Virtual Internet Exchange (VIX)
Repossessed and total loss vehicles for auction
Virtual Internet Exchange Member Overview
In the United States, 600,000+ vehicles declared total losses each year by the insurance industry are retained by the vehicle owner without going through a process that allows salvage professionals an opportunity to purchase these vehicles. In addition, hundreds of thousands of vehicles are repossessed each year by vehicle finance companies. These vehicles are typically subject to a redemption period during which the borrower/lessee may cure the default that led to the repossession. However, most repossessed vehicles are not redeemed by the owner and are subsequently sold at auction by the vehicle finance company to satisfy the borrower/lessee's financial obligations.
Copart, through its Virtual Internet Exchange ("VIX"), provides members the opportunity to bid on these cars, subject to the following:
VIX vehicles are still in the seller's possession at the time of bidding and may only be inspected using the images available on www.copart.com
The location of the Copart yard where the vehicle and title may be picked up by the high bidder will appear on the VIX online vehicle listing. VIX vehicles are sold "on-approval" using a sealed bid auction format. BID4U is not available for VIX vehicles. In the event of a tie between two or more bidders, the first bid received will be deemed the high bidder. Once submitted, bids can be increased, but cannot be lowered or retracted.
If a Member's bid has been accepted, the Member is obligated to purchase the vehicle, but only if Copart notifies the Member no later than 45 days after bid acceptance that the vehicle and title are available for pick up
Following notification, the Member will have the standard number of days allowed by the yard where the vehicle is located to pick up the vehicle before late-payment and storage fees apply.
If prior to the vehicle being removed from Copart premises, it is determined that items have been removed or replaced on the vehicle, that additional damage has occurred since the time the Member submitted his/her bid, and/or there is a title type discrepancy, the Member will have the option to purchase the vehicle at the original price or cancel the sale
Odometer readings that differ from the listed mileage by less than 2,000 miles do not qualify for transaction cancellation.
Copart will notify members whether a bid has been accepted by the Seller within three business days after the listed bidding period ends
Members may also view a list of their VIX Lots "Awaiting Approval" from the "My Bids" page, located under the "Bid Status" tab of www.copart.com.
If Copart notifies the Member more than 45 days after bid acceptance that the vehicle and title are available for delivery, the Member may either (i) cancel the sale, or (ii) pay for and take delivery of the vehicle
The information provided above is for general informational purposes only
All VIX sales are governed by Copart Member Terms and Conditions.