Profile: Copart Inc (CPRT.OQ)
27 Feb 2015
Copart, Inc., incorporated in January, 6, 2012, is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, and Brazil. The Company also provides vehicle remarketing services in the United Arab Emirates, Germany, and Spain. The Company provides vehicle sellers with services to process and sell vehicles primarily over the internet through the Company’s virtual bidding third generation internet auction-style sales technology (VB3). Vehicle sellers consist primarily of insurance companies, but also include banks and financial institutions, charities, car dealerships, fleet operators and vehicle rental companies.
The Company sells the vehicles principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters and, at certain locations, to the general public. The majority of the vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies, or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers services that expedite each stage of the vehicle sales process, minimize administrative and processing costs, and maximize the ultimate sales price.
In the United States, Canada, Brazil, and the United Arab Emirates, the Company sells vehicles primarily as an agent and derive revenue primarily from fees paid by vehicle sellers and vehicle buyers, as well as related fees for services such as towing and storage. In the United Kingdom the Company operates both on a principal basis, purchasing the salvage vehicles outright from the insurance companies and reselling the vehicles for its own account, and as an agent. In Germany and Spain, the Company derives revenue from sales listing fees for listing vehicles on behalf of many insurance companies.
For fiscal year end July, 31, 2014 (fiscal 2014), sales of North American vehicles, on a unit basis, to members registered outside the state where the vehicle was located accounted for 51.3% of total vehicles sold; 28.7% of vehicles were sold to out of state members and 22.6% were sold to out of country members, based on registration. For fiscal 2014, sales of U.K. vehicles, on a unit basis, to members registered outside the country where the vehicle was located accounted for 18.6% of total vehicles sold.
The Company Competes with KAR Auction Services, Inc., Auction Broadcasting Company, LLC, Manheim, Inc., LKQ Corporation, Inc., and United Recyclers Group, LLC.
14185 Dallas Pkwy Ste 300
DALLAS TX 75254-1327