We’ve given this blog an update.
Whether you’re a pro or a newcomer to the online auto auction world, there’s one thing that’s certain—new words, terms and phrases are always popping up.
Learning these terms and knowing the meanings will help you become a smarter and more experienced buyer. These essential terms will get you up to speed, and make you a smarter and more effective buyer!
Run and Drive
At the time the vehicle arrived at Copart’s location, Copart verified that the vehicle started, could be put into gear and was capable of moving forward under its own power. There is no guarantee, representation or warranty that the vehicle is in roadworthy condition or can be driven lawfully upon the highways of any state. There is no guarantee, representation or warranty that the vehicle will start, drive or move forward under its own power at the time the vehicle is picked up at Copart’s location. It is the Member’s sole responsibility to ascertain, confirm, research, inspect and/or investigate the vehicle prior to bidding on it. Once the vehicle is removed from Copart’s premises, the Member accepts the vehicle “as is.”
Engine Start Program
At the time the vehicle arrived at Copart’s facility, Copart verified that the vehicle started and ran at idle. There is no guarantee, representation or warranty that the vehicle will start or run at idle at the time the vehicle is picked up at Copart’s location. It is the Member’s sole responsibility to ascertain, confirm, research, inspect and/or investigate the vehicle prior to bidding on it. Once the vehicle is removed from Copart’s premises, the Member accepts the vehicle “as is.”
Vehicles listed as “Enhanced Vehicles” are those where: (i) the seller has authorized Copart to perform an enhancement service to the vehicle such as a wash and vacuum or protective covering or (ii) the vehicle is under a program that gives Copart discretion to use enhancement services to maximize the value of the vehicle. This designation does not guarantee that any enhancement service was completed but rather indicates that qualifying vehicles would likely be enhanced. It is the Member’s responsibility to inspect and verify the use of enhancement services.
Seller certifies that the member purchasing this unit will be completely satisfied with the purchase. If upon inspection of the unit, and prior to leaving Copart’s premises, the member is not fully satisfied , then the member may decline to complete the purchase transaction without any penalties, fees or charges. Once a vehicle is removed from Copart’s premises, the member understands and agrees s/he accepts the vehicle “as is” pursuant to Copart’s Member Terms & Conditions.
The Current Bid is the highest price offered for this lot at this time. There may be a higher maximum bid being represented by VB3 BID4U. The Current Bid is always listed in the currency of the country of the location.
A bid placed during preliminary bidding, which takes place up to 1 hour before the Virtual “Live” Auction begins. Bids may be placed online or through computer terminals located at kiosks installed in Copart locations.
Repair Cost is the estimated cost to repair the vehicle as submitted to Copart by the seller of the vehicle. The Repair Cost listed here may vary greatly from the actual cost to repair this vehicle. The availability and use of recycled parts, varying labor rates, paint times, etc. greatly affect the cost to repair any vehicle. Copart recommends that each bidder evaluate the damage to determine the extent of the repairs necessary. This number is presented for informational purposes only. Copart makes no representations as to the validity or accuracy of the listed repair cost.
No minimum bid or reserve price. Lot will be awarded to the highest bidder at the close of bidding during the virtual auction.
Seller has reserved the right to approve the final high bid achieved during the Virtual Auction. Seller has until 5pm PT one business day after the sale to approve the bid. The high bidder is obligated to purchase the vehicle if released by the seller within the approval period.
Seller has placed a reserve price on the lot. If the minimum bid is not surpassed during the Virtual Auction, Seller has until 5pm PT one business day after the sale to accept the high bid.
Is there a term we missed? Leave your input in the comment section! Then browse Copart’s available vehicles for your next auto auction hidden gem.