Copart's First Location in India
Mumbai (June 12, 2014) – Copart, Inc. (NASDAQ: CPRT), a leading online salvage vehicle auction company, today announced their entry into India through their fully owned subsidiary, Copart India Private Limited, which is headquartered in Gurgaon, Haryana.
"We are excited to enter the Indian market through Copart India Private Limited,” said Copart's president, Vinnie Mitz. "The Indian automobile market is growing at a robust rate as the economy continues to expand. We are excited to introduce our services to auto insurance companies, banks, NBFIs and fleet operators as we have done in the United States, Canada, the United Kingdom, Brazil, Germany and the United Arab Emirates."
"We believe that these companies throughout India will benefit from the unique value we offer," continued Mr. Mitz. "We will continue to pursue the opportunity to serve them and enhance our value proposition. After opening our first yard near New Delhi, we plan to expand to several locations across India, allowing for the safe and secure storage of vehicles across the nation. This national coverage will offer buyers a unique bidding opportunity and help drive the marketplace forward."
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 VB3 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 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.
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.