DALLAS--(BUSINESS WIRE)--Copart, Inc. (NASDAQ:CPRT), a global online vehicle auction company, is proud to announce the opening of Copart’s first German vehicle storage and auction location in Bad Fallingbostel, near Hanover.
“This is an incredible milestone for Copart. We are now offering the full Copart model to the German market, the tenth country in which our model has been implemented,” said Vinnie Mitz, President of Copart. “We have run a series of demonstration auctions in Germany to confirm that our new technology meets the stringent requirements of this market.”
Since initially entering the German market through the acquisition of Wreck Online Market (WOM), Copart has been focused on producing a first of its kind system that adheres to the rigorous demands of the German and pan-European markets in terms of legislative requirements and the German insurance industry’s Code of Conduct.
“We have several years of experience in Germany through our subsidiary, WOM, and the growth of that business has been impressive in recent years,” said Nigel Paget, Chief Executive Officer – Europe. “The Copart model has been adopted with great success elsewhere in Europe, and we look forward to bringing the benefits of that market-leading approach to Germany.”
The Copart model offers insurance companies and policyholders in Germany a new option for handling salvage vehicles as an alternative to the primary approach currently utilized by insurers in continental Europe, which places the responsibility for disposing of a total loss vehicle on the policyholder. Selling through Copart’s online auction platform generates competition amongst buyers by leveraging Copart’s more than 750,000 Members globally. In the two weeks leading up to Copart Germany’s last demonstration auction, more than 10,000 visitors from more than 100 countries visited Copart.de to preview auction inventory.
“We are happy to report that we have succeeded on all fronts and are now fully operational and are actively engaged with the German insurance market to grow our volumes and pursue additional expansion opportunities,” Mitz said.
The Copart model has already been successfully implemented in nine other countries including the United States, the United Kingdom, the Republic of Ireland, Canada, Brazil, India, the United Arab Emirates, Bahrain, and the Sultanate of Oman.
To learn more about Copart Germany, please visit www.copart.de.
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 using its VB3 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships and others as well as vehicles sourced from the general public. The company currently operates in the United States (www.copart.com), Canada (www.copart.ca), the United Kingdom (www.copart.co.uk), Brazil (www.copart.com.br), Germany (www.copart.de), the United Arab Emirates, Bahrain, and the Sultanate of Oman (www.copartmea.com), Spain (www.copart.es), the Republic of Ireland (www.copart.ie), and India (www.copart.in). Copart links sellers to more than 750,000 Members in more than 150 countries worldwide through its multi-channel platform. In 2015, Copart was ranked at the top of Deloitte’s “The Exceptional 100” list of companies, which reviewed U.S. publicly traded companies based upon a multidimensional approach to measuring financial performance. For more information, or to become a Member, visit www.copart.com.