Copart has a filter called "Pure Sale". Copart describes vehicles in this category and I quote:
"There is no minimum bid or reserve price. The vehicle will be awarded to the highest bidder at the close of bidding during the virtual auction".
Sounds real straight forward doesn't it? Not so fast! I followed several desirable vehicles from the time they first appeared under the "Pure Sale" filter until they ostensibly "sold". At first, the auction date stated "Future". Under "Current Bid" there was $0, as you would expect. An "estimated retail value" appeared as well. Then, out of nowhere, a "Current Bid" of between 20% - 50% of that" estimated retail value" appeared!
A $6,100, $8,800, $10,200, $22,600 appears as the first bid! Who does that in an auction where there's NO minimum or reserve bid..... Huh!
Let's say a 2017 Porsche Macan with 5,000 miles is placed with Copart. The insurance company says "no reserve, no minimum" just move it. Copart places the vehicle in the "Pure Sale" category with a future auction date and an "estimated retail value" of $52,000.00 and a "current bid" of $0. Soon after with zero/nada/no incremental bids the first "current bid" becomes $22,000.00!
Who does that???
I can come up with 3 explanations.....
Product or Service Mentioned: Copart Auto Auction Bidding.