Glossary

Preliminary Bidding

Allows members to preview vehicles and enter bids over the Internet. Using Preliminary Bidding, members enter the maximum price they are willing to pay for a vehicle and Copart's "Bid4U" (Bid for You) feature incrementally bids the vehicle on their behalf. Members who are outbid receive an email notification and are provided the opportunity to re-bid the vehicle.

Members continue to compete in the Preliminary Bidding until one hour prior to the start of the online only Virtual Sale. The Preliminary Bidding ends at 11:00am local time of the Copart facility where the vehicle is stored. The highest Preliminary Bid will compete against Virtual Bids via "BID4U" during the Virtual Sale.

Virtual Sale

Is followed after preliminary bidding and Copart's web server conducts an auction-style Internet sale. Members join the sale by logging into the website and selecting a Virtual Sale. The Virtual Sale window displays images of the vehicle along with the current high bid from the Preliminary Bidding period and the current live bids get entered in. Members may continue to place their live bids by clicking on the bid box that displays the next increment bid. The bid box is located in the bottom right corner of the Virtual Sale window. Bid4U will represent the high Preliminary Bidder during the Virtual Sale. When bidding on the vehicle finally stops, a countdown is initiated. If nobody bids during the countdown, the vehicle is sold to the highest bidder. The process is fast, easy and user-friendly.