Lately we’ve been looking through the Copart Community blog archives to find some hidden gems new readers might not know about. Why? To give these blogs an update and share them with newer people interested in learning more about Copart. Let’s start with one of our favorites: 10 Copart Terms You Should Know. This blog stands out as one of our most popular blogs, so of course it deserves a remake.
Joining an auction for the first time can be a bit intimidating, but if you familiarize yourself with some of these terms, you’ll be bidding like a pro in no time. Let’s take a look at the top 10 most commonly used terms on Copart.com.
Run and Drive
The term Run and Drive is commonly assumed to mean a car that can drive off the lot, but that isn’t necessarily correct. At Copart, Run and Drive has a specific meaning: 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. While this is generally a good sign that the car could be more functional than a typical salvage car, there is no guarantee that the vehicle is in roadworthy condition or can be driven lawfully upon the highways of any state. Likewise, there is no guarantee 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. This can be for a variety of reasons including the battery dying or a salvage car’s condition naturally deteriorating between the time it gets to the Copart location to the time when it is picked up.
Engine Start Program
An Engine Start Program is somewhat similar to Run and Drive but refers specifically to the engine. When we say Engine Start Program, we specifically mean that at the time the vehicle arrived at Copart’s facility, we verified that the vehicle started and ran idly. Similar to Run and Drive, Copart does not guarantee that the vehicle will start or run at idle at the time the vehicle is picked up.
Enhanced vehicles are not, as some people suspect, cars or trucks with mods or alterations. Copart uses the term Enhanced Vehicles to specifically refer to vehicles where the seller has requested enhancement service such as a wash, vacuum or protective covering. Copart also uses this term to refer to vehicles that are under a program that gives Copart discretion to use enhancement services to maximize the value of the vehicle. It’s important to note here that this term does not guarantee that any enhancement service was completed. It instead indicates that qualifying vehicles would likely be enhanced. You can find out if the service was indeed completed by inspecting the vehicle.
It’s a common assumption that Copart sells our own cars, but most of our inventory comes from other sellers. The term Seller Certified is a guarantee by the seller that the Member who purchases this vehicle will be completely satisfied with their buying decision. If the Member isn’t fully satisfied with their purchase, they can choose not to complete the transaction without penalties, fees or charges (as long as the decision is made before the vehicle is removed from the Copart premises).
As with most auctions, the term Current Bid refers to the highest price offered for a particular vehicle at a specific time. It’s important to note that there may be a higher maximum bid being represented by our VB3 auction technology. VB3 consists of a two-part auction process:
- Preliminary bidding, plus the Bid4U feature that incrementally bids, up to the bidder’s maximum bid amount, during the auction.
- Live online bidding in real-time.
The Current Bid is always listed in whatever currency you’ve indicated based on the location selected.
We mentioned this term briefly in our previous answer, but let’s expand on it some more. A Pre-Bid is a bid that is placed during a one-hour period before the virtual live auction. Pre-Bids (as well as regular bids) may be placed online, through the Copart Mobile App or through kiosks installed in Copart locations.
The Repair Cost is exactly what it sounds like: an estimated cost to repair a particular vehicle (as submitted to Copart by the seller of the vehicle). As with any estimated repair cost, this amount may vary significantly from the vehicle’s actual repair cost depending on a variety of different factors. The Repair Cost is presented for informational purposes only and Copart cannot make any representations as to the validity or accuracy of the listed repair cost.
Pure Sale is one of those complicated-sounding terms that really means something simple. Like a traditional auction, Pure Sale auctions have no minimum bid or reserve price. This means the person who makes the highest bid at the end of the auction will win the vehicle. Pretty easy, right?
The term On Approval means that the Seller has asked to review the final bid of the auction and has the right to either approve or deny the sale. If the Seller approves it, the highest bidder can then officially purchase the vehicle. If the Seller denies the final bid, they have until 5 p.m. PT one business day after the sale to respond to the bid.
If you see a Reserve Price, it means that the Seller has placed a minimum bid threshold on the auction. If the highest bid does not surpass the Reserve Price, the Seller has until 5 p.m. PT one business day after the sale to either accept or reject the highest bid.
As with any of these terms, 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.” For this reason, we recommend that our Member inspect a vehicle or purchase a Copart Vehicle Condition Report.
Do you have a favorite Copart blog that you constantly reference? Let us know in the comments section and we’ll see about fine tuning it. Then head on over to Copart auto auctions and find your next vehicle.