Mahindra First Choice launches live vehicle auction platform

Mahindra First Choice Wheels Ltd. (MFCWL) has announced the launch of a new live online-offline vehicle auction platform called True Time Bids. The new platform is aimed at improving the efficiency and reach of vehicle auctions in the country. In order to do so, True Time Bids allows users across the country to participate in 'on the ground' auctions through the Internet, in real time.

Through the new platform, users can either bid for the car by being present at the auction venue, or simply use the Internet to place their bid online. Online bidders will be having access to a live feed from the venue, which will show details about the vehicle being auctioned and the current bids placed. If an online user places a bid for a particular vehicle, information about the new bid will be transmitted to the auction yard in real time so that 'on the ground' bidders know about it.

The online platform has also collaborated with Autoinspekt and Indian Blue Book for providing vehicle inspection and pricing analytics to the users. This helps in getting a bit more insight about the vehicle being auctioned.

Mahindra First Choice had run the True Time Bids platform as a pilot project, in association with Kotak Bank. Having received satisfactory response from both, buyers and sellers, the company has now scaled up the platform throughout the country.