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Welcome

Video guides just made for you
How it Works

Detailed explanation of how eAuction bidding works

Gallery

View our gallery composing of salvages before and after repair

Auction Terms and Conditions

Read on auction terms and conditions

About Us Who we are

Contact Us Quick, Effective Support

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HOW IT WORKS

Did you know?

• Insurance salvage/written off motor vehicle assets cost less than 30% of a
newly imported vehicle, on average. And cost of full repair/restoration of these
assets is about 40% of a newly imported vehicle.




30% cost of newly imported vehicle, on average. Typical, average, auction win
price for saloon car, under Kshs250,000.

40% cost of newly imported vehicle, on average




*Supported by research, and analysis of auction results and repair costs over
12months period.

About eAuction

• eAuction is an open, transparent, and hustle free auction platform that
connects insurance companies disposing off their salvage assets with interested
buyers. No brokers, no middlemen.

• Bidder registration process is simple.

• Bid security deposit submitted (and refunded) via mobile wallet and money.

• Highest bidder automatically declared winner and issued with an award letter,
for payment directly to insurance company.

• Connection with mobile lenders to provide bridge financing and credit
facilities to qualifying auction winners.

Register online

• Simple online, self-service registration process.

• Important information required – name, phone number, email address,ID
number,create your own password.

• We review and validate information within 24hours.

• Additional information provided via account confirmation email.

• To login, enter registered email address and your password.

Prepare for auction and submit bid security deposit

• You will receive regular notifications and reminders about Upcoming Auctions
via SMS and email

• Notifications will include applicable T&Cs especially around bid security
deposit and settlement window

• Click on provided link, login to view offered assets (asset details – make,
model, colour, YOM etc., additional pictures, asset location + GPS pin and
contact details)

• Make arrangements to physically view assets (highly recommended, do not fully
rely on asset pictures only)

• Submit your bid security deposit in line with provided instructions, either
via banker's cheque or mobile money

Participate in an auction

• At start of auction run (day and time), access auction via Live Auction page.

• Place your bid on asset(s) of interest, keeping in mind minimum bid
incremental value.

• Only bids above reserve value are recorded on the system as confirmed bids.

• Highest bid value (received for an auction asset) that is below its reserve
value, but within the insurance company’s acceptable threshold will be
automatically accepted at close of the auction window

• During an auction run, a bidder placing a bid that is below an auction asset’s
reserve value, but within the insurance company’s acceptable threshold and ranks
as highest bid value will receive an appropriate system notification informing
him/her of the status of their bid (as highest ranking), and that they stand to
win the asset in the event no other bid of a higher value is received by the end
of the auction window

• If need be, top up bid security via mobile wallet during the course of an
auction.

• Track bids placed under Bid History, identity of other competing bidders not
displayed.

• Some assets may extend beyond designated auction window (closing time),
depending on level of interested registered during last few minutes of the
auction run.

Settle auction liability and redeem bid security deposit

• Winning bidders receive award letter with payment instructions.

• Kindly settle auction liability, in full, within stipulated payment window.

• In the event of mobile money bid security deposit, upload picture of payment
receipt and asset release letter to facilitate processing of your refund (within
3hours).

• In the event of banker's cheque bid security deposit, auction liability will
be net of security deposit (applied on last asset).

• Our mobile lending partners are ready to help, and we have preferential terms
+ a fast-tracked application/review process… follow application link and
process.

Don’t forget

• Failure to settle auction liability will result in loss of bid security
deposit and/or blacklisting from eAuction platform.

• You can review outcome of an auction under Closed Auctions.

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GALLERY

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MERCEDES BENZ

Before repair!

30% cost of newly imported vehicle, on average. Typical average auction win
price for saloon car, under Kshs250,000.


MERCEDES BENZ

After repair!

40% cost of newly imported vehicle, on average


TOYOTA PROBOX

Before repair!

30% cost of newly imported vehicle, on average. Typical average auction win
price for saloon car, under Kshs250,000.


TOYOTA PROBOX

After repair!

40% cost of newly imported vehicle, on average


TOYOTA VITZ

Before repair!

30% cost of newly imported vehicle, on average. Typical average auction win
price for saloon car, under Kshs250,000.


TOYOTA VITZ

After repair!

40% cost of newly imported vehicle, on average


SUBARU

Before repair!

30% cost of newly imported vehicle, on average. Typical average auction win
price for saloon car, under Kshs250,000.


SUBARU

After repair!

40% cost of newly imported vehicle, on average

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GENERAL AUCTION PROCESS, TERMS & CONDITIONS

General auction process

1. An auction is announced via notification email and SMS, indicating insurance
client disposing off its salvage assets, auction date and time, and applicable
terms and conditions.

2. Usually, an Upcoming Auction is announced more than 1 week in advance, to
allow for viewing of assets, and making necessary arrangements for bid security
deposit.

3. Notification email also provides link to Upcoming Auction page which lists
catalogue of offered auction assets. Bidders are required to login to their
accounts to view additional asset information.

4. Typically, terms and conditions for your information:

Auction terms & conditions

1. Assets are sold on an "as-is, where-is" basis. It is therefore recommended
that bidders make arrangements to view assets, ahead of auction date/time.

2. Some auctions are conducted "inclusive of storage charges" meaning bidder is
not required to pay storage charges, provided asset is collected within
stipulated period after the auction run.

3. Some auctions are conducted "exclusive of storage charges" meaning bidder is
required to pay storage charges for the asset prior to its release. Bidders are
recommended to obtain estimate of storage charges when viewing assets, prior to
an auction run.

4. The eAuction platform has been designed to limit, as much as possible, errors
when placing bids. This includes an individual webpage for each asset that
displays detailed asset information, multiple asset photos, and asset bid
history. In addition, there is a requirement to input each bid value at least
twice (initial input, followed by confirmation input). Based on this, once a bid
is placed against an auction asset, and accepted by the eAuction platform, it
implies that the bidder followed the required stringent and layered process, and
such a bid could not have been placed in error. In the event of a genuine error
when placing your auction bids, kindly communicate to us, via email.
Nullification of an ‘erroneous’ bid will be effected (within 30 mins) after
consultation, and with the express approval of the disposing insurance company.

5. Bid security deposit may be in the form of a banker's cheque (in the name of
the disposing insurance company, value to be communicated for each auction) or
mobile money deposit (designated paybill/account name to be provided).

6. Bidders are required to prepare and submit their bid security deposit in the
required form for each auction (refer to email communication), prior to auction
start, especially for banker's cheques. In case of mobile money, bid security
can be transferred or topped up during an auction, but at least 1.5hours before
the end of an auction.

7. At the close of an auction, winning bidders will receive award letters,
outlining their auction liability, any applicable deduction, and settlement
duration.

8. Highest bid value below an asset’s reserve price, but within the insurance
company’s acceptable threshold:

• Highest bid value (received for an auction asset) that is below its reserve
value, but within the insurance company’s acceptable threshold will be
automatically accepted at close of the auction window;

• The above-mentioned bid will be included in a bidder’s total auction liability
and incorporated in the bidder’s award letter;

• During the auction run, a bidder placing a bid that is below an auction
asset’s reserve value, but within the insurance company’s acceptable threshold
and ranks as highest bid value will receive an appropriate system notification
informing him/her of the status of their bid (as highest ranking), and that they
stand to win the asset in the event no other bid of a higher value is received
by the end of the auction window; and

• Usual practise on refund of bid security deposit applies, i.e. refund will be
made upon settlement of total auction liability or deducted from total auction
liability.



9. Highest bid value below an asset’s reserve price, and also below the
insurance company’s acceptable threshold:

• Highest bid value (received for an auction asset) that is below its reserve
value, and also below the insurance company’s acceptable threshold will be
classified as a ‘CONTINGENT WIN’ at close of the auction window;

• A contingent win is subject to acceptance by the insurance company within 72
hours after close of the auction window;

• If confirmed, this bid will be included in a bidder’s total auction liability,
and a supplementary award letter issued;

• During the auction run, a bidder placing a bid that is below an auction
asset’s reserve value and below the insurance company’s acceptable threshold,
but ranks as highest bid value will receive an appropriate system notification
informing him/her of the status of their bid (as highest ranking), and that they
stand to win the asset in the event no other bid of a higher value is received
by the end of the auction window; and

• Usual practise on refund of bid security deposit applies, i.e. refund will be
made upon settlement of total auction liability or deducted from total auction
liability.



10. Bidders who successfully win multiple auction assets (including items below
reserve, but within acceptable threshold, and contingent wins) will be required
to settle their auction liability, in full, before any of the assets is
released.

11. Payment of won auction assets (including items below reserve, but within
acceptable threshold, and contingent wins);

• Payment of won auction assets should be made strictly by the winning bidder
and not by a third party. Asset(s) release letters will be issued to, and in the
name of the winning bidder(s) only, upon receipt of full payment, via designated
bank account for the respective disposing insurance company;

• Given that no third-party payments will be recognized, any such receipts will
not be acknowledged, and will not be applied to settle auction liability of
winning bidder. As a result, the winning bidder’s auction liability will stand
as unpaid, in which case auction terms and conditions regarding default will
apply, specifically forfeiture of bid security deposit, and/or 6 months
suspension from the eAuction platform;

• Refund for erroneous payments made by third parties on behalf of a winning
bidder will be processed within 6 weeks, in line with internal review and
approval processes of the respective disposing insurance company; and

• Lastly, bidders who wish to have their representatives included in the release
letter should raise the request to the disposing insurance company in writing.
The garages will ONLY release the vehicle(s) to the individuals (winning bidder
and/or the representative) indicated in the release letter.



12. For mobile money bid security deposit, you are required to upload your
payment confirmation (receipt and release letter to your eAuction account) to
facilitate processing of your bid security deposit refund, within 24 hours.

13. Failure to settle your net auction liability, in full, within stipulated
timelines, will be considered as a default resulting in forfeiture of your bid
security deposit. Further sanctions will apply, including, but not limited to
suspension of your bidding account for a period of 6 months.

14. In the event of no auction win, you will receive a communication advising on
collection of your bid security deposit. In the event of banker's cheque bid
security deposit, print this communication and provide necessary proof of
identity when collecting your banker's cheque. For mobile money bid security
deposit, your refund will be processed automatically into your mobile wallet,
within 24 hours after close of auction.

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ABOUT US

Platform Statistics.

• Over 10 participating insurance companies, disposing off their salvage/written
off motor vehicle assets.

• Each week, over 150 (on average) salvage/written off motor vehicle assets on
offer… saloons, SUV, light commercial, heavy commercial, public service vehicles
etc.

• 3 – 4 auctions run per week.

• Targeting over 5,000 participating bidders.

About Innovex Solutions and Times Auctioneers.

• Innovex Solutions is a Kenyan registered niche software development and
services company.

• Many years of experience, large and experienced staff.

• Offer 24/7 support to bidders via email(eauction@innovexsolutions.co.ke) and
phone (0777 830 007 or 0740 830 007 or 0751 568 543).

• Extensive partnerships with insurance clients, mobile companies, and mobile
lenders.

• Times Auctioneers is an auctioneering firm duly registered by Kenya
Auctioneers Licensing Board

• Read More about Innovex Solutions… read more

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CONTACT DETAILS

GET IN TOUCH WITH US

24/7 call centre…

ADDRESS:

Red Commercial complex Mombasa Road, Nairobi


MOBILE:

+254 777 830 007 or
+254 740 830 007 or
+254 751 568 543

EMAIL:

eauction@innovexsolutions.co.ke
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