10 USA Car Auction Terms And Their Meanings – Copart

Buying a car via online auction is pretty easy and it only makes sense to know the terms they us.. because most cars we drive in Nigeria are bought from USA car auctions. Our focal car auction site for this purpose is Copart being the most popular amongst Nigerian car dealers.

For the inexperienced car buyers, not knowing these terms could easily affect your bid or leave you with an unsatisfied vehicle afterwards. Learning these terms and knowing when to apply them is very important if you always want to get the best out of any car deal. In this article, AutoJosh will be revealing to you these terms and their meanings as used in the copart business.

10 Copart Terms And Their Meanings

1. Run and Drive

This term is used at a time when the vehicle arrived at Copart’s location and upon arrival, it was verified that the vehicle could start, be put into gear and was capable of moving under its own power. But there is no guarantee, representation or warranty that the vehicle is in a roadworthy condition or can be driven.

It is the Bidder’s/Buyer’s sole responsibility to ascertain, confirm, research, and inspect the vehicle before placing a bid.

2. Engine Start Program

This term is used when a vehicle that arrived at the Copart’s facility is tested and Copart verified that the vehicle started and ran at idle. But there is still no guarantee, representation or warranty that the vehicle will start or run at idle at the time the vehicle is picked up at Copart’s location by the buyer/bidder.

3. Enhanced Vehicle

Vehicles listed as “Enhanced Vehicles” are those that:

• the seller has authorized Copart to perform an enhancement service such as a wash and vacuum or protective covering,
• Or is under a program that gives Copart discretion to use enhancement services to maximize the value of the vehicle.

This designation does not guarantee that any enhancement service was completed but rather indicates that qualifying vehicles would likely be enhanced.

It’s the Member’s responsibility to inspect and verify the use of enhancement services.

4. Seller Certified

In this case, the term seller certified is used when the seller certifies that the member purchasing this unit will be completely satisfied after purchase. But if upon inspection and prior to leaving Copart’s premises, the member is not fully satisfied, then the member can decline to complete the purchase transaction without any penalties, fees or charges involved.

The Buyer accepts the vehicle “as it is.” once removed from Copart’s premises.

5. Current Bid

This is the highest price offered for this lot at that particular time.

6. Pre-Bid

This is a bid placed during the preliminary bidding stage. This stage takes place up to 1 hour before the Virtual “Live” Auction begins. Bids may be placed online or through computer terminals located at kiosks installed in Copart locations.

7. Repair Cost

This is the cost it takes to repair the vehicle as submitted to Copart by the seller. The Repair Cost may vary greatly from the actual cost to repair the vehicle. Copart recommends that each bidder carefully evaluate the damage to determine the extent of the repairs necessary. This number is presented for informational purposes only. Copart makes no representations as to the validity or accuracy of the listed repair cost.

8. Pure Sale

When there is no minimum bid or reserved price, the vehicle will be awarded to the highest bidder during the virtual auction.

9. On Approval

This term is used when the seller has reserved the right to approve the final high bid achieved during the Virtual Auction. Every Seller has until 5pm PT one business day after the sale to approve the bid. The highest bidder purchases the vehicle if released by the seller within the approval period.

10. Reserve Price

This term is used when the seller has placed a reserve price on the lot. Every Seller has until 5pm PT one business day after the sale to approve the bid. The highest bidder purchases the vehicle if released by the seller within the approval period.

Have you ever bought a car from an online car auction? Tell us some other terms you think are vital. art

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