Guazi Auction Guide: Sealed-Bid vs Live Used Car Auction Rules

Author

Steve

1. Similarities (Sealed-bid & Live Auction)

● Both require account approval and a USD 500 minimum security deposit to bid.

● Same document requirements for individuals and businesses.

● Same VIP privilege: 90-day free membership after approval.

● Bid increments must be in 100 RMB multiples.

● Same exchange rate and USD conversion rules.

● Both freeze a 100 USD deposit after winning a vehicle.

● Same deposit release mechanism after full transaction.

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Vehicles in Sealed-Bid Auction

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Sealed-bid-Auction-vs-Live-Auction

Item	Sealed-bid Auction	Live Auction
Auction type	Sealed, silent auction	Open auction with two stages: Bidding Open + Auction Live
Number of bids per vehicle	Multiple bids allowed	Bidding Open: only 1 bid per vehicleAuction Live: multiple bids allowed for the current vehicle
Bid visibility	Highest bid completely hidden	Starting bid visible; reserve price & highest bid hidden
Outbid notification	No notification when outbid	Bidding Open: notified if you are the highest bidderAuction Live: real-time alert when outbid
Auction stages	Single stage: Active Bidding	Two stages: Bidding Open → Auction Live
Time structure	Daily session: starts & ends at 11:00 (Beijing time)	Each vehicle: 40-second timerIf bid in last 10 seconds: auto 10-second extension
Vehicle bidding order	Bid on multiple vehicles at the same time	Vehicles auctioned sequentially; cannot bid on upcoming vehicles
Bid cancellation	No rule forbidding cancellation	Bidding Open: bids cannot be canceled
Winning price rule	Highest bidder wins, pays the second-highest bid	Highest bidder wins, pays his own final bid
Penalty for buyer default	Penalty is USD 150 for buyer cancellation or non-payment	Penalty: 10% of transaction price, min USD 500 for non-payment within 3 days