What is a minimum bid auction? Does Copart have a minimum bid amount? If you have these questions, keep reading to find answers on Copart and minimum bid auctions.
What is a Minimum Bid Auction?
A Minimum Bid Auction is one in which the seller has placed a reserve price on the vehicle. In other words, if the reserve, or minimum bid amount, is not reached, the seller has until 5:00 p.m. PST one business day after the sale to accept the bid. If the seller does not accept the bid, the vehicle will not sell.
Do Copart’s Online Vehicle Auctions have Minimum Bids?
Some vehicles sold by Copart have minimum bids (seller reserve prices). However, vehicles listed as Pure Sale will be sold without a minimum bid and will be awarded to the highest bidder at the close of bidding during the auction.
What are Vehicles Sold “On Approval”?
Vehicles sold “On Approval” will not be released to Members unless and until the seller notifies Copart of its acceptance of the high bid. In some instances, it may take up to three business days, including the day of the sale, for the seller to provide Copart notification of high bid acceptance.
Learn more here about Sale Statuses that can be assigned to vehicles sold with Copart.