Published: 07/27/2016
DALLAS (July 27, 2016) - Copart, Inc. (NASDAQ: CPRT), a global online vehicle auction company, is proud to announce the opening of its first total loss vehicle storage and processing facility on mainland Europe as well as the first real time online auction of those vehicles in Spain. The auction was hosted on Copart Spain’s new website that provides enhanced Member features and hosts car auctions using Copart’s VB3 technology. The new facility is located in Algete, on the outskirts of Madrid.
“Opening our first location in Spain is great news. It enables us to bring the benefits of the Copart model to Spain, joining a growing list of countries in Europe where the Copart model has already been adapted with great success,” said Nigel Paget, Copart’s Chief Executive Officer - Europe. “Through our subsidiary, Autoresiduos, we have several years’ of experience in the Spanish market, and we are looking forward to further growth in the country,” said Paget.
In Spain, the policyholder currently retains ownership of their vehicle after it is deemed a total loss, and is responsible for its ultimate disposition. The Copart model offers insurance companies and policyholders an alternative to how they have previously disposed of the vehicles. Selling through Copart’s online auction platform generates competition amongst buyers by leveraging Copart’s more than 750,000 Members globally. Members from more than 40 countries have visited Spain’s new website in the first month since it launched.
In conjunction with Spain’s first online auction, Copart launched the Member mobile application and mobile site in Spain and India. This provides Copart Members in these markets the opportunity to enjoy a convenient and seamless auction experience using a mobile device.
“Not only is this an exciting milestone for Copart, but it’s also exciting for Spain. The Copart model is the first of its kind in Spain, and it will revolutionize insurance auto sales,” said Vinnie Mitz, President of Copart.
Copart operates in eleven countries, including the United States, the United Kingdom, United Arab Emirates, Bahrain, India, Sultanate of Oman, Spain, Canada, Brazil, Germany, and the Republic of Ireland.
“This is a big year for Copart on the international stage. Just last month we hosted our first online auction in the Republic of Ireland, and now we’re live in Spain,” said Jay Adair, CEO of Copart. “We are excited about the expansion of our global footprint.”
To learn more about Copart Spain, please visit www.copart.es.
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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 using its VB3 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships and others as well as vehicles sourced from the general public. The company currently operates in the United States (www.copart.com), Canada (www.copart.ca), the United Kingdom (www.copart.co.uk), Brazil (www.copart.com.br), Germany (www.copart.de), the United Arab Emirates, Bahrain, and the Sultanate of Oman (www.copartmea.com), Spain (www.copart.es), the Republic of Ireland (www.copart.ie), and India (www.copart.in). Copart links sellers to more than 750,000 Members in more than 150 countries worldwide through its multi-channel platform. In 2015, Copart was ranked at the top of Deloitte’s “The Exceptional 100” list of companies, which reviewed U.S. publicly traded companies based upon a multidimensional approach to measuring financial performance. For more information, or to become a Member, visit www.copart.com.
