§1 Eligibility
Only approved dealers may place bids. Approval requires KYC review, CAC certificate, bank reference, and a signed MSA. Each business entity may operate one (1) dealer account only. Internal DriveQ staff are prohibited from bidding directly or through related parties.
§2 Auction listings
Every listing carries a starting bid, increment, optional reserve, opening time, and closing time. Photos, mileage, and condition grades are sourced from offshore partners and verified by DriveQ to reasonable commercial standards. Final-condition responsibility sits with the dealer.
§3 Bidding
One active bid per dealer per lot. Each bid placement requires a $50 reservation fee held in your wallet. Refunded if you lose, credited if you win, forfeited if you win and fail to settle. You may raise a bid at any time before the freeze window; you may not lower a bid. Cancelling a bid before the freeze refunds the fee but adds a strike to your account.
§4 Anti-sniping
If a bid lands in the final 5 minutes, the close time extends by 5 minutes. Extensions repeat until no bid arrives inside the window. Cancellations do not trigger an extension.
§5 Freeze window
The final 10 minutes before close are a freeze: no edits, no cancellations. New bids are still accepted. The freeze protects all dealers from last-second tampering.
§6 Close & winner determination
At close, the highest active bid wins if reserve is met (or no reserve was set). Reserve-not-met or no-bids outcomes void the auction and refund all reservation fees. Tied bids are impossible — row-locked transactions ensure exactly one bid wins each increment.
§7 Settlement
Winners pay a deposit invoice within 72 hours. Default deposit is 10% of landed cost (minimum $5,000). Failure to settle forfeits the reservation fee, adds a strike, and may release the vehicle to the second-highest bidder.
§8 Refunds
Losers' reservation fees are refunded to wallet within 24 hours of close. Wallet balances may be withdrawn to a Nigerian bank within 2 business days, or applied to a future bid. Disputes follow the process at /refund-policy.