Online vehicle auction company Copart this week launched its proprietary product suite with enhanced digital offerings that the company says make selling vehicles through Copart more cost-effective, convenient and efficient, especially for finance and insurance companies that must deal with total-loss units.
The product suite is called Copart Max, and one of its offerings is Preliminary ProQuote. That is Copart’s proprietary predictive vehicle valuation tool. With the tool, Copart says insurers are empowered to make total-loss determinations more quickly, informed by a preliminary pre-accident and post-accident vehicle valuation estimate.
With the Preliminary ProQuote tool, insurers can make total loss decisions earlier in the claims process, including at first notice of loss, to expedite claims processing and reduce costs.
Another part of the product suite is a customizable tool that provides exterior and interior HD 360° views. It also provides with the manufacturer build sheet, and HD images of vehicles for Copart’s sellers. Copart says it can provide an accurate, 360-degree view of vehicles, and it can eliminate adjusters’ need to inspect vehicles in person. It provides the tools for “accurate and efficient vehicle evaluation,” according to Copart.
An additional Copart Max tool is called E-Signature, or E-Sign. Sellers using the tool can generate and send state-approved documents, such as power of attorney and odometer disclosures, to vehicle owners for electronic signature.
Copart says reduced costs, better compliance, quicker turnaround and increased customer satisfaction are the benefits of E-Sign to its sellers. The company said that with its support of various regulatory and legislative bodies, E-Sign has been adopted in 20 states. Most recent adoption was in Ohio, with adoption from additional states expected soon.
Loan Payoff with Letter of Guarantee, or LOG, is another part of Copart Max, and with that tool, sellers can digitally obtain real-time payoff quotes with per diem, and to request letters of guarantee. Copart launched its loan payoff and LOG program in 2019 and says it helps save time and resources for insurance carriers and lenders.
Another Copart Max tool is Loan Payoff with Integrated ACH Payment, which facilitates the online exchange of loan payoff quotes and letters of guarantee and accepts ACH payments for supported lenders.
That makes paying for vehicles more efficient and convenient for vehicle sellers and finance companies, Copart said.