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Copart Converts All Salvage Facilities to Virtual Bidding Second Generation (VB2) System

December 04, 2003

Copart, Inc., announced on Dec. 2, that all of its salvage facilities have been converted to Virtual Bidding Second Generation (VB2), the company's new patent-pending auction methodology. VB2 technology eliminates the traditional live auction and replaces it with an Internet-only auction, which combines two bidding processes: preliminary bidding, followed by a virtual auction.

Buyers from around the world can preview and bid on the vehicle at Buyers enter the maximum price they are willing to pay for a vehicle, and VB2 BID4U will incrementally bid the vehicle on their behalf. Buyers can come to a Copart facility for three days prior to the virtual auction and preview vehicles and enter preliminary bids at bidding stations located in the lobby of each facility. Local buyers and Internet buyers compete in preliminary bidding until one hour prior to the start of the Internet-only virtual auction.

During the virtual auction, Copart's web server conducts the auction. Buyers participate in the virtual auction by logging onto Copart's Web site and opening an auction window. When the virtual auction starts, digital images of the vehicle are displayed along with the current high bid from the preliminary bidding process. Any virtual buyer can then increase the bid on the vehicle. VB2 BID4U represents the high preliminary bidder during the virtual auction. When bidding on the vehicle stops, a countdown is initiated. If no bids are made during the countdown, the vehicle is sold to the highest bidder.

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