Copart (CPRT) Announces Expansion Of Colorado Location
Zacks Investment Research | May 18, 2016 05:55AM ET
Copart, Inc. (NASDAQ:CPRT) announced the expansion of its location in Brighton, CO. The location, which holds online auctions twice a week, serves Denver and the surrounding areas since 2005.
This is Copart’s second expansion in Colorado this month. On May 10, the company had announced the opening of its second location in Colorado at a 20-acre area in Colorado Springs. The first auction at this location was held on May 11.
Copart is expanding its network of facilities to manage increasing volumes. As part of this plan, the company acquired two new locations in Texas in Apr 2016. This took its total locations in Texas to 14. The company also expanded its operations to India, with the first auction in the nation held in Oct 2015.
Copart has also been focused on expanding in the Middle East over the last few years. The UAE ranks second in the international market for cars sold from Copart's North American yards.
Copart is a prominent player in online auctions and vehicle remarketing services in the U.S., Canada, U.K., UAE, Bahrain, India, Sultanate of Oman, Spain, Brazil, Germany, and the Republic of Ireland. Its peers in the auction and valuations services business include Sotheby's (NYSE:BID) , Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) and Liquidity Services, Inc. (NASDAQ:LQDT) .
The company, with a Zacks Rank #3 (Hold), provides a wide range of remarketing services to vehicle suppliers, primarily insurance companies, to process and sell salvage vehicles. This is done mainly over the Internet, through its Virtual Bidding Internet auction-style sales technology.
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