Public Recognition of Online Auction in Klang Valley

Wong, Wei (2021) Public Recognition of Online Auction in Klang Valley. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

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Abstract

Public auction, one of the ways for the banks to dispose the properties where the housing loan for the property has been defaulted. The problems of public auction have arisen in many years, but during the process of the public auction there will be some issues such as ‘syndicate’ issue and name to a few. Therefore, E-auction system has been developed to provide a secure and better environment, ensure fair competition, problem of fraud as well as the identity of the auctionees will be kept private and confidential during the process of purchasing auctioned property. Hence, the aim of this research is to determine the suitability and to promote E-auction in Malaysia’s auction industry and E-auction system act as a solution to overcome the problems of public auction. The objectives of the research are achieved through literature review, distribution of questionnaire and face-to-face interview. Among the 120 people are determined for the sampling size, a total of 100 respondents have done the survey of questionnaire which have been distributed. The data collected from the questionnaire has been analysed with SPSS and Microsoft Excel. The data of interviewee was obtained during the interview session and analysed and discussed in Chapter 4. The 8 statements of E-auction as a solution to overcome the problems of public auction and 6 statements of public recognition and awareness of E-auction were analysed in 2 analysis method such as descriptive analysis and relative importance index. The results are established from the feedback on the agreement of these factor by the respondents the statements of ‘E-auction able to solve any interference in a public auction’, ‘E-auction may help you save the transportation cost and time’ and ‘E-auction allows the public to access the public auction event from anywhere and anytime’ are most of the respondents agree to it at each section of questionnaire survey. The interviewee’s opinion concluded that E-auction do solve the interference in public auction and public can join online auction event with strong internet on their device. Therefore, there are a review of E-auction as a solution to overcome the problems of public auction and public recognition and awareness of E-auction at the last chapter of the research. As the implementation of the E-auction system is still at the infant stage in Malaysia. There will be also advice and suggestion for the public sector and private sector to promote the E-auction system to the public.