Copart Expands Operations Into Germany
DALLAS -- November 12, 2012
Copart, Inc. (NASDAQ: 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
“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 recententriesinto 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
vehicleremarketingto Germany andacross Europe as we continue to provide our
unique value proposition to insurance companies throughout the world.”
To learn more visit www.wom.ag or www.copart.de.
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
VB^2 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,
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
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