During the meeting, it was disclosed that more than 197,000 applications had been approved and that the system had, as of this point, also sold roughly 134,000 vehicle numbers.
With the help of the Punjab Information Technology Board (PITB) and the Punjab Excise and Taxation Department, the e-Auction System and Web Portal were developed in August 2020, and since then, more than 2.9 lakh candidates have registered.
This was discussed at a progress review meeting held at Arfa Software Technology Park under the chairmanship of PITB Faisal Yousaf (ASTP). During the meeting, it was disclosed that more than 197,000 applications had been approved and that the system had, as of this point, also sold roughly 134,000 vehicle numbers.
In this regard, PITB Chairman Faisal Yousaf stated that the division had so far generated more than Rs. 790 million in revenue and that the system had also been connected to e-Pay Punjab for the payment of fees. The chair went on to say that people can now buy desirable car numbers online from the comfort of their homes thanks to the e-Auction app and web portal.
The system includes sales of automobiles, motorcycles, and commercial vehicle licence plates. Information about the successful bidders can also be seen on the system. As part of the online system, a tax calculator and a vehicle verification feature have also been made available.
An electronic marketplace transaction between vendors (the auctioneers) and bidders (suppliers in business-to-business situations) is referred to as an e-auction system.
It enables suppliers to compete online for contracts against a published specification, whether it be business to business, business to consumer, or consumer to consumer. Because of the competitive environment created by this, goods and services are provided at their current market value.
As early as 1979, on CompuServe and The Source, as well as through email and bulletin board systems, online auctions were first conducted on web forums.
Notices describing the items for sale, the minimum bids, and the closing times would be posted by auctioneers and sellers. In 1995, two auction sites were established, and as the practise gained popularity, websites devoted to it started to emerge.