How Are the Prices Set for Vehicles at Copart?
Since Copart is a global leader in all-online auto auctions, the way prices are set for vehicles may seem obvious. But it isn’t that simple. The bottom line is that there’s more than one way to set the price for vehicles listed for sale on Copart. First, let’s start with the most basic.
Live Auto Auctions
Auctions represent one of the purest ways to determine the value of anything. Supply and demand meet in real time and determine the fair market value of what’s being sold. Seller and buyer agree to a fair exchange after fierce competition determines the most anyone is willing to pay for the auction lot.
Our live auctions bring bidders around the world together in an exciting and fast paced competition to win vehicles of every description.
Copart holds daily auctions from 250+ locations across North America, and in 11 other countries. We also hold national auctions like Copart Select, Specialty Vehicle Auctions and our Rental Auctions.
But live bidding isn’t the only way to win on Copart.
Max Bids
If Member buyers can’t make the auction, they can set their top price as a Max Bid and our system will incrementally bid up to that amount to see if a price can be found that both parties can agree to. We’ve found this option to be popular with business owners and operators who don’t have time to spend in a live auction. New online auction participants looking for a simpler experience love this feature, too.
On Approval
Sometimes the highest bid at auction isn’t the final price. After the excitement of the auction ends, the Seller may want to make a counteroffer for a higher amount. If the buyer values the car higher than the final bid, a back-and-forth negotiation can take place until both parties are satisfied. This type of after-auction negotiation is somewhat common, especially on high-value vehicles like supercars.
These negotiations can also take place when the Seller sets a Minimum Bid that isn’t reached, but an offer is close enough to be worth a conversation to see if a deal can be struck.
Buy It Now
This transaction works very much like buying a vehicle anywhere else. The Seller sets an asking price they are willing to accept for a specific vehicle. If a buyer comes along who values the vehicles at that price, an exchange takes place and Copart facilitates the transaction.
Make An Offer
If a Member finds a vehicle they want but isn’t willing to pay the Buy It Now price, they can use the Make An Offer tool to present a counter proposal and see if the Seller will agree to that price. Negotiations can go back and forth several times until a final price is agreed upon.
One Platform To Handle Them
Copart designed our platform from the ground up to easily enable all these pricing options to go through seamlessly. This provides the most ways for Member buyers and Sellers to come together to exchange vehicles.
The process is the same whether someone is competing for a nearly new Rolls-Royce or the few remaining parts of a Honda Civic. We see both extremes, and all points in between come up for auction.
After the Sale
Once the price is set, we continue to help facilitate the sale by accepting payment from our Members through one of the many Payment Methods we accept, and then delivering those funds securely to the Seller. We can also help arrange Delivery of the vehicle to the Member/new owner.
If you’re ready to buy vehicles at auction, or any of these other ways to buy, be sure to Register and become a Copart Member.
