Industry Watchers: All Motor-Related Transactions Should Be Put On Hold, COE Included
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Updated: The COE Bidding Exercises in April 2020 has been suspended. Dealers may use their existing stock of Temporary COEs (TCOEs) to register new vehicles
According to Straits Times, LTA will be meeting representatives from the motor industry to discuss the possibility of postponing all motor-related transactions, including COE bidding.
During this meeting, both parties will discuss the impact of the postponement and the effect it will have on both vehicle sellers and buyers.
Although industry observers reckoned that the postponement of all motor-related transactions is “almost a given”, it will likely disrupt motor transactions, such as vehicle registration, deregistration, and the transfer of used cars.
“If they stop bidding, they will need to extend the expiry of COEs obtaining during the previous tenders, as well as cars which are due to be scrapped,” said one veteran motor trader.
“If they continue the COE bidding, they will have to allow us to carry on selling cars. It will be interesting to see what they will do.”
This sentiment is likely in response to the Government’s decision to suspend all non-essential businesses from 7 April to 4 May 2020.
Although transportation and a few automotive-related services are exempted, the motor trade industry is still considered non-essential in the Government’s eyes.
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What do you think? Should all motor-related transactions be postpone? Stay tuned for the latest updates!
Source: Straits Times
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