I've never heard of a Tibbi brand kart and I didn't find any info with a google search.
The Nerf bar design tells me that chassis was most likely manufactured before 2000, so It probably wouldnt ever be very competitive against newer chassis at a race kart track.
Just from the pics/info that seller posted, I feel its value is somewhere in the $500 to $750 range. If your just looking for a kart to play around riding on parking lots and stuff I'd suggest you buy one that has a recoil start engine instead of a KT100 that requires the use of an outboard electric starter. (Its kinda difficult to start and ride them by yourself...)