Frequently Asked Questions

A. Details and Definitions

1. What is COE Open Bidding?
COE Open Bidding is a new scheme launched by LTA to regulate the bidding of COEs by the public. It is so called because bidders can see the progress of the bidding while the exercise is in progress. For example, they can enquire on how many people have bid so far, what is the Current COE Price and how many COEs are available for each vehicle category. In this way, bidders can also check on the status of their bids.

2. How does it work?
From 1 April 2002, there will be two COE Open Bidding exercises every month. Each bidding exercise will last for three days and the dates for the forthcoming exercises will be announced at LTA's One.motoring (www.onemotoring.com.sg) . While LTA is the administrator and owner of the COE Open Bidding system, all bidding will have to be done via the participating banks. In the case of UOB, COE Bidding is offered via the Internet - UOB Personal UniBanking for individuals and UOB COE Open Bidding Service for Motor Traders and Corporate. Information on what the other participating banks offer can be found on LTA's website. (Please read the next few questions for more information)

3. How is it different from Closed COE Bidding?

Closed Bidding System

Open Bidding System (from 1 April 2002 onwards)

Bid Period Usually between the 1st to 7th of each month. From 9am on the first working day to 4pm on the third working day of the 1st and 3rd week of the month.

Bid Deposit 50% of bid amount S$200 for motorcycles.
S$10,000 for all other vehicles categories.

Reserve Price (max. bid amount bidder is willing to pay) Not applicable Bidder submits his bid by indicating his reserve price. System will automatically revise the bid by adding S$1 each time and submit the bid up to the limit of the reserve price. If the current COE price is higher than reserve price, then bidder is out of the running unless he revises his reserve price upwards.

4. What are the meanings of the terms used?

Term

Meaning

Acknowledgement Code This is the 6-digit code you will receive from LTA whenever you submit or revise a bid.

Administration Fee This is the fee collected by the Bank for processing your bid submission or bid revision. This fee is currently S$2 as stipulated by LTA. Please note that with effect from 1 October 2007, the administration fee will be revised to S$10.

Bid You may submit a bid in any vehicle category. However individuals are restricted to one bid only for each COE exercise.

Bid Deposit The deposit amount is currently fixed at S$10,000 for all vehicle categories except Category D, which is S$200. The deposit is collected upfront by the Bank when you first submit your bid. Subsequently, when you revise your bid, you need not pay any additional deposit. The deposit will be refunded to you if your bid is unsuccessful after the result is released.

Bid Status:

Accepted
Outbid
Successful
Unsuccessful The Bid Status will tell you the status of your bid after it has been submitted to LTA:
- your bid has been accepted based on last Current COE Price
- you have been outbid by other bidders with higher Reserve Price
- you are one of the successful bidders after the result is released
- your bid is unsuccessful

Current COE Price (CCP) This is the prevalent COE price reflected during the course of the COE bidding exercise.

Exercise Period This is the period when the public is allowed to submit their bids for motor vehicle COEs. The exercise period dates are always published on LTA's website prior to every bidding period.

Reserve Price (RP) This is the amount you enter when you bid and it represents the maximum amount you wish to pay for a COE in that specified category.

Once a bidder has submitted his bid by indicating his reserve price, the system will automatically revise his bid upwards, at an increment of S$1, until his reserve price is reached. Once the current COE price is higher than the reserve price, the bidder is out of the running for a COE, unless he revises his reserve price. A bidder may revise his reserve price anytime during the exercise.

Revise Bid You may revise the Reserve Price of your bid as many times you like. Each revision must be in multiples of S$1 and only revisions to your Reserve Price are allowed.

Submission Status:
Accepted
Rejected by LTA
Rejected by Bank
Pending

- Your bid has been received by LTA's system for processing
- LTA could not accept your bid. Multiple bids not allowed
- Reserve Price is lower than Current COE Price during submission
- Waiting for confirmation of status from LTA

Vehicle Category Category A: Cars (1600 cc and below) & Taxis
Category B: Cars (1601 cc and above)
Category C: Goods Vehicle and Buses
Category D: Motorcycles
Category E: 'Open' (for any type of vehicle)

5. Where can we get more information on COE Open Bidding?
You can find out more about COE Open Bidding at LTA's One.motoring (www.onemotoring.com.sg).

B. Getting Started

6. What do we need to be able to bid for a COE?
Your company would need to have a UOB Current Account (SGD). In addition, you will need to apply for UOB COE Open Bidding Service. With UOB COE Open Bidding, you can nominate up to three staff to have access rights to view and submit bids. To access the service, your company will need to have a PC running on Windows and have an Internet connection (see Question 7 for more details).

7. What types of systems and software do we need to access UOB COE Open Bidding Service?
To access UOB COE Open Bidding Service, you will need the following:

PC Configuration

A personal computer with either a Pentium-II processor or AMD-K6 processor or better
32MB RAM or better
Windows 9X, Windows Me, Windows NT 4.0 or higher
A 56.6Kbps modem or faster Internet connection

Browser Configuration

Internet Explorer 5.X or 6.X
Microsoft Virtual Machine enabled (see steps below)
Java Applets scripting enabled (see steps below)

This service is currently not available to Macintosh users and Netscape users.

UOB COE Open Bidding service employs the 128-bit Secure Socket Layer (SSL), which is currently recognised internationally to be of the highest standard in encryption technology commercially available and is generally adopted by banks in Singapore and financial institutions worldwide. Your browser must support 128-bit encryption to enable your access to UOB COE Open Bidding service. To check your browser's encryption level, follow the steps below:

Microsoft Internet Explorer
1) Select "Help" from the Internet Explorer menu bar
2) Select "About Internet Explorer" from the drop-down menu
3) The "About Internet Explorer" dialog box will provide information on your browser version and encryption level.

To upgrade your Microsoft Internet Explorer browser, please visit Microsoft website at http://www.microsoft.com/ie.

For IE 5.0 and above (5.X)

For IE 6.0 and above (6.X)

1. Select 'Tools' on the Menu bar 1. Select 'Tools' on the Menu bar

2. Select 'Internet Options' 2. Select 'Internet Options'

3. Select 'Security' tab 3. Select 'Security' tab

4. If the security level indicates 'Low', 'Medium-Low', 'Medium' or 'High', then the java on your browser has been enabled 4. If the security level indicates 'Low', 'Medium-Low', 'Medium' or 'High', then the java on your browser has been enabled

5. If the security level indicates 'Custom', proceed to do the following: - Select 'Custom Level' - Scroll down to 'Microsoft VM' - Click 'High Safety', 'Low Safety', or 'Medium Safety' - Click 'OK' 5. If the security level indicates 'Custom', proceed to do the following: - Select 'Custom Level' - Scroll down to 'Microsoft VM' - Click 'High Safety', 'Low Safety', or 'Medium Safety' - Click 'OK'

6. Scroll down to 'Cookies' 6. Scroll down to 'Scripting'

7. Click on the radio buttons to 'enable cookies' 7. Click on the radio buttons to 'enable scripting'

8. Scroll down to 'Scripting' 8. Select the 'Privacy' tab

9. Click on the radio buttons to 'enable scripting' 9. Ensure that the slider is at the 'Medium' security level

10. Select the 'Advanced' tab 10. Select the 'Advanced' tab

11. Scroll down to 'Microsoft VM' 11. Scroll down to 'Microsoft VM'

12. Check the box next to 'JIT compiler for virtual machine enabled' 12. Check the box next to 'JIT compiler for virtual machine enabled'

13. Click 'OK' to exit the dialogue box 13. Click 'OK' to exit the dialogue box

14. Reload the page 14. Reload the page

8. Are there any fees for using UOB COE Open Bidding Service?
An administration fee of S$2 is debited immediately for every bid submission and also for every subsequent revision of the bid's Reserve Price. Please note that with effect from 1 October 2007, the administration fee will be revised to S$10.

A one-time bid deposit is also required for every new bid submitted. Currently, this bid deposit is set by LTA at S$10,000 for all categories except Category D.

9. How do we apply for UOB COE Open Bidding Service?
Application forms can be obtained at all UOB Group Branches.

If your company does not have a UOB Current Account (SGD), simply visit any UOB Group Branch to open one and apply for this service at the same time.

10. When and how often will the bidding exercise be held?
The bidding exercise is usually held twice a month - in the 1st and 3rd week of every month. From 1 April 2002, only COE Open Bidding Service will be offered as the Closed COE Bidding service will be withdrawn. Please check LTA's One.motoring (www.onemotoring.com.sg) for the dates of the next bidding exercise.

C. Submitting a Bid

11. How do we bid for COEs?
For Corporate Customers
Step 1: Apply for Access Codes and PINs to access UOB COE Open COE Bidding service.

Please note that COE Open Bidding Service is only available via the Internet.
Step 2: Login with your UOB COE Open COE Bidding service Access Code and PIN at www.uobgroup.com by selecting UOB Login > Other Online Services > COE Open Bidding - Motor Traders / Corporate.

Step 3: To submit a bid online, select Prepare/Submit Bids from the menu, then enter the Vehicle Category, the bid quantity and your Reserve Price (i.e. the maximum amount you are willing to pay). Select an account for the debiting of administration fee and bid deposit.

Please note down the 6-digit Acknowledgement Code issued by LTA for each bid submission and subsequent revisions for future reference purpose and revisions at other channels.

Step 4: You can also revise your Reserve Price upwards or enquire your bids statuses anytime during an exercise period.

For Motor Traders
A demo CD-ROM will be given to Motor Traders who have successfully applied for this service. Motor Traders are advised to go through this CD-ROM to familiarise themselves with the functions available in the service.

12. How many Access Codes can we apply for this service?
Corporate customers:
Each company can apply up to a maximum of three Access Codes.

Motor Traders:
Each motor trading company can apply up to a maximum of three Access Codes. Each Access Code is allowed to create a maximum of 30 folders, each containing a maximum of 15 bids per tender exercise.

13. What are the types of charges that will be deducted from our UOB Current Account?
An administration fee is debited immediately for every bid submission and also for every subsequent revision of the bid's Reserve Price.

In addition, a one-time bid deposit (as stipulated by LTA) will be debited immediately for every bid submission. However, no further deduction of deposit will be made for subsequent revisions.

Please ensure that there are sufficient funds in your account for the payment of bid deposits and administration fees. Your submission will be rejected immediately if there are insufficient funds in your account.

14. What will happen to the bid deposits for those unsuccessful bids at the end of an exercise period?
The bid deposits will be refunded into your account one working day after the release of bid results by LTA.

15. Do we have to pay the remaining bid amount (i.e. Final COE Price less bid deposit) to LTA through our UOB Current Account for those successful bids after the end of the exercise?
It is not necessary to make the payment through your UOB account. LTA will notify you on the payment methods for you to pay the remainder of your bid.

16. What is the Reserve Price?
It is the maximum amount that you are prepared to pay in your bid for a COE for the specified vehicle category.

17. Are we allowed to cancel a submitted bid during an exercise?
No. Cancellation is not allowed once a bid is accepted by LTA's system.

18. Can we submit or revise a bid anytime during an exercise period?
When the tender exercise is in-progress, you can only submit a bid anytime from 7am to 9:30pm. However, you can revise a bid anytime during the exercise period.

19. Are there other channels besides UOB where we can revise a bid that was earlier submitted through UOB?
You can revise the Reserve Price of your submitted bid through UOB. Alternatively, you may do so through the following channels:

Other participating banks (please refer to LTA's website for details)
LTA's Open Bidding phone system ( Tel: (65) 6362 1465 )
LTA's Open Bidding website (http://ocoe.lta.gov.sg)

If you are revising your bid through a channel that is different from the submission bank, you will need to enter the Acknowledgement Code for identification.

Please note that Motor Traders cannot perform bid revisions at a non-submission channel.

20. Can we enquire the bid status anytime during the exercise period?
You can enquire your bid status through UOB COE Open Bidding Service. Alternatively, you can do so at LTA's Open Bidding website (http://ocoe.lta.gov.sg). Motor Traders are to enter your client's Bidder ID at LTA's website while corporate customers are to enter the ROC or ROB as Bidder ID.

21. How will we know if a bid submission/revision is being accepted by LTA for processing?
A 6-digit Acknowledgement Code will be issued by LTA's system for every successful bid submission or revision. Please do not release the Acknowledgement Code to other persons as it is used by LTA's system to identify you or your client (for motor traders) for subsequent bid revisions. A new Acknowledgement Code will be issued for every time you revise your bid.

22. What can we do if we have lost or forgotten the Acknowledgement Code?
The Bank will not be able to provide you with the Acknowledgement Code if you have lost or forgotten it. You can still revise your bid through UOB COE Open Bidding Service if you had earlier submitted the bid through this service. However, you will not be able to perform revision through other channels as your Acknowledgement Code is required for identification.

23. Why does the phrase 'Rejected by LTA' appear when we attempt to submit a bid?
If you see this phrase, it means that LTA's system is not able to accept the bid for processing. This could be because a bid had already been submitted in your Bidder ID or your client's Bidder ID (for Motor Traders).

24. What does 'Accepted' appearing under 'Submission Status' and 'Bid Status' mean?
Under "Submission Status", it means that the bid has been received by LTA's system for processing. If it appears under "Bid Status", it implies that the bid is currently in the running for a COE.

25. What does 'Outbid' mean?
It means that the existing bid is no longer in the running for a COE as the Current COE Price (CCP) is higher than the bid's Reserve Price during an exercise period.

26. What should we do if the Internet connection is disconnected while UOB's system is submitting the bid to LTA's system?
You are advised to reconnect your Internet connection and perform a bid enquiry through UOB COE Open Bidding Service to confirm your bid status. Alternatively, you can do so at LTA's Open Bidding website (http://ocoe.lta.gov.sg) or through LTA's Open Bidding Phone System at Tel: (65) 6362 1465.

27. What can we do if we encounter problems while using UOB COE Open Bidding Service?
If you encounter any difficulties or have enquiries regarding the use of UOB COE Open Bidding Service, please feel free to contact us:

Call our officers at 1800 22 66 121 (Monday to Friday (excluding public holidays), 9.00 am to 6.30 pm, toll-free) during office hours.
Email us and our officers will respond to your email messages sent during office hours.
Send your correspondences to:

Transaction Banking
United Overseas Bank Group
80 Raffles Place
5th Storey UOB Plaza 1
Singapore 048624