Copart Acquires Salvage Parent, Inc.
Copart Acquires Salvage Parent, Inc. Business Wire DALLAS -- May 30, 2013 Copart, Inc. (NASDAQ: CPRT) today announced that it has acquired Salvage Parent, Inc., which conducts business primarily as Quad City Salvage Auction, Crashed Toys, and Desert View Auto Auction. Combined, these businesses operate at thirty-nine locations in 14 states. Quad City Salvage Auction operates 23 facilities in 10 states, primarily in the north-central and northeast US, and stores, processes and auctions predominantly salvaged cars on behalf of the insurance industry. Crashed Toys operates 10 facilities in 6 states, primarily in the north-central US, and stores, processes and auctions salvaged motorcycles, boats, jet skis and other power sport crafts. Desert View operates in 6 facilities, all of which are in California, and stores, processes and auctions charity cars. “Quad City, Crashed Toys, and Desert View have become major contributors in the salvage, specialty, and charity auction industries,” said Copart’s Chief Executive Officer Jay Adair. “We are extremely happy that they are now part of the Copart family. We intend to provide the resources needed to continue the improvement of their products and services and we are excited to have their management team on board.” ”We are very excited about teaming up with Copart,” said QCSA Chief Executive Officer John Lindle. “When it comes to technology innovation and their experienced management team, the decision to pick Copart was obvious.” About Copart: 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 203 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) and the United Arab Emirates (www.copart.ae). 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. Contact: Copart, Inc. Deana Lott, 972-391-5094 Assistant to the Chief Financial Officer email@example.com