Common Questions about Copart’s New Bank-Repo Auction
Anytime we launch a new national auction there’s bound to be questions. So, in this article we’re going to answer some of the most common questions about our new Bank-Repo Auction that launched at 11 a.m. Thursday, June 20.
What Kinds of Vehicles Can I Find In This Auction?
You’ll find off-lease and repossessed vehicles from credit unions, banks and finance companies. Many of these vehicles can be repaired and resold with room for profit. A few are in perfect condition to donate their parts to keep other vehicles in service.
Where Can I Go To See All the Vehicles Featured in the New Bank-Repo Auction?
You can see all the available inventory in the new Bank-Repo Auction, and add your favorites to your Watch List, at Copart.com/RepoAuction.
What’s Happening to the Copart Select Auction?
We’ve moved our Copart Select Auction; which features wholesale-quality cars, trucks & SUVs; to 11 a.m. Mondays, as of June 17. This will allow more dealers and exporters to receive their vehicles during the week without a pause for the weekend.
Are These In The Same Condition As Copart Select Vehicles?
No. Repossessed vehicles that meet our stringent Sale Light arbitration standards will still be in the Copart Select Auction. Many of the Bank-Repo Auction vehicles have cosmetic damage that makes them ineligible for the Select auction, but still allows them to be profitably repaired and added to inventory in the US or abroad.
Why Are Repos Being Put Into Their Own National Auction?
This new national auction makes it easier for our Members to find vehicles for repair and resale. We’ve put the vehicles that meet the unique demands of this customer base all in one place, so they don’t have to keep up with auctions at 250+ locations.
Who Buys Repossessed Vehicles in Online Auctions?
Most of the bidders will be dealers and exporters in the new national Bank-Repo Auction, based on historical data and conversations with our customers. However, we’ll see some recyclers and a few consumers join in, too.
What If I Cannot Attend the New Repo Auction Live?
If you can’t join us for the live auction, just place your top offers for the vehicles that fit your needs as Max Bids. Our system will incrementally bid just enough to keep you in the top spot up to that amount. That way you can take advantage of this new auction without cancelling meetings or losing sleep.
Parting Words:
We hope this answered some of your questions about this new national auction. Be sure to check out our other auctions and search our inventory to find more vehicles that can meet your needs.
