Tradebid

FAQ's

What is TradeBid?

TradeBid is Ireland’s most advanced digital dealer marketplace. TradeBid is an online technology driven, automotive remarketing system where dealers can launch and participate in real-time vehicle auctions at any time from their mobile devices or desktop. It allows sellers to get instant bids for their vehicles from a wide range of buyers across the country.

Why did we create TradeBid?

With the shift in sales moving more online, we felt that there was a need to centralise trade sales in Ireland and creative a more competitive and transparent marketplace for buyers and sellers to do so. TradeBid is a first of its kind online digital dealer marketplace in Ireland that connects trade buyers and sellers across the country without them ever having to meet face to face.

Where does TradeBid operate?

TradeBid operates in both the Republic of Ireland and Northern Ireland.

How does TradeBid work?

Sellers upload their vehicles through the TradeBid app. During this upload process, each vehicle goes through an Artificial Intelligence driven inspection using software called PAVE. PAVE automatically detects any defects on the vehicle’s exterior and notes this in a detailed report (available on the listing). The seller inputs any additional information and sets a reserve or a buy-it-now price. This vehicle then goes into the auction marketplace where buyers can bid or purchase the vehicle. All vehicles are history checked also.

TradeBid prides itself on its technology and ease of use. Buyers who purchase vehicles through the TradeBid platform get the vehicle delivered via NVD directly to their door. All payments are handled online through the portal in a seamless end to end experience.

TradeBid also offers solutions for dealers who sell large volumes of vehicles to the trade on a monthly basis, taking all of the manual work out of it for the seller. Contact us directly for more information on this service.

How do I sign up?

You can register to be a buyer, seller or both on our website, Trade-Bid.ie. During this process, we will ask you for some details about yourself and your business (if applicable). Once registered, you will be granted access to the platform. You cannot bid or buy a vehicle until you have entered your bank details in the profile section of the platform. All payments are done automatically once you buy a vehicle via SEPA Direct Debit. Security is one of the most important aspects of TradeBid, and we use Stripe to handle all payments (both from the buyer and to the seller).

What information is required?

We require information about you, and information about your business. If you are a NextGear Capital client we will require your dealer ID. Once you register, we require your bank details for payment. Again, this is all handled and stored with Stripe.

How do I buy on TradeBid?

On TradeBid, we support two types of auction (standard auctions and buy-it-now auctions). Standard auctions operate as a timed auction, where you can place a bid on the vehicle. If you are the winning bidder when the auction ends then you win the vehicle. You can also use the proxy-bidding function on TradeBid, where you enter your max bid for the vehicle and we will automatically bid on that vehicle for you, up to your max bid.

Some vehicles will be listed as buy-it-now at a set price without the auction element. In this case, you click on the buy-it-now button at the specified price and you purchase the vehicle.

What are the buying fees on TradeBid?

Fees for General Vehicle Auctions:

All vehicles purchased are subject to a 3.50% + VAT buyer fee of the sales price of the vehicle
Minimum buyer fee of €175
Maximum buyer fee of €900
€30 + VAT Admin Fee for vehicles under €3000
€89 + VAT Admin Fee for vehicles over €3000

Delivery Fees:

Dublin to Dublin €110 + VAT
Cork to Cork €80 + VAT
Nationwide €170 + VAT

Fees for Commercial Vehicle Auctions:

All vehicles purchased are subject to a 10% + VAT buyer fee of the sales price of the vehicle
Minimum buyer fee of €350
€30 + VAT Admin Fee

Delist Fee
A delist fee of €200 applies to any vehicle that is pulled from live auction where there has been a bid placed

What happens once I buy?

Once you buy a vehicle on TradeBid, you will be directed to the checkout flow. Here you will see the purchase price of the vehicle, along with the associated fees (buyer fee, transport & inspection). You submit your delivery address, select your payment method (if through NextGear Capital or through bank transfer via SEPA DD) and click submit. We will automatically then pull the funds from your bank or NextGear Capital and arrange delivery of the vehicle to you via NVD.

How long are the auctions?

Live auctions are set at 1 hour. From time to time, we may run auctions over a couple of hours, depending on the number of lots in question.

Who are the sellers? How can I trust the information I’m getting from the seller?

All of our sellers go through a vetting process to ensure that they are legitimate sellers. All sellers are 100% and are well known dealers across the country. The seller name (dealership) will be listed on each vehicle for comfort. Aside from TradeBid vetting the seller, each car goes through an inspection via PAVE and a history check from Experian. TradeBid has a strict one strike policy to prevent any wrong-doing on the platform.

How do I sell on TradeBid?

Do I have to sell the vehicle if I don’t get the money I want?

After the live auction, the seller has one business day to decide whether they want to accept the highest offer on the vehicle, only if the vehicle does not reach the reserve price set by the seller before the auction. If the reserve price has been met, the seller must sell the vehicle at that price.

How do I pay for a vehicle?

Payment is made via SEPA Bank Transfer (automatically facilitated through Stripe) or via NextGear Capital (if you are a NextGear Capital client and choose this method of payment on the vehicle). All payments are handled directly through the platform, so no manual intervention is required by the buyer.

How do I get the vehicle delivered?

Once the checkout process has finished and payment has been taken from the buyer’s bank account or NextGear Capital account, TradeBid arrange with NVD to have the vehicle collected from the seller and transported directly to the buyer. The buyer will be informed once the vehicle has been collected and when it is due for delivery.

What happens if the vehicle is not as described when it is delivered?

TradeBid has an internal arbitration team which offers a free service in the event of any concerns regarding a vehicle bought through the platform. Simply fill in the ‘Arbitration’ form within the buyer dashboard and we will be in contact.

How are funds transferred between Buyers & Sellers?

We are a 100% EFT (Electronic Funds Transfer) mandatory platform because we believe in convenience and trust. This allows us to ensure that payments are quick, efficient and guaranteed on every sale. Other than EFT (direct debit from your bank account), TradeBid dealers can also transfer funds from floorplan financing (NextGear Capital). We use Stripe to handle all EFT payments for security and trust.