Copart: Deciphering Auction Terms

Among the Copart vehicles sold at auctions, many are sold at an affordable price because they have been in an accident or damaged as a result of a natural disaster. This attracts buyers from all over the world. To help them, Copart has developed a glossary of the most commonly used auction terms, which Columbus invites its readers/clients to familiarize themselves with.

ACV

ACV, or Actual Cash Value, is the estimated retail value of an item according to the submission to the Copart’s system by the seller. On the lot detail page it is displayed as “Est. Retail Value". If the lot had been damaged, this shows its value prior to the damage. Retail vehicle prices can be found on Kelley Blue Book and other online sources.

Body Style

The vehicle configuration specified by the manufacturer.

BID4U

The BID4U auction platform presents the highest bidder during the pre-bid and virtual bidding period. Simply enter the maximum price you are willing to pay for an item during pre-bid, and during virtual bidding, BID4U will bid on your behalf until it reaches that number. BID4U will increase the bid one increment above the current bid to maintain your position as the highest bidder. This will allow you to purchase a vehicle at a price below your maximum bid if bidding does not reach or exceed your bid.

Color

The color listed on the auction site is a common color name that adequately represents the vehicle's exterior color.

Counter Bid

The seller makes a counter bid in response to the offer of the participant with the highest bid. Counter Bids are placed immediately after the end of trading on a vehicle with a minimum bid or a bid that requires seller approval. Participants acknowledge and agree that regardless of the seller's response to bids, the participant's highest bid on a vehicle remains open for acceptance by the seller until 8:00 p.m. PST of the next business day after the day of sale.

CrashedToys

Vehicles marked are located on the sites of CrashedToys specializing in the sale of decommissioned motorcycles, exotic vehicles, motor homes, boats, jet skis and others. These vehicles are accompanied by additional images and lot notes. Videos are available where applicable. 

Current Bid

This is the highest price offered for the lot at the moment. There may be a higher maximum rate represented by VB3 BID4U. The current rate is always quoted in the currency of the country where the Copart facility is located.

Current Sale Highlights

These are comments from Copart's general manager for the sales listed. They include information and important notes about individual auctions.

Cylinders

In a broad sense, the power train of the vehicle as specified by the manufacturer.

Damage Codes

Used to indicate damage to the lot - as Primary Damage and Secondary Damage (2nd). Both damage codes indicate important information about the lot; any neither one should not be perceived as more significant.

Please note that Copart disclaims responsibility for the accuracy of damage codes as they may not accurately reflect the type or extent of damage to the vehicle. Damage codes should not be used as vehicle ratings for bidding or otherwise, Copart warns.

Drive

The vehicle's power train as specified by the manufacturer.

Engine

The engine is represented by the vehicle's VIN. Bidders are advised to carefully inspect vehicles prior to submitting their bids to ensure original equipment is present.

Estimated Retail Value

This is the approximate market value of the lot as estimated by the seller active on Copart. If the lot was damaged, this is the pre-damage appraisal value. The data on the estimated retail value of a vehicle can be obtained from Kelley Blue Book and other online sources.

Expected Future Date

Expected Future Date means that the vehicle has not yet been scheduled for auction. All ownership documents necessary for the sale of the vehicle have been completed and submitted to the relevant authorities but Copart is awaiting completion of paperwork processing by the Department of Motor Vehicles (DMV). The actual bidding date will then be set. Anyone bidding on a vehicle marked Expected Future Date will receive an email notification when it goes up for sale.

Fuel

Indicates the type of Fuel used by the engine according to the VIN number.

Grid/Row

Designation of the vehicle’s physical location on the site.

Image

Copart takes 10 digital images for every vehicle it processes for sale. Images are saved in JPEG format.

Item

Item numbers indicate the order in which lots will be sold during virtual bidding on the VB2 platform. Sales with a large number of positions are divided by purpose.

Keys

Indicates whether Copart has keys for the lot.

Location

A Copart site where sold items are processed.

Lot Number

Also Lot #, a unique Copart identifier for each vehicle.

Make

The manufacturer’s brand name.

Maximum Bid

Maximum Bid is the highest amount you are willing to pay for an item. The VB2 BID4U feature will bid in increments on your behalf to ensure that others do not outbid you.

Model

The manufacturer’s designation of the lot.

Monster Bid

A bid that is one or more increments higher than the current bid. During virtual auctions, a participant can bypass the standard process of gradually increasing the bid amount by immediately bidding the maximum.

Odometer Descriptions

The description indicates the reliability of the instrument readings. There are four types of odometer:

ACTUAL – the odometer readings are considered to be an accurate, actual indication of mileage.

EXEMPT - due to US Federal Law, this lot is not required to display an odometer code.

NOT ACTUAL - odometer readings do not accurately reflect the mileage of the lot or cannot be determined.

EXCEEDS MECHANICAL LIMITS - The actual mileage of the lot cannot be stated because it exceeds the measuring capabilities of the odometer.

Offsite Sale

These are vehicles sold outside of the Copart website. They are usually not physically located on the auction site, but are sold during regular online bidding and are assigned to the nearest marketplace. The area for “preview” (preliminary inspection) and “pickup” (shipment) is indicated on the page with a detailed description of the lot. Be sure to check pre-inspection dates and times and do your best to research the lot, Copart recommends. Also, please note that buyers are responsible for shipping from the designated location during the free vehicle storage period.

Region

Denotes the Copart site location.

Registration Fees

Brokers charge a one-time, non-refundable registration fee to activate a Bidder Account. Registration fees may vary depending on the broker's request and cover different time periods. For more information, please review the broker's Terms of Service on the Copart website.

The auction charges registration fees for participation in the Basic and Premier plans. The Premier plan requires a one-time, fully refundable deposit. 

Repair Cost

Repair Cost is the estimated cost of restoring the vehicle as reported by the vehicle seller in the Copart system. The stated cost may differ significantly from the actual cost of repairing the vehicle. Availability and use of recycled spare parts, various labor costs, painting time, etc. are difficult to predict accurately. Copart encourages each participant to evaluate the damage themselves.

Sale Date

Sale Date is the weekday on which the lots in the catalog of the corresponding site are put up for auction. Different sites have different sale dates. A complete list of dates is available on the Auction Calendar on the Copart website.

Sale Time

Bidding Time is the scheduled start time of the auction. Indicated according to the local time of the site where the vehicle is stored.

Sales Status

Sales Status reflects the terms under which the item is being sold. Possible values and their interpretation include:

• Pure Sale – no minimum bid or reserved price. The item will be awarded to the highest bidder at the close of bidding in the virtual auction.

• On Approval – the seller has reserved the right to approve the maximum final bid specified during the virtual auction. The seller has until 8:00 pm PST on the day after the auction to approve the bid. The highest bidder is obligated to purchase the vehicle if the seller gives approval within the specified period.

• Minimum Bid – the seller has set a reserved price for the lot. If the minimum bid is not exceeded during the virtual auction, the seller has until 8:00 pm PST on the next business day after the sale to accept the bid

Security Deposit

All brokers require security deposits, which must be paid in full to obtain a member account. This fee serves as the broker's security if the participant is unable to pay for the awarded vehicle. Failure to pay in full for the vehicle will result in forfeiture of the deposit and termination of the bidder's account. 

Special Note

The Special Note area is where important information about the item is displayed for bidders.

Starting Bid

This is the bid determined for the item by the first bidder. Once the Starting Bid is specified, it becomes the Current Bid.

Sublot

Vehicles marked as such are not located at a Copart site but are stored at the sites of Copart affiliates. Sublot areas are indicated in the Lot Details section on the auction website.

Time Zone

Time Zone of the area where the Copart facility is located.

Title Type

Ownership documents of the vehicle that will be transferred to the auction participant. Each state issues different titles. Each type of document carries with it certain rights of ownership, as well as certain restrictions or encumbrances. Bidders should examine the appropriateness of each type of title document for a lot prior to bidding. Each state's website has a special section for this purpose. Not all bidders may bid on lots with all titles – some lots require special licenses. For more information, visit the Licensing section of the Copart website.

The title transfer history of any vehicle can be checked with companies like AutoCheck and the like.

Transaction Fees

Fees paid to the broker

VIN

VIN or Vehicle Identification Number assigned by the manufacturer.

Year

Indicates the model’s year of manufacture.

Sources: Сopart.com, Shipaa.com.