Copart Announces Opening of First Location and Online Auto Auction in Germany
September 12 2016 - 9:00AM
Business Wire
Germany marks 10th country where Copart model
has been implemented
Copart, Inc. (NASDAQ:CPRT), a global online vehicle auction
company, is proud to announce the opening of Copart’s first German
vehicle storage and auction location in Bad Fallingbostel, near
Hanover.
“This is an incredible milestone for Copart. We are now offering
the full Copart model to the German market, the tenth country in
which our model has been implemented,” said Vinnie Mitz, President
of Copart. “We have run a series of demonstration auctions in
Germany to confirm that our new technology meets the stringent
requirements of this market.”
Since initially entering the German market through the
acquisition of Wreck Online Market (WOM), Copart has been focused
on producing a first of its kind system that adheres to the
rigorous demands of the German and pan-European markets in terms of
legislative requirements and the German insurance industry’s Code
of Conduct.
“We have several years of experience in Germany through our
subsidiary, WOM, and the growth of that business has been
impressive in recent years,” said Nigel Paget, Chief Executive
Officer – Europe. “The Copart model has been adopted with great
success elsewhere in Europe, and we look forward to bringing the
benefits of that market-leading approach to Germany.”
The Copart model offers insurance companies and policyholders in
Germany a new option for handling salvage vehicles as an
alternative to the primary approach currently utilized by insurers
in continental Europe, which places the responsibility for
disposing of a total loss vehicle on the policyholder. Selling
through Copart’s online auction platform generates competition
amongst buyers by leveraging Copart’s more than 750,000 Members
globally. In the two weeks leading up to Copart Germany’s last
demonstration auction, more than 10,000 visitors from more than 100
countries visited Copart.de to preview auction inventory.
“We are happy to report that we have succeeded on all fronts and
are now fully operational and are actively engaged with the German
insurance market to grow our volumes and pursue additional
expansion opportunities,” Mitz said.
The Copart model has already been successfully implemented in
nine other countries including the United States, the United
Kingdom, the Republic of Ireland, Canada, Brazil, India, the United
Arab Emirates, Bahrain, and the Sultanate of Oman.
To learn more about Copart Germany, please visit
www.copart.de.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160912005781/en/
CopartMichelle Hoffman, 972-391-5082VP of
Marketingmichelle.hoffman@copart.comLindsay Williams,
972-391-5112Internal/External Communications
Managerlindsay.williams@copart.com
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