Anyone that sets up a user name and password can participate on the site! Sign up and you will be able to participate in our contests and to comment on auctions, trades and DCX contests.
How it Works
The Short Cut
Standard auctions will run for 10 days, auctions where the sellers are open to a trade-in as part/all of the value for the DreamCar being auctioned will run for 14 days. Once the auction is open, registered bidders are able to submit bids to purchase the DreamCar. Auctions will either be sold with no reserve (highest bidder purchases the DreamCar regardless of the price) or with a reserve (the reserve is the minimum amount the seller is willing to sell for). For reserve auctions, DCX will agree to a reserve with the seller with the aim to be consistent with the current market conditions to minimize the number of auctions ending with a reserve not being met.
During the auction, all registered users can comment about the car, however comments must be constructive. Bidders are welcome to make as many bids as they choose, as long as their bid is more than the current bid plus the minimum bid increment. DCX auctions utilize the method of extending the auction if a new bid is received within the last 2 minutes. This allows for the other bidders the time to decide on whether they would like to place another bid. If another bid is made, then the auction clock will restart at 2:00 and begin counting down again. This will continue until there are no more bids made within the last 2 minutes of the auction. Once the clock hits 0:00, the auction is complete. If it is a no-reserve auction or if the reserve was met, we will provide contact information to the buyer and seller for them to commence the transaction.
Some enthusiasts would rather trade DreamCars, rather than buy or sell. This is particularly true for our dealer sellers, who are always looking for good inventory. Therefore we offer the ability for sellers to sell only as a trade (plus or minus money as well) or allow the buyers to offer a trade-in as part/all of their bid of a DreamCar being auctioned. For those auctions allowing for trades, the auction will be open for 14 days, and those that are just interested in trades, those will be listed for 21 days.
The key to this is assessing and agreeing to the value of the DreamCar being traded in. We require those looking to trade to provide the same level of information and pictures as if they were auctioning it. This provides the seller the same transparency as the buyer. Sellers and potential buyers would then negotiate the value of the trade-in and if they come to agreement, we will provide contact information to the buyer and seller for them to commence the transaction (for trade-only) and for trade-ins a part of an auction, the bidders on the auction would then bid on the seller’s DreamCar to include the agreed trade-in value of their vehicle.