The Growth Of Online Auto Auctions- A Look Into Copart, Inc.

Vehicle Remarketing

Basically, vehicle remarketing is the controlled disposal of a fleet of vehicles and leasing vehicles. Those vehicles have reached the end of their fixed term.

The vehicles are either purchased by the current driver, or other employees operating the fleet.

The business of remarketing vehicles has been a huge market over the last decade and a half. Millions of Americans and Non-Americans, purchase cars now through a digital screen.

The Beginning of Car Dealerships

The process of purchasing a car has pretty much been, the same, visit a lot, decide, do paperwork, drive off. Of course in this day and age, you can simply google what kind of car you want and then find the dealership. Either way, you end up at a car lot for the final process.

The way cars were served early on where through a variety of channels. They used department stores and travel representatives. It even included mail order.

The first car dealership established in the U.S., was back in 1898. It came by the way of William E. Metzger. Car dealerships have always had locations of buildings that housed just enough room for vehicles, a showroom, and mechanical service facilities. All car manufacturers didn’t agree with the dealership model early on in the car industry, especially Tesla. Who rejected the model of a dealership, they felt they couldn’t rely on a third party dealership to handle their sales. Being that the U.S. had franchising laws in almost every state, prohibiting direct manufacturer auto sales. New cars must be sold by a car dealership.

Tesla countered by opening up city centre galleries, where customers could view cars that can only be ordered online. It was said that Apple Stores inspired the idea. Tesla’s new dealership was new to its kind, and it rewarded them with great advantages.

Advantages Of Online Auto Auctions-CoPart, Inc.

Copart, Inc. was founded in 1982 by a guy named Willis J. Johnson. It began as a single savage yard in California. It is now headquarted in Dallas, Texas. Copart is the global leader in vehicle auctions.

Copart operates over 200 locations in 11 countries so far. They have over 120,000 cars available for auction everyday. Copart members usually bid on a multitude of cars from classics, early and late model cars, trucks and suv’s. Industrial vehicles are often bid on also. Annually, they sell around 2 million cars a year.

Copart is widely recognized in the industry. They have been rewarded for their excellent performance and service. They have earned places in Forbes under America’s Best Small Companies. They also grabbed the Confirmit ACE Award for exceptional service, three years in a row.

They have been recognized as one of Deloitte’s The Exceptional 100 List of Top Performing U.S. Companies. Copart, Inc went public on the stock market in 1994 (NASDAQ:CPRT). Recent news surrounding Copart, was the announcement in December of 2017, that they are expanding their location near Baton, Rouge.

In 1998, Copart became the first vehicle auction company with physical locations, that allowed buyers to submit proxy bids via internet. Three years later they brought in Virtual Bidding. It allowed members to compete online in a live auction.

2 years later, they developed Virtual Bidding 2, which was a second generation new auction style remarketing technology. 10 years later, in 2013, they revamped it again, coming with Virtual Bidding 3 (VB3). It gave buyers three different ways to bid, through mobile, tablet and online. Also has the feature of a multi-dashboard, which gave users the chance to participate in multiple auctions simultaneously.

Copart Auto Auctions, provides clean titles for their cars, trucks, and suv’s. You could even opt to sale your vehicle and they will buy it the same day.

You can also download their app from your Apple iOS or Android.

Copart comes with multiple features, especially when you become a member. Features include:

  • Monster Bidding
  • Circular Countdown Timer and In-Auction Audio
  • Regional Flags that represent High Bidders and Current Bidders
  • In-Auction Vehicle Detail and Display with Browsing
  • They sometimes have positions open to apply a job position with them
  • Tow Truck Drivers sometimes apply, because they tow around 2.5 million vehicles a year in all 50 states, including Canada.

You could apply as a certified inspector, if you choose to take that path. Find them at their website, or FB, Twitter, Instagram, LinkedIn, Youtube and Google+.

They ship internationally has well, from places like, Latin America, Northern Europe and Western Africa.

The fact is, online auto auctions are becoming more and more popular each year. Millions of consumers purchase their vehicles through CoPart or other online auctions. Auto Body Mechanics use online auctions on the regular. Most like to shop through CoPart, because of its flexibility and longevity. If you don’t mind driving, you could easily find vehicles within your range, and simply gas up and go pick it up. If you want a broader selection into vehicles, try looking into online auto auctions such as Copart, Inc.

Feel free to leave a comment below, and don’t forget to follow MillennialXeConomics.com or contact me at david@millennialxeconomics.com

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David Chandler

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