SalvageSettlers is an online marketplace for the trading of salvage, scrap and idle assets in a transparent, fair and efficient manner – and in a way that expands the market and optimizes value for the seller. SalvageSettlers works for the majority of India’s public and private general insurance companies and with organizations in the manufacturing sector and beyond.
SalvageSettlers provides both Forward and Reverse eAuction facilities and Classified Listings, with trading taking place via the SalvageSettlers.com website.
For sellers, online forward auctions and classified listings open up new sales channels for their products, whilst offering buyers fast and easy access to a range of items and favourable purchasing conditions.
Our eAuctions are managed end-to-end by SalvageSettlers. SalvageSettlers reviews and uploads the auction details, makes markets for the auction, handles the EMDs of interested buyers (for private auctions) and of winning bidders (for public auctions) and manages the payment and lifting process, as required. The bidding process is also managed by SalvageSettlers.
Classified listings are handled entirely by the seller and interested buyers. Whilst SalvageSettlers receives a copy of the initial communication between a buyer and a seller, it receives no other information on the deal, which is negotiated directly between the two parties – including lifting and payment.
A private auction is intended for high value and high demand items, whereas a public auction is generally for low value or low demand items. The eAuction process also differs for the two types of auction. For a private auction, the buyer must be invited to participate in the auction and must also submit an EMD prior to the auction. Whilst a private auction will be promoted prior to the actual auction, the bidding duration is usually for a period of 1 hour.
With public auctions, all registered users can participate in the auction, the EMD is submitted only after the bidder places the winning bid (but before approval to the seller is submitted) and the bidding period is usually for up to 10 days.
All registered users of SalvageSettlers.com, with a valid email address and internet access, can participate in an eAuction. For private eAuctions, potential buyers must request an invitation to participate, using an online form. Once approved, and an EMD submitted, the user can participate in the private eAuction. Public eAuctions are open to all registered users.
To participate, you will need to register with SalvageSettlers.com.
Buyer Participation
For all private auctions, you need to request an invitation to participate in the auction from SalvageSettlers. This requires completion of an online form and submission of an EMD. Once registered and approved for participation in a private eAuction, you log in to SalvageSettlers.com and bid. For public auctions, once registered, you simply place a bid online. There is no need to request an invitation to participate as public auctions are open to all registered users of SalvageSettlers.com.
Seller Participation
To act as a seller, you need to register with us first. You need to complete a ‘Request an Auction’ online form to sell an item via eAuction. SalvageSettlers reviews the form and details and uploads these onto the website. For sellers, the process is the same for private and public auctions.
The Auto Bid function allows you to place your best bid/offer for any auction and allow the system to bid on your behalf. The system bids in the defined increments for that item. If your bid is exceeded by a higher bid, the system sends you an email alert advising you that your bid has been exceeded. You then have the opportunity to place a new bid.
The main menu tabs direct you to the auction pages and the classified listings page. Auctions are divided between live auctions (auctions that are currently live) and upcoming auctions, which are due to be live in the coming days. The live auctions and upcoming auctions pages list all auctions in chronological order.
You can also view auctions by category of item or by location, using the left hand menus on the auction-related pages.
The classified listings page details all classified items for sale. You can view classified items by category or by location, using the left hand menus on the classified listings pages.
Once you click on a specific item, you will see all information regarding the item, including the item description, any minimum price requirements, any restrictions, terms and conditions, the dates and times by which bids or offers must be made, as well as other related information.
Yes. Participation is subject to strict Terms & Conditions, Legal Notices, Bidding/Purchasing Instructions and Rules. These are outlined in the item description of each listing.
We do not sell or rent your personal information to third parties for marketing purposes. We only use your information as described in our Privacy Policy. Our third party service providers use your information to fulfil your activities on the website.
We view protection of users' privacy as a very important community principle. We understand clearly that you and your information is one of our most important assets. Your information is stored and processed on computers located in New Delhi, India. These computers are protected by physical, as well as technological security devices. We use third parties to verify and certify our privacy principles.
If you object to your information being transferred or used in this way, please do not use our services.
You can browse the site without being registered, but to participate in eAuctions or to place a classified listing, you need to be registered with the site.
No, you only have to register once. Once registered, you simply log in with your email ID and password. You can then view your account details and access the complete site.
No, you do not need to supply a credit card in order to register with the site or participate in bids or direct trade.
You need to sign in and go to the 'Manage Your Account' page to change your personal details.
An EMD is an Earnest Money Deposit. It is a sum of money deposited with a third party – in this case with SalvageSettlers.com – to ensure that a potential buyer is serious in their interest to buy an item.
For private auctions, a potential buyer deposits the EMD with SalvageSettlers prior to the auction. On successful completion of the bidding, SalvageSettlers takes its fee directly from the EMD of the winning bidder.
For public auctions, the EMD is taken from the winning bidder post the auction but prior to approval from the seller.
The EMD is forfeited and paid to the seller. However, SalvageSettlers reserves the right to retain 50% of the said amount towards its expenses and commissions.
A CMD is a Caution Money Deposit and is the same as an EMD. It is a sum of money deposited with a third party – in this case with SalvageSettlers.com – to ensure that a potential buyer is serious in their interest to buy an item.
The Wishlist allows you to track the status of items in which you are interested. To add an item to your Wishlist, click the "Add to Wishlist" link on relevant auction page. When signed in to your account, you can access your Wishlist and add items.
