How to buy used cars at a sealed-bid auction

Author

Joann

Get Approved

After registering and logging in, you must submit the required documents for verification and pay a USD 500 security deposit.

Document requirements vary for business and individual buyers, as detailed below:

Businesses: Upload your business license and storefront photo. If no storefront photo is available, a photo of your business premises may be submitted instead.
Individuals: Upload your passport or driver’s license.

Upload your passport or driver’s license.

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How to Bid

1. Auction Format & Starting Price

1.1 We use sealed‑bid / silent auctions. Each vehicle has a designated starting price.

1.2 The current highest bid is not visible to bidders.

2. Bidding Session & Increments

2.1 One daily auction session starts at 11:00 AM Beijing Time (UTC+8). Each session includes one or more vehicles.

2.2 The auction runs in a single phase: Active Bidding.

2.3 During this phase, you may bid on available vehicles. Multiple bids for the same vehicle are allowed.

2.4 All bids must be placed in increments of 100 RMB.

2.5 You can place a bid by entering a custom amount or using the fixed bid increment function.

2.6 You will not receive notifications if your bid is outbid.

3. Exchange Rate & Price Conversion

3.1 A fixed exchange rate is set when the session begins (11:00 AM Beijing Time) and remains valid until the session ends.

3.2 Fixed RMB bid increments are converted to US dollars and rounded up to the nearest whole USD (e.g.100 RMB at a 7.2 exchange rate equals USD 14).

3.3 If you manually enter a bid in USD that converts to a non‑multiple of 100 RMB, the system will first round the RMB amount to the nearest 100, then convert it back to USD and round up.

4. Winning & Announcement

4.1 Daily auctions close at 11:00 AM Beijing Time.

4.2 Auction results are announced at 11:30 AM Beijing Time.

4.3 The highest bidder wins the vehicle but pays the amount of the second‑highest bid.

5. Order Placement (Seller Confirmation)

5.1 After winning, an order is automatically created. The seller has 72 hours to confirm the order.

5.2 If the seller confirms, your order will proceed to the next step.

5.3 If the seller does not confirm within the time limit, your order may be canceled.

VIP Privileges

Please complete and submit your account verification documents.

Once your application is approved, you will receive a 90‑day free VIP membership (original price: USD 249).

During your membership, you can view all auction vehicles free of charge.

Please note that the membership will expire automatically after 90 days.

Security Deposit

1. Purpose of the Security Deposit

The security deposit ensures that buyers and sellers comply with the platform’s transaction rules.

If a user violates the terms, the deposit will be used to compensate the non‑breaching party and/or the platform in accordance with our policies.

2. Deposit Top‑Up & Bidding Rules

2.1 The minimum security deposit is USD 500.

2.2 If your available deposit balance falls below USD 500, you will not be able to place bids.

2.3 When you bid above the seller’s reserve price, USD 100 will be temporarily blocked per vehicle.

3. Post‑Auction Order & Deposit Handling

3.1 When the auction ends, if the highest bid exceeds the reserve price (or is approved by the vehicle owner), the highest bidder is the winner.

The system automatically creates an order and freezes USD 100 from your deposit.

If you fail to complete the order within the required period, the USD 100 will be forfeited as liquidated damages.

3.2 If a new winning bid is confirmed later, the original winning bid will be invalidated.

4. Deposit Release & Breach Penalties

4.1 If the order is completed normally, the blocked deposit will be released automatically after full payment.

4.2 If either party breaches the transaction rules (as determined by the platform), penalties will be deducted from the deposit, and the non‑breaching party will receive compensation.

Default Deductions

1. Initial Payment After Winning

1.1 A USD 300 initial payment must be made within 72 hours after the order is created.

1.2 Failure to pay on time will result in a USD 150 penalty, deducted from your security deposit.

2. Vehicle Deposit & Late Payment Penalties

2.1 After paying the USD 300 initial payment, you must pay the 30% vehicle deposit within 10 days.

2.2 Late Fee: If the deposit is not paid within 10 days, a late fee of USD 20 per day will apply until full payment is received.

2.3 Order Cancellation: If the deposit remains unpaid for more than 7 consecutive days after late fees apply, the order will be canceled automatically. This will be treated as a buyer-initiated cancellation (see Section 3).

3. Buyer-Initiated Return / Cancellation

3.1 If an order is canceled due to the buyer’s fault (including failure to pay on time), a USD 150 processing fee will be charged.

3.2 Deduction Method:

3.2.1 The fee will first be deducted from your available security deposit.

3.2.2 If the deposit is insufficient, the remaining amount will be deducted from payments you have already made.

FOB Price Rules

FOB Price

The FOB price includes the vehicle price, export handling fee, and platform service fee.

It does not include extra costs such as certification, translation, software, or battery documentation fees.

Export Handling Fee

The export handling fee covers all costs for vehicle procedures, domestic transport to the port, port handling, pre‑shipment inspection, and document courier services.

Domestic shipping costs vary based on the distance between the vehicle’s location and the designated export port.

Platform Service Fee

1. Platform Service Fee Rules

The total Platform Service Fee consists of: Transaction Commission + Gate Fee + Online Technology Fee + Buyer Service Fee.

2. Transaction Commission Rules

2.1 For vehicles with a listed commission rate: The fee is calculated based on the rate displayed on the vehicle page. The minimum charge is USD 280, and the maximum charge is USD 1,600.

2.2 For vehicles without a listed commission rate: The fee is calculated as Final Bid Price x 5.66% (minimum), with a minimum charge of USD 280 and a maximum charge of USD 1,600.

3. Gate Fee Rules

A fixed fee of USD 79 applies per transaction.

4. Online Technology Fee Rules

The Online Technology Fee is determined based on the final bid price (USD), according to the following schedule:

4.1 If the final bid price is greater than $0 but less than $1,000, the Online Technology Fee is USD 49.

4.2 If the final bid price is between $1,000 and $1,499, the Online Technology Fee is USD 59.

4.3 If the final bid price is between $1,500 and $2,399, the Online Technology Fee is USD 79.

4.4 If the final bid price is between $2,400 and $3,999, the Online Technology Fee is USD 89.

4.5 If the final bid price is between $4,000 and $6,999, the Online Technology Fee is USD 99.

4.6 If the final bid price is between $7,000 and $9,999, the Online Technology Fee is USD 109.

4.7 If the final bid price is between $10,000 and $14,999, the Online Technology Fee is USD 139.

4.8 If the final bid price is $15,000 or above, the Online Technology Fee is USD 149.

5. Buyer Service Fee Rules

The standard Buyer Service Fee is USD 150. It is currently free of charge.

FAQs

1.Why Choose Guazi?

Sufficient Vehicle Sources: The number of vehicles listed on platform exceeds 2 million every year
Strict Inspection: Each vehicle has to go through 200+ inspection procedures
Complete Trading Service: The platform has served 1+ million dealers last 10 years
Logistics Guarantee: Complete logistics service & Supports door-to-door shipping to 50+ countries

2.What Makes Guazi Different?

At Guazi, we've revolutionized used car buying through our commitment to transparency and customer satisfaction.

Every vehicle features authentic photos and accurate pricing.
All prices are fixed in U.S. dollars, protected against exchange rate fluctuations.
We handle everything from sourcing and inspection to shipping documentation.
Our platform and customer service team accommodate international buyers.
Most vehicles reach their destination within 35-45 days.

3.Why Trust Guazi?

Experience: The number of vehicles listed on the platform exceeds 2 millions every year
Scale: One of the largest used car inventories globally
Quality Assurance: Industry-leading inspection standards
Customer Protection: Money-back guarantee and dedicated support
Global Reach: Seamless international shipping and documentation