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In the United States, auto auctions play a major role as a wholesale market for second-hand vehicles. Most states only allow closed auctions, meaning only dealers can use them. [6] As of 2018, there were 139 used car-auction sites in the US open only to car dealers. [7]
Mecum Auctions was founded in 1988 by Dana Mecum, [1] a car enthusiast whose father operated a dealership in Marengo, Illinois. [ 2 ] [ 3 ] Dana Mecum initially bought 40 semi-trailer trucks in the 1980s, and traded 10 of them for four houses which he rented out.
Copart provides vehicle sellers with a range of services to process and sell repairable and clean title vehicles over the internet, using its patented virtual auction technology, named VB3, as well as others of its auction-related brands. Copart is a public company and is traded on the NASDAQ under the ticker symbol CPRT and has been named to ...
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Jackson added vendors and live entertainment to the auction events. Barrett-Jackson saw increased popularity when the Speedvision network, later Speed Channel, began broadcasting the auctions in 1996. It was the first collector car auction to be televised, and coverage has since continued across several channels.