Copart, Inc. (NASDAQ: CPRT), a leading real-time online vehicle auction company, today announced the acquisition of Ride Safely Middle East Auction, LLC located in Dubai, UAE. This acquisition will serve as the headquarters for its operations in the GCC (Gulf Cooperation Council) which includes the countries of Kuwait, the Kingdom of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain and Oman. The UAE is the second largest international destination for cars sold from Copart’s North American yards.
“With an existing buyer base in the region that is familiar with Copart,” said Copart’s CEO, Jay Adair, “the decision to enter the UAE market was an easy one. We feel this entry will bring significant value to our customers in the United States and the UAE. This location will allow Copart to offer payment processing and shipping services, as well as recruit buyers from the GCC.”
“Copart is a unique company,” continued Mr. Adair, “we sell to buyers all over the world, in over 100 different countries, so when we expand operations across the globe we expand the buyer base for our yards worldwide.”
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 patented VB 2 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 156 facilities in the United States, Canada, the United Kingdom, and the United Arab Emirates. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. For more information, or to become a member, visit www.copart.com.FORWARD LOOKING STATEMENTS: 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.
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