Copart Acquires Salvage Parent, Inc.
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.”
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.
Deana Lott, 972-391-5094
Assistant to the Chief Financial Officer
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