Copart Expands Operations into Spain
DALLAS--(BUSINESS WIRE)-- Copart, Inc. (NAS: CPRT) today announced the acquisition of Autoresiduos S.L., located in Cordoba, Spain, a salvage valuation and marketing platform primarily serving the insurance markets in Spain. The Autoresiduos platform brings together buyers and sellers of salvage vehicles.
The valuation of salvage vehicles by Autoresiduos helps determine the ultimate amount of the claim payment to policyholders and is an integral part of the claim settlement process in Spain. Copart looks forward to developing and enhancing the Autoresiduos platform and providing enhanced values for vehicle sellers, many of whom are already Copart customers elsewhere in the world.
CEO A. Jayson Adair commented, "This is another exciting step in the growth of Copart. Autoresiduos is a great business and market leader in Spain. We believe that there are significant opportunities to enhance the service provided to Spanish insurers and increase the value Autoresiduos provides for them. We look forward to the future with Autoresiduos."
Autoresiduos will become part of Copart's European operations which is headquartered in the United Kingdom.
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 204 facilities, with operations in the United States and Canada (www.copart.com), the United Kingdom (www.copart.co.uk), Brazil (www.copart.com.br), Germany (www.copart.de), the United Arab Emirates (www.copart.ae) and Spain (www.autoresiduos.com). Copart links sellers to more than 750,000 members in over 140 countries worldwide through our online multi-channel platform. For more information, or to become a member, visit www.copart.com.
Deana Lott, 972-391-5094
Assistant to the Chief Financial Officer
KEYWORDS: United States Europe North America Spain Texas
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