST). Should we not meet our highest price guarantee, you will get $100 cash straight away!
How Quickly Do I get Paid?
You'll get paid on the spot after you've accepted a bid from your auction. Quotz uses the widely adopted Fast and Secure Transfers(FAST) digital payment system that allows for transfers up to $200,000. This prevents rare cases of fraud, where the car dealer would take ownership of the vehicle but the cheque to the seller bounced.
What if the Dealer backs out after I've accepted the Bid?
Our service provides a binding offer that is made to protect the seller's interest. In every successful auction, Quotz will buy the car from the seller on behalf of the winning car dealer, and if the dealer backs out from the deal, serious actions will be taken - such as banning the Dealer from advertising on sgCarMart.