Copart Expands Operations into Brazil
DALLAS--(BUSINESS WIRE)-- Copart, Inc. (NAS: CPRT) , a global live virtual vehicle auction company, today announced the acquisition of Central de Leiloes LTDA, located in Sao Paulo, Brazil. Central is a leading salvage vehicle auction company currently providing services to many of the leading automobile insurance companies in Brazil. Central serves the Brazilian market through five facilities located in Sao Paulo state. This acquisition provides the Company its first physical presence in South America.
"We are excited to enter the Brazilian market through the acquisition of a company with the status and history of Central de Leiloes," said Copart's CEO, Jay Adair. "The Brazilian automobile insurance market is growing at a robust rate as the economy continues to expand. We are excited to introduce our services and to enhance the existing service levels in Brazil as we have done in the United States, Canada, the United Kingdom and the United Arab Emirates."
"We believe that there are insurance companies throughout the world who can benefit from the unique value we offer," continued Mr. Adair. "We will continue to pursue the opportunity to serve them."
Copart, founded in 1982, provides vehicle sellers with a full range of remarketing services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and, in some states, to end users. Copart remarkets the vehicles through Internet sales utilizing its patented VB2 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships and others as well as cars sourced from the general public. The company currently operates 162 facilities in the United States, Canada, the United Kingdom, Brazil and the United Arab Emirates. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. For more information, or to become a member, visit www.copart.com.
FORWARD LOOKING STATEMENTS:
This press release contains forward-looking statements within the meaning of federal securities laws, and these forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the "Management's Discussion and Analysis" and the other risks identified in Copart's latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.
Deana Lott, 469-374-2801
Assistant to the Chief Financial Officer
KEYWORDS: United States Brazil North America South America Texas
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