You No Longer Have to be a Dealer to Buy Vehicles at Auctions
Many people prefer used or salvaged cars because they are cheaper than buying new. These cars are cheaper at an auction compared to a dealership. Unfortunately, many auctions require that you have a dealer license. Copart was created to solve this problem. Copart is one of the most respected companies online and offline to buy vehicles via auctions. Copart is basically an auction website and has services in the United States and abroad. Some people think they need a dealers license to purchase through Copart, but this is not true. Copart has many categories to purchase vehicles to include with and without a license.
How to Join Copart
To purchase vehicles through Copart, you must be a member. You can sign up on their website or on a mobile device. It is a simple process that requires basic information and credential selections. There are two types of membership choices Basic and Premier. The Basic account is ideal for consumers who plan on purchasing a single vehicle. The Premier option is designed for dealers or people who plan on buying in bulk.
Once you join, Copart has to make sure you have the funds to place bids. This is done by requiring an initial deposit of $1000. This also represents the maximum amount of money you can bid for a vehicle. If you want to purchase a higher valued car, you have two options: Upgrade to a Premier account or deposit more money to your Basic account. The amount of money you add is 10% of your bid amount. For example, if you bid $4000, your deposit would be $400.
How to Buy From Copart Without a License
Copart has two options if you don’t have a business license. The first is to acquire a business license. Copart will help you through this process, but it is difficult and not ideal for everyone. The second is to choose a Copart recommended broker. This is the ideal option. Brokers have a business license and can assist you in purchasing a vehicle. It is best to find the vehicle you want before contacting a broker.
Finding the Car You Want
Searching for the vehicle you want will primarily be based on personal taste. Copart has excellent filters so that you can narrow down your choices. It is also helpful to monitor the bids from the competition. This allows you to move on if the bid gets too high. There are some important things you want to consider before bidding such as a type of damage, type car, and legal title.
This process does not happen overnight, but once you are in the auction you can begin bidding. First, find a vehicle you like and click on the entry to go to the auction page. Second, you will place a bid within your deposit range. Like any auction, the highest bidder wins. If you win the bid, you will pay for the vehicle through your broker.
Copart was founded in 1982 in Vallejo, California. The company moved its headquarters to Dallas, Texas in 2012. The 2017 financials for the company are listed below:
- Revenue: $1.45 billion
- Operating income: $461 million
- Net income: $394 million
- Total assets: $2 billion
- Total equity: $1.1 billion
- Employees: 5,323
- Locations: Over 190