Published: 28/09/2022
Are you new to Copart, or need a refresher on our bidding process? Look no further!
Types of Bids
Once you’ve found the vehicle you want, and you’ve completed your additional research, it’s time to start bidding. If you’re new to Copart, you might wonder how bidding works, so we’ve broken down the different types of bids below.
Is the bid increment amount always the same?
No, the increment amount varies according to the current bid value. Subject to change, the increments are based on the following bid values:
Preliminary Bid
With Pre-Bids, you can enter your maximum bid for the vehicle prior to auction. If you place the highest pre-bid, we will place incremental bids on your behalf during the live auction. If no other bidder submits a higher bid during the live auction, you could win the item.
If you are unable to attend the live auction or would like to bid on multiple vehicles, preliminary bidding is a perfect option for you.
Buy It Now
Buy a vehicle immediately for the price listed by the Seller. This option is only available on selected vehicles. Alternatively, you can ‘Make an Offer’.
Ideal for those who can’t attend the live auction, or do not want to wait for the live auction to begin. ‘Buy It Now’ allows you to lock the sale price and complete the transaction on the same day.
Live Bid
Input your own bid amount or use the incremental bid options provided. There is also an option to place a ‘Monster Bid’, where you place a bid one or more over the current bid amount.
With live bidding, you get to experience the fun and excitement of a live auction from the comfort of your own home or office. Not only is the process fast, but you also have greater control of your bids which could increase your chances of winning!
Counter Bid (after the auction)
If a vehicle is sold with a ‘Minimum Bid’, or ‘Bid to be Approved’ requirement, the Seller has the opportunity to counter bid the highest bid placed at auction. The Member with the highest bid can then choose to accept, decline or respond with their own counter bid.
Rather than miss out on your favourite Lot, counter bidding gives you the opportunity to negotiate a winning bid with the Seller.
Mistyped Bid
At Copart all bids are final, so it’s important to make sure that you are happy with your maximum bid price before bidding at auction.
Submitted the wrong maximum bid value by mistake? Edit your bid amount using our ‘Mistyped Bid’ button. The maximum bid price that you are amending to can’t be lower than the current bid amount.
For more information on bid types, visit our Support Centre.
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