Copart, Inc. (NASDAQ: CPRT), a global live virtual vehicle auction company, today announced the acquisition of Central de Leiloes LTDA, located in Sao Paulo, Brazil. Central is a leading salvage vehicle auction company currently providing services to many of the leading automobile insurance companies in Brazil. Central serves the Brazilian market through five facilities located in Sao Paulo state. This acquisition provides the Company its first physical presence in South America.
“We are excited to enter the Brazilian market through the acquisition of a company with the status and history of Central de Leiloes,” said Copart’s CEO, Jay Adair. “The Brazilian automobile insurance market is growing at a robust rate as the economy continues to expand. We are excited to introduce our services and to enhance the existing service levels in Brazil as we have done in the United States, Canada, the United Kingdom and the United Arab Emirates.”
“We believe that there are insurance companies throughout the world who can benefit from the unique value we offer,” continued Mr. Adair. “We will continue to pursue the opportunity to serve them.”
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