FAIRFIELD, Calif. - (Business Wire) Copart, Inc. (NASDAQ:CPRT) today announced the opening of a new 10-acre facility in Louisville, Kentucky. This latest addition to Copart
’s growing footprint marks the company
’s fourth facility in Kentucky, the 132nd facility in North America, and the 144th facility world-wide.
Copart CEO and founder Willis J. Johnson said the site will serve Western Kentucky and Southern Indiana.
“Copart is continually working to be closer to our buyers and our sellers’ vehicles in order to reduce their transportation costs, improve cycle times, and make the remarketing process more efficient,” said Johnson.
Copart, founded in 1982, provides vehicle sellers with a full range of remarketing services to process and sell salvage and clean titled vehicles to dismantlers, rebuilders, exporters and, in some states, to end users. Copart remarkets the vehicles through Internet sales utilizing its proprietary VB2 technology. Copart sells vehicle on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships, the general public and others. The company currently operates 144 facilities in the United States, Canada and the United Kingdom. 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 registered buyer, visit www.copart.com.
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. Our business has become increasingly reliant on proprietary and non-proprietary technologies, and it is difficult to forecast with accuracy what impact these changes in our business model will have. We depend on a limited number of major suppliers of salvage vehicles. If we are unable to maintain these supply relationships, our revenues and operating results would be adversely affected. We have only recently entered the UK market through several acquisitions. We do not have any historic experience operating outside of North America, and we may experience challenges adapting our business model to international markets and integrating the acquired businesses. In addition, our revenues, operating results, financial condition, and growth rates are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory risks, and the other factors described under the caption "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We encourage investors to review these disclosures carefully.
For Copart, Inc.
Marla J. Pugh, 707-639-5185
Communications Manager
