Copart Gets Patent For Innovative Online Auction System

Copart Gets Patent For Innovative Online Auction System
Daily Republic staff | | January 23, 2008 16:40

FAIRFIELD - Copart Inc. today announced it has been issued a patent that covers and protects certain processes employed by its online auction platform, VB 2. The patent from the U.S. Patent Office is No. 7,315,832.

The online auction platform for used and salvaged automobiles consists a preliminary bidding process that allows bidders to access auction items and submit bids during a pre-established time period, followed by a real-time virtual auction session, according to a Copart press release. It allows buyers to gauge the interest in a vehicle and the price range before the virtual action is conducted.

'We believe VB 2 has had a tremendous impact on the success of Copart,' Willis Johnson, chairman and CEO of Copart, stated in the press release.