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Online technology makes purchasing salvage easier than ever.
Two pieces of prime salvage have just been put up on the auction block at the same time. Both pieces would be ideal additions to your local reycler’s growing inventory.
But the problem is that one auction is in Toronto, ON and the other is in Rochester, NY. The recycling facility has only one buyer and she can’t be in two places at the same time. Or can she? n the past a decision would have to be made about which vehicle was more important to place a bid on, and send the buyer out to that particular auction.
Open marketplaceHowever, in this case, the buyer can place a bid on both vehicles without having to leave the shop, as they are both available online from Copart using their patented VB2 online auction technology.
“It’s really opened up the marketplace,” says Mike Labanovich, Copart’s Canadian Regional Account Manager.
With 122 salvage facilities across North America, Copart is the largest salvage auction company in the world, selling more than one million salvage vehicles a year worldwide.
All this started in 1982 when Copart’s CEO and founder Willis Johnson purchased a salvage facility in California.
Over the next few years, Copart grew steadily and rapidly expanded to multiple facilities across the United States. In 1994 Copart made the leap to becoming a publicly traded company, and eventually expanded into Canada.
Along the way, Willis has transformed Copart from an auction company into a technology company. The key has been Copart’s development of its VB2 auction software enabling buyers to purchase salvage from the comfort of their own offices. Gone are the days when you have to stand out in the sun, snow, or rain to buy salvage vehicles.
Now, a buyer sitting in Texas can go online and bid on a truck in New York at the same time they are bidding on a car in Seattle. VB2 is virtually everywhere, eliminating the challenges of geography.
It is this kind of entrepreneurial spirit that has helped transform Copart into a $2.4 billion company. Copart went to a full virtual model in 2003 and has been going full speed ahead ever since. The company calls itself change-centric, because it continually adapts to the needs of their customers.
“We have really simplified the process for our buyers with the VB2 product, but I think it’s the products and services we supply to the insurance companies selling these cars that really sets us apart,” says Mike.
While Copart has continued to grow over the years so has their vault of online products. VB2, Real-Time Reporting, Seller Profile, Online Bid Approval, Interactive Counter Bidding, VIX (Virtual Insured Exchange), and Interactive Clear for Pickup, are just a few examples of the innovative products Copart has built to suit the needs of their customers, both buyers and sellers.
Perhaps one of the secrets behind Copart’s success has been the work ethic and dedication demonstrated by Willis Johnson, who arrives to work every day between 5:30 - 6:00 a.m. constantly thinking of new ways to take his company ahead into the future.
For more information on Copart and VB2 online auction technology, please visit www.copart.com.
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