A. Details and Definitions
Q1. What is a COE?
COE stands for vehicle Certificate of Entitlement. It is a certificate issued by the Land Transport Authority of Singapore (LTA) to entitle Singaporeans and Permanent Residents to own and drive a motor vehicle in Singapore. As there are a limited number of these certificates available each month, members of the public must bid for one.
Q2. What is COE Open Bidding?
COE Open Bidding is a new scheme launched last year 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.
Q3. 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 website (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 Internet Banking 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)
Q4. 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. |
Q5. 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. |
| 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) |
Q6. Where can I get more information on COE Open Bidding?
You can find out more about COE Open Bidding at LTA's One.motoring website (www.onemotoring.com.sg).
B. Getting Started
Q7. What do I need to be able to bid for a COE?
You are required to open at least one of the following accounts to facilitate the payment of bid deposits (if you do not have one currently). OUB account holders would also need to open a UOB account if they don't already have one.
• Bank 121 Account
• Campus Account
• CashPlus Account
• i-Account
• UniPlus Account
• UOB Current Account
• UOB Savings Account
(Please note that credit card payment is not allowed)
In addition, you will need to have access to UOB Personal Internet Banking. All customers with UOB Personal Internet Banking will be able to see COE Open Bidding as a menu option when they login.
Q8. Where do I go to place a bid?
Log on with your UOB Personal Internet Banking Username and Password at www.uobgroup.com by selecting UOB Login > Internet Banking > Personal Internet Banking.
Q9. How do I apply for the service?
You do not need to apply for COE Open Bidding service. All you need is a UOB account (see question 7) and UOB Personal Internet Banking access. All customers with UOB Personal Internet Banking will have access to the Bank's COE Open Bidding service. However, only those with eligible accounts will be able to transact (see question 7).
Q10. 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 website (www.onemotoring.com.sg) for dates of the next bidding exercise.
C. Submitting a Bid
Q11. How do I submit a bid?
(a) Login to Personal Internet Banking.
(b) Select "COE Open Bidding" under "Other Services".
(c) Under "Submit a Bid", enter the Vehicle Category and your Reserve Price (i.e. the maximum amount you are willing to pay). Select an account to debit for payment of the deposit and administration fee.
(d) After your bid has been accepted, your account will be debited for the bid deposit amount (S$10,000) and the administration fee (S$2).
(e) At the Completed page, please note the Acknowledgement Code returned by LTA.
Q12. How much should I bid?
The Reserve Price (RP) you enter should be greater than the Current COE Price (CCP). You can view this under "Check Current COE Price". Your RP will have to be input to the nearest dollar as cents are not allowed.
Q13. How do I check my bid?
Select "Check Bid Status" from the COE Open Bidding service. Alternatively, you can check your bid status at LTA's Open Bidding website (http://ocoe.lta.gov.sg).
Q14. How do I revise my bid?
Select "Revise Bids" from the COE Open Bidding service. Under the COE Open Bidding system, you can revise your bid at any time during the exercise via the same bank that you first bid from. You can also revise your bid through another participating bank or through LTA's Open Bidding website (http://ocoe.lta.gov.sg). Please note that you will need to input the Acknowledgement Code that was last issued by LTA for that bid if you are revising via another bank or via LTA's website.
Q15. What can I do if I have lost or forgotten my 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.
Q16. Why does the phrase "Rejected by LTA" appear when I attempt to submit a bid?
If you see this phrase, it means that LTA's system is not able to accept your bid for processing. This could be because a bid had already been submitted in your name.
Q17. How will I know if my bid is successful?
You can check your final bid status after the exercise result is released by LTA. The status will be "Successful" if your bid is successful.
Q18. What will happen to the bid deposit if my bid is unsuccessful?
The bid deposit will be refunded into your account one working day after the release of bid results by LTA.
Q19. How do I pay the remaining bid amount (i.e. Final COE Price less bid deposit) to LTA if my bid is successful?
It is not necessary to make the payment through your UOB account. LTA will notify you on the payment methods.
Q20. What should I do if my Internet connection is disconnected while UOB's system is submitting my 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.
Q21. What can I do if I encounter problems while using UOB COE Open Bidding service?
You may wish to call UOB Call Centre at 1800 222 2121 for assistance. Alternatively, you can email us.
