It’s such a cool thing that Internet technology has made it a breeze for Nigerians to buy cars from auto-auction sites overseas. These sites, including Auctionexport, Copart and others, make it possible to call the bluff of local car dealers and truly land the car of your dreams, as you can buy cheaper and better.
However, with every advancement comes obligations, and there are real issues to deal with when you undertake to have your car-shopping spree online. Apart from challenges that usually accompany ecommerce and e-transactions, the auto-auction system poses its own peculiar demands.
Copart is a foremost online destination for Nigerian car lovers and potential owners looking to buy autos via online auction. Nonetheless, you may find yourself at sea if you are not conversant with the usual slangs used on the site. It is beneficial to keep abreast of developments in the auto industry through Naijauto’s News Section.
Copart is a great place to get your dream car
And today, Naijauto brings you 10 common car auction jargons that you need to understand to successfully bid on and purchase a car on Copart:
1. Run and Drive
On Copart this term signifies that the vehicle has been tested and it is certified that the engine starts and that the vehicle can move. Basically this is verification that the car is in at least minimal working condition. This does not mean that the car is in good working order. Buyers on Copart, as with other auction sites, need to make sure of the general condition of the vehicle they are buying. You will need to conduct proper research and VIN (vehicle inspection number) checks to thoroughly ascertain the value of the car.
>>> Find out how to get auction cars in Nigeria here.
2. Engine Start Program
Engine start program refers to a car with an engine which started successfully when switched on at Copart. It also means the engine ran at idle for a while. Engine start program is not a guarantee that the car is good to go however. The buyer needs still to do his or her due diligence. A vehicle so certified is an indication of at least minimal engine functionality.
3. Enhanced Vehicle
Enhanced vehicles refer to cars and other vehicles that have received some sort of vehicle care from Copart at the request of the owner. Enhanced vehicles may have received cleaning or some slight repair in order to increase the vehicle’s apparent value.
All repairs, cleaning, polish, and enhancement services done under this program do not qualify a car as being in perfect condition, or even that such repairs were performed satisfactorily. Enhanced vehicles are so polished to basically look more presentable. You ought to find out the true state of the car. Look at this how to buy a Tokunbo car guide to see ways to ascertain a car’s true value.
Not all that glitters is auto-gold, so you need to shine your eye
4. Seller Certified
Seller Certified is a term that guarantees buyer satisfaction by the seller of the car. Seller certified cars may be rejected by the buyer upon inspection at the point of purchase, or at any point in the sale. When a buyer halts the purchase process as a result of a perceived problem with the car, she or he is not liable to any fees or penalties concerning the sale.
However, once the buyer removes a seller certified car from Copart’s lot, it is deemed that the car is taken and accepted “as is.” The buyer needs to make absolute certain of the car before the move is made to remove it from the Copart lot.
5. Current Bid
Current Bid is a slang that signifies the highest bid for a particular vehicle at a given time. Highest bids are subject to change from time to time as bids change. The car will usually go to the highest bidder at close of auction.
Any bid placed prior to the main bidding period is a pre-bid. This pre-bid is the preliminary bidding that leads up to virtual “live” auction. It usually happens an hour before the live auction. You can place a bid online from any location or physically through terminals or kiosks on Copart lots.
Copart- Eeryhing you need to know before buying
7. Repair Cost
Repair Cost is the cost of any repair to the car as submitted by the seller. The repair cost may not be realistic, and real costs to effect the same repairs may vary widely. It is important to determine the true costs of repairs by conducting some independent research yourself. Copart generally assumes no responsibility for the veracity of submitted repair costs.
8. Pure Sale
Pure sales are a result of an auction for which there is neither a reserve price nor a minimum bid. The car on auction will usually go to the highest bid.
9. On Approval
Sometimes a seller may choose to withhold final sale of the car until he or she gives approval after the virtual live auction. When such is the case, the car is “on approval.” Going by Copart rules, the seller usually has until 1700 hours the day after the auction to give approval provided it is a business day. The highest bidder gets the car when the seller does give the final approval.
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Knowing how to work the system is key to success on Copart
10. Reserve Price
Reserve Price refers to a situation where the car seller places a reserve price on the lot. The seller is given up to 1700 hours (5 pm) one business day after the end of the virtual live auction. The car, when released by the seller, goes to the highest bid of the auction.
Find success wth knowledge of these Copart slangs.