Copart's VB2
As a market leader in vehicle remarketing technology, Copart applies its technology to improve and increase returns enabling buyers to submit bids over the internet on vehicles available in physical locations, and although Copart was the first vehicle auction company, opened in 1998, it was in 2001 that Copart introduced their virtual bidding system which made Copart a truly interactive platform for live auctions.  Copart then developed their new VB2, Virtual Bidding – Generation 2, in 2003, as a revolutionary tool which enabled Copart to become a global remarketing company for vehicles sellers and buyers.

VB2 technology was a combination of two bidding processes, competitive and open preliminary bidding followed by a virtual sale.  Preliminary bidding enables members from around the world to view vehicles, enter bids through kiosks located at any Copart facility or using the internet.  Through preliminary bidding, members can enter maximum bids for vehicles they are interested in and Copart’s Bid4U system will automatically bid on the member’s behalf using incremental increases.  Outbid members receive notice by email and then are given opportunity to re-bid, if they choose too.  

After receiving a member’s transfer vehicle title, their vehicle is set for a Virtual Sale, while local and internet members continue to compete using the preliminary bidding process until one hour before the actual internet virtual sale begins.

Throughout the Virtual Sale, Copart’s web server conducts an auction-like internet sale, while members from anywhere around the world can join log in to the Copart website and join the Virtual Sale.  After the sale starts, five virtual images of each vehicle are displayed, as well as the current high bid from the preliminary bidding period.  Preliminary bids are represented by Bid4U during the Virtual Sale, and when the bidding finally stops, a countdown is initiated, but if nobody bids during the countdown, the vehicle is then considered sold to the highest bidder.  This process is simple, user-friendly, and fast.

Committed to its members, Copart offers innovative services and products that propel the vehicle remarketing marketplace forward.