Copart Expands Operations Into Germany
DALLAS--(BUSINESS WIRE)-- Copart, Inc. (NAS: CPRT) , a global live virtual vehicle auction company, today announced the acquisition of WOM Wreck Online Marketing Aktiengesellschaft, located in Ettlingen, Germany, a leading European salvage vehicle auction platform primarily serving the insurance markets in Germany. The WOM platform brings together buyers and sellers of salvage vehicles.
Copart looks forward to developing and improving the WOM platform and providing enhanced values for vehicle sellers, many of whom are already Copart customers elsewhere in the world.
WOM will become part of Copart's European operations headquartered in the United Kingdom.
"Copart is excited to enter the German market, which is the world's fourth largest auto market, and is a key element of our European expansion. Following our recent entries into the UAE and Brazil, the addition of Wreck Online Marketing is another crucial step in our global strategy," said Copart's CEO, Jay Adair. "We are very pleased to welcome Wreck Online Marketing to the Copart family and look forward to bringing our expertise in vehicle remarketing to Germany and across Europe as we continue to provide our unique value proposition to insurance companies throughout the world."
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.
KEYWORDS: United States Europe North America Germany Texas
The article Copart Expands Operations Into Germany originally appeared on Fool.com.