QMC AUCTION RULES

Quote My Car (Pty) Ltd (“QMC”) Version: 1.0 Effective Date: 27/11/2025

1. Introduction

These Auction Rules govern all dealer and public auctions hosted on the QMC platform. By participating, all sellers, dealers, and public bidders agree to these rules and QMC’s Terms & Conditions.

QMC’s auction model is designed to:

Ensure fair competition
Deliver accurate market pricing
Prevent fraudulent behaviour
Protect sellers, dealers, and bidders
Maintain full platform integrity

2. Auction Types

2.1 Dealer-Only Auctions

Only verified motor dealers may participate.
Dealer auctions run first and provide early pricing signals.
Dealers must maintain valid business accounts and documentation.

2.2 Public Auctions

Open to KYC-verified public bidders with active deposits.
Public auctions begin after the dealer phase closes.

3. Eligibility Requirements

3.1 Sellers

Sellers must:

Provide accurate and honest vehicle details
Upload true and unaltered photos and videos
Disclose known mechanical or cosmetic issues
Provide valid contact information
Supply ownership documents when required

3.2 Dealers

Dealers must:

Register as a motor dealer
Provide valid business and F&I information
Maintain compliance with QMC policies

3.3 Public Bidders

To participate in public auctions, bidders must:

Complete full KYC verification
Complete bank account verification
Pay the once-off, refundable bidder deposit
Maintain an account in good standing

These steps protect the auction from:

Fake bidders
Price pushing
Non-paying winners
Fraudulent activity

4. Bidder Deposit (Once-Off System)

4.1 One-Time Deposit Requirement

Public bidders must pay a single, once-off refundable deposit before gaining access to any public auctions.

It is not a per-auction deposit.
It remains linked to the user’s account indefinitely.
It enables participation in all future auctions.
It is only paid again if refunded or forfeited.

4.2 Purpose of the Deposit

The deposit:

Confirms serious intent
Enables public bidding rights
Prevents fake accounts and bid manipulation
Protects sellers from non-paying bidders
Supports QMC’s anti-fraud systems

4.3 Deposit Storage

The deposit remains on the bidder’s account until refund or account closure.
It is not used for bidding payments.
It is only deducted or forfeited under specific rule violations.

4.4 Interest on Deposits

QMC retains any and all interest accrued on bidder deposits.
Deposits are not investment products and do not earn interest for users.

4.5 Refund Requests

A bidder may request a refund at any time, provided:

They are not involved in an active winning bid
No disputes or unpaid dues exist
Their account is in good standing

All refunds are subject to the standard admin fee: Admin Fee: 500

The admin fee covers:

Banking charges
Fraud verification
Payment reconciliation
Operational overheads

4.6 Account Closure

On account deletion:

The deposit will be refunded (minus admin fee), if eligible
All pending auctions must first be resolved
All outstanding balances must be paid

4.7 Forfeiture Conditions

Deposits may be forfeited only for serious violations, including:

Winning an auction and failing to pay
Providing false or fraudulent information
Price pushing or bid manipulation
Multi-accounting
Any breach of QMC’s Terms or Auction Rules

4.8 Rejoining After Refund

If a user returns after a refund:

A new once-off deposit must be paid
Re-verification may be required

5. Bidding Rules

5.1 Binding Bids

All bids are legally binding offers to purchase the vehicle.

5.2 Bid Increments

Minimum increments apply and vary between auctions.

5.3 Bid Retraction

Bids cannot be withdrawn except in cases of:

System malfunction
Duplicate bid error
Proven fraud on the account

QMC makes the final determination.

6. Anti-Fraud & Fair-Use Rules

QMC enforces strict anti-fraud measures. The following actions are prohibited:

Fake bidding
Price pushing/shill bidding
Creating multiple accounts
Using another person’s account
Manipulating bids or auction timing
Collusion between dealers or bidders
False identity or bank information

QMC uses advanced detection systems, including:

Device fingerprinting
Behavioural modelling
IP tracking
Bank and KYC verification
Automated risk scoring

Violations may result in:

Deposit forfeiture
Account bans
Legal action
Reversal of auction outcomes

7. Auction Lifecycle

Seller lists vehicle
Dealers view and bid
Dealer-only phase closes
Public auction opens
Public auction closes
Highest valid bid wins
Payment and collection follow

7.1 Reserve Prices

Sellers may set reserve prices. QMC may advise but does not guarantee reserve achievement.

7.2 Auction Extensions

Auctions may auto-extend to prevent last-second “sniping”.

8. Winning the Auction

8.1 Confirmation

The highest valid bid at closing wins.

8.2 Payment Deadline

Winners must pay within: 72 hours

Failure to pay may result in:

Deposit forfeiture
Account suspension
Recovery of losses from the bidder

8.3 Seller Responsibilities

Sellers must provide:

Accurate representations
All legal documentation
Reasonable cooperation for inspection and collection

9. Vehicle Condition & Disclosures

Sellers must disclose:

Mechanical issues
Accident history
Warning lights/errors
Non-functioning parts
Finance obligations
Defects or known faults

Failure to disclose may lead to:

Auction cancellation
Account penalties
Buyer compensation action

10. Inspection Rules

10.1 Pre-Auction Inspection

Sellers should allow buyers to inspect vehicles where possible, either physically or via photos/video.

10.2 Post-Auction Inspection

Winning bidders may request an inspection before completing payment, within reasonable limits and subject to seller cooperation.

11. Payment Rules

Payments must follow QMC instructions
Off-platform payments are not permitted
Proof of payment may be requested
Refunds and cancellations are controlled to prevent fraud

12. Violations & Penalties

Violations may lead to:

Deposit forfeiture
Suspension or permanent banning
Auction reversals
Legal action

Examples include:

Winning and failing to pay
False identity or KYC fraud
Bid manipulation
Platform abuse
Harassment of sellers or bidders

13. Dispute Resolution

Disputes must be reported within 24 hours of auction close.

QMC may:

Review logs and evidence
Request additional information
Reverse or uphold results

QMC’s decision is final.

14. QMC Rights