DUBAI, UAE, July 4, 2016 /PRNewswire/ --
Copart, Inc. (NASDAQ: CPRT) is a leading online re-marketer
of vehicles, selling more than 2 million vehicles per year globally
and with more than 180 facilities across the world. A large number
of those vehicles are traded and shipped across the globe, with a
significant number coming into the UAE, for local use or
potentially for further export in the region or into Africa. Vehicle trading is a large and
thriving industry in the UAE, making Dubai and Sharjah the hubs of used car trading for the
region and beyond, contributing to the local economy
enormously.
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Vehicle trading has grown to a very large scale and is in need
of further regulation, to ensure that the correct quality of
vehicles are entering and staying in the UAE, ensuring best
standards and removing the risks that come from consumers buying
sub-standard vehicles unknowingly. Copart, in coordination with
the Emirates Standardization and Metrology Authority (ESMA),
would clarify that the new regulations for imported used cars will
improve the safety and quality aspects of these products and will
assure limited economic impact on traders.
To do so, ESMA has taken into consideration the interest and
feedback of consumers, experts, used vehicle dealers and one of the
world's largest vehicle auction companies for the re-marketing of
vehicles, Copart.
While ESMA continues to establish clear standards that will
regulate the import of used vehicles, Copart has received
assurances that EMSA's intent is not to ban the import of all used
or damaged vehicles. Instead, it has been communicated to Copart
that ESMA's aims are to:
- Ensure that only vehicles that are deemed safe/roadworthy can
be registered in the UAE.
- Not impact products imported for the purpose of re-export and
that will not be registered in the UAE traffic system.
- Classify vehicles into clear categories, to allow consumers to
choose wisely from the available inventory that comes from
overseas.
- Offer a platform to local consumers, whereby they can check
online to see if the vehicle can be registered in the UAE or not,
prior to buying it.
- Inform the public about the new regulations prior to
implementation and provide a proper grace period for vehicles
already in the country.
Copart wishes to reassure its own customers, that the purchasing
of vehicles from abroad is still permitted and that at some point
in the future, if they are for repair and registration/sale into
the UAE, then they will need a clearance certificate first.
ESMA and Copart will continue to work diligently to support the
UAE's thriving motor industry as well as to protect UAE consumers,
whilst ensuring that businesses continue to flourish following the
established new standards.
Copart Middle East Corporate Regional Office
Carlos Sabugueiro
CEO - Middle East &
Africa
carlos.sabugueiro@copart.com
+971-(0)4-459-2700