Profile: Copart Inc (CPRT.OQ)
29 Jun 2016
Copart, Inc., incorporated on January 6, 2012, is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. The Company provides vehicle sellers with a range of services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3). It sells vehicles primarily to insurance companies, and also to banks and financial institutions, charities, car dealerships, fleet operators and vehicle rental companies. The Company sells the vehicles to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters, and at certain locations, to the general public. The Company that sells 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 with services that expedite each stage of the vehicle sales process, manage administrative and processing costs, and sales price. The Company sells vehicles primarily as an agent and derive revenue from fees paid by vehicle sellers and vehicle buyers, as well as related fees for services, such as towing and storage in the United States and Canada (North America), Brazil, the United Arab Emirates, Oman and Bahrain. 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 account, and as an agent. In Germany and Spain, the Company derives revenue from sales listing fees for listing vehicles on behalf of various insurance companies.
The Company's service offerings include online seller access, salvage estimation services, end-of-life vehicle processing, virtual insured exchange (VIX), transportation services, vehicle inspection stations, on-demand reporting, Department of Motor Vehicles (DMV) processing, flexible vehicle processing programs, Buy It Now, member network, sales process, Copart dealer services, CopartDirect and U-Pull-It. Through Copart Access, its Internet-based service for vehicle sellers, the Company enables sellers to assign vehicles for sale, check sales calendars, view vehicle images and history, view and reprint body shop invoices and towing receipts, and view the historical performance of the vehicles sold at its sales. The Company offers services, Copart ProQuote and Enhanced ProQuote, which assist sellers in the vehicle claims evaluation process by providing online salvage value estimates. It operates a treatment facility for the disposal of end-of-life vehicles in the United Kingdom. The Company provides the venue for insurance customers to enter a vehicle into a sealed bid sale to establish its true value. The Company maintains contracts with third-party vehicle transport companies, which enables it to pick up its sellers' vehicles. In the United Kingdom, the Company performs transportation services through a combination of its fleet of over 200 vehicles and third-party vehicle transport companies.
The Company offers its insurance company sellers with office and yard space to house vehicle inspection stations on-site at its facilities. It has over 90 vehicle inspection stations. The Company provides vehicle sellers with real-time data for vehicles, which includes vehicle sellers' gross and net returns on each vehicle, service charges, and other data that enables its vehicle sellers to administer and monitor the vehicle disposition process. The Company offers a computer system, which provides a direct link to the DMV computer systems of various states that allows the Company to expedite the processing of vehicle title paperwork. The Company sells vehicles pursuant to its Percentage Incentive Program (PIP), which the Company agrees to sell the vehicles of a seller in a specified market, usually for a predetermined percentage of the vehicle sales price; Consignment Program, which the Company sells vehicles for a fixed consignment fee, or Purchase Program, which the Company purchases vehicles from a vehicle seller at a formula price, based on a percentage of the vehicles' estimated pre-accident value (PAV) or actual cash value (ACV), and sells the vehicles for its own account in the United Kingdom. The Company, through its Buy It Now service, offers an option to its members to purchase specific pre-qualified vehicles immediately at a set price before the live auction process. The Company provides franchise and independent dealers with a method to sell their trade-ins through its facilities. Through its CopartDirect, the Company provides the general public with a method to sell their vehicles to its North American facilities.
The Company competes with KAR Auction Services, Inc., Auction Broadcasting Company, LLC, Manheim, Inc, LKQ Corporation, Inc., the American Recycling Association and the United Recyclers Group, LLC.
14185 Dallas Pkwy Ste 300
DALLAS TX 75254-1327