How does Copart work?06/27/2019
Copart was founded by Willis J. Johnson in 1982 in California. The headquarters moved from California to Dallas, Texas. Copart did not start internet bidding until 1998. Copart does not od any live auctions anymore because of how popular the online auctions are. Copart has sold close to a million cars through their online auctions each year now.
Copart is an incorporation that is an online car auction business. Copart is all over the world. They have services in the U.S., Canada, the UK, Germany, Ireland, Brazil, Spain, Finland, and the United Arab Emirates. Copart offers a range of services from processing to selling cars. They sell salvage and clean title cars.
Most of the buyers are dealers, re builders, dismantlers, exporters and sometimes the public. The people, who sells their cars to Copart are insurance companies, banks, charities, financial institutions, dealers, fleet operators, rent a car companies, and government agencies. Most of the cars are salvage cars or are stolen cars that insurance companies have already paid off.
Copart requires people, who wants to buys salvage title cars, has to have a dealer license.
There are companies that uses a proxy service to allow private buyers to bid on cars for a reasonable price. When you use a proxy, it makes it to where you can browse their inventory and can bid on cars. However, when you set your maximum bid, the agent will not go over your maximum bid.
Copart helps dealers finds cars that are being auctioned off to the highest bidder. You can choice whether you want a salvage car or not. Copart takes part in both buying and selling cars. They make up one of the biggest online auction sites available to dealers so they can get cars cheaper.
Copart will charge you 50 dollars if you have not paid for the car within four days. If you have not paid for the car by the eighth day then the car is relisted. Then copart will charge the member 400 dollars or 10% of the bid which ever one is higher. If the member does not pay the fee, then they can not open another account or purchase anything else till it is paid.
One of the issues with online auctions is that you do not get to see or drive before you drive. However, they do proved you with pictures of the car so you at least know what shape the body is in. As long as you can get a good car for the price you pay on the auction site, then it is a good thing.
When you win the auction?
When you win the auction you have five days to pick up the car if you win a live auction. If you win an online auction then you only have three days to pick up the car. Copart will load the car on your transporter but it is a first come first serve type of thing. Sometimes copart will ship the car for you but you might have to pay extra.
Like any business, copart has good reviews and bad reviews and what you decide to do with what the reviews say is up to you. Live auctions and online auctions are the way that a lot of people that runs dealerships buy their cars and some private people buy their cars that way using dealers license numbers because most auctions sites, you have to have the license numbers to make bids. Copart is something that many dealerships use and insurance companies use when they have cars they need to get rid of or need to buy. There are ways that you can bid that makes it easier on you and you do not have to set in front of the computer or on the phone waiting the auction out. You have to submit a pre-bid so that when the auction starts then your bid will keep going til it hits your maximum bid. If it hits your maximum bid and you do not catch it, then you will lose the car. However, if you catch that you max bid has been hit then you can enter another bid and still have the chance of winning the car. You have to make sure that you pay coparts in time so that your account does not get shut down along with the car does not get relisted in the next auction. You also want to remember how many days you have to pick up the car from the time that you win the bid. Copart makes it easy for some people to get the cars that they need and can help take the cars off of peoples hands that need to sell their car. Copart is there to try to help people that need cars and people that need to get rid of cars in the best way in this technological world.