How VB2 Works
Copart is the market leader in applying technology to improve the vehicle remarketing process and increase returns. In 1998, Copart became the first vehicle auction company with physical locations that allowed buyers to submit proxy bids over the Internet. In 2001, Copart introduced Virtual Bidding which allows Members to interactively compete in real time with the live auction. In 2003, Copart developed VB2, Virtual Bidding - The Second Generation, a revolutionary new auction-style remarketing technology. With the introduction of VB2, Copart created a truly global remarketing platform for vehicle sellers and members.
VB2 technology combines two bidding processes: an open, competitive Preliminary Bidding process, followed by a Virtual Sale. The Preliminary Bidding process allows Members from around the world to preview vehicles and enter bids at bidding kiosks located at each Copart facility or over the Internet. Using Preliminary Bidding, Members enter the maximum price they are willing to pay for a vehicle and Copart's Bid4U (Bid for You) feature incrementally bids the vehicle on their behalf. Members who are outbid receive an email notification and are provided the opportunity to re-bid the vehicle.
Once Copart receives the seller's transferable vehicle title, the vehicle is scheduled for a Virtual Sale. Local Members and Internet Members continue to compete in the Preliminary Bidding process until one hour prior to the start of the Internet-only Virtual Sale.
During the Virtual Sale, Copart's powerful web server conducts an auction-style Internet sale! From anywhere in the world, Members join the sale by logging into Copart's website and selecting a Virtual Sale. When the Virtual Sale starts, five digital images of the vehicle are displayed along with the current high bid from the Preliminary Bidding period. Bid4U will represent the high Preliminary Bidder during the Virtual Sale. When bidding on the vehicle finally stops, a countdown is initiated. If nobody bids during the countdown, the vehicle is sold to the highest bidder. The process is fast, easy and user-friendly.
Copart is committed to continually offering compelling and innovative products and services to propel the marketplace forward.