FAIRFIELD, CA – Copart, Inc., a salvage vehicle auction provider, announced a technology demonstration auction showcasing its real-time VB2 Internet auction-style product – enabling buyers to bid on more than 100 items and to experience the features that have driven the success of VB2 in the salvage vehicle auction industry. The VB2 Tech-Demo Auction was held on Fri., Jan. 14.
“Our online auction on January 14 was designed to enable buyers of all kinds to use our innovative VB2 technology, and experience its real-time bidding approach with more than 1 million vehicles sold via the Internet in the last year,” said Willis Johnson, chairman and CEO of Copart. “In addition, businesses can see how easily large quantities of inventory are sold quickly utilizing VB2 technology.”
Copart is currently working with 44 wholesale vehicle auctions, including 6 affiliated sites, to provide its proprietary VB2 auction technology for use in their auction process.
At the VB2 online auction, more than 100 items were available for purchase, including electronics, sporting goods, travel and leisure items, jewelry, and contemporary art.
All items were available for prebidding. Participants received a $500 voucher toward auction purchases. Copart’s vb2.com Web site included photos and descriptions of each item.
Copart’s proprietary VB2 (virtual bidding second generation) technology allows buyers anywhere in the world to locate a desired item, preview it through digital images and technical data, and participate in real-time virtual auctions via the Internet. VB2 combines two bidding processes: an open competitive preliminary bidding period followed by a virtual auction conducted over the Internet.