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Copart Gains On Exclusive Allstate Contract

By Aja Carmichael Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Shares of Copart Inc. (CPRT) rose Tuesday after the car-auction company said it earned an exclusive national contract to be the salvage auction provider for auto insurer Allstate Corp. (ALL). Copart said the agreement with Allstate is poised to further establish its VB2 online-auction service, through which more than 7 million vehicles have been sold. Copart provides vehicle sellers with services to process and sell salvage vehicles. It uses its VB2 technology to remarket vehicles through Internet sales. CJS Securities analyst Robert Labick raised his rating on the stock to market outperform from market perform and called the deal a "big win" for Copart as the deal shifts all of Allstate's salvaged vehicles to the company. In recent trading, shares of Copart were up 4.9% to $35.36. The stock hit an intraday high of $35.58 and has risen 4.4% in the last three months. Meanwhile, shares of competitor KAR Auction Services Inc. (KAR) were down 2.8% to $14.35. Labick said Copart's deal provides incremental volume, which is the unit of salvaged vehicles auctioned, at time when volume in the industry is decreasing. He estimates that deal could add about 180,000 cars to Copart's volume, increasing its total volume by over 15%. He said the deal also suggests KAR Auction's Insurance Auto Auction business, which represents 35% of its total business, will decline. He added KAR Auction was already expecting modest growth in volume but with Copart's new partnership, it's believed that KAR Auction's will lose some business. Representatives from Copart and KAR Auction couldn't be reached for comment. -By Aja Carmichael, Dow Jones Newswires; 212-416-2187; aja.carmichael@dowjones.com

Stock News for Copart (CPRT)
DateTimeHeadline
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:41:19JANA Ptnrs 3Q 13F: Holdings As Of Sep 30
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of -2-
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:18:57Farallon Capital Management 3Q 13F: Largest Purchases
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11/15/201308:12:59Fidelity Management & Research Co. 3Q 13F: Largest Eliminations
11/15/201308:12:48Fidelity Management & Research Co. 3Q 13F: -2-
11/15/201308:12:48Fidelity Management & Research Co. 3Q 13F: Largest Sales
11/15/201308:12:48Fidelity Management & Research Co. 3Q 13F: Largest Purchases
11/15/201307:07:30Two Sigma Investments 3Q 13F: Largest Eliminations
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Eliminations -2-
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Purchases
11/15/201307:07:27Two Sigma Investments 3Q 13F: Largest Sales
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest Purchases
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest -2-
11/15/201306:39:14CR Intrinsic Investors 3Q 13F: Largest Eliminations

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