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Letter to the Editor
Monday January 10
Copart Announces VB2 Internet Tech Demo Auction
Copart, Inc. has 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 will be held on Friday, January 14th at 11:00 a.m. Eastern at www.vb2.com."Our online auction on January 14th is designed to enable buyers of all kinds to use our innovative VB2 technology, and experience its unique real-time bidding approach that has made Copart the nation's largest salvage vehicle auction provider with over one 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 six affiliated sites, to provide its proprietary VB2 auction technology for use in its auction process.
At the VB2 online auction on Friday, January 14th, 2005, more than 100 items will be available for purchase, including state of the art electronics, sporting goods, travel and leisure items, jewelry and contemporary art.
All items are available for "prebidding" immediately. To participate in the VB2 auction, buyers register at www.vb2.com where they will receive a $500 voucher toward their purchases at this auction. Copart's vb2.com web site includes photos and descriptions of each item.
Copart's proprietary VB2 (Virtual Bidding Second Generation) technology is a unique and innovative auction-style methodology for powering the sale of vehicles and merchandise over the Internet. It 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 powerful bidding processes: an open competitive Preliminary Bidding period followed by a Virtual Auction conducted exclusively over the Internet.
Johnson added, "Just as we have revolutionized the salvage vehicle auction industry with VB2, we will continue to explore opportunities to apply VB2 to other businesses. Utilizing a unique patent pending sequential auction process, VB2 facilitates the quick sale of merchandise via the Internet in an efficient manner. We believe VB2 is ideally suited to industries with a large number of goods for sale, with no fixed price."
Headquartered in Fairfield, CA, Copart operates more than 107 auto facilities throughout the United States and Canada.
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