Copart (CPRT) Boosts Capabilities With Cycle Express Buyout
Zacks Investment Research | Jun 12, 2017 09:32PM ET
Copart Inc. (NASDAQ:CPRT) has acquired Cycle Express, LLC, which is currently doing business as National Powersport Auctions (“NPA”). The financial terms of the transaction were not divulged.
NPA is into auctioning of pre-owned powersport vehicles on behalf of financing companies, dealers and manufacturers. The entity is a leading player in the powersports auction industry. It currently operates across Atlanta, Cincinnati, Dallas, Philadelphia and San Diego.
Per management of Copart, the acquisition will bring along the expertise of NPA team members and enhance the company’s capabilities.
Copart provides online auction and a wide range of remarketing services to process and sell; salvage and clean title vehicles. This is done mainly over the Internet, through Virtual Bidding Third Generation (VB3) Internet auction-style sales technology.
The company is already expanding network of facilities to manage the increasing volumes. Further, it is widening its base in several new markets.
Earlier this month, Copart announced another new location in Eight Mile, AL, near Mobile. In Mar 2017, the company announced new locations across California, Utah and Florida. In February this year, it announced expansion of location at San Jose, CA as well as floating new locations, each in Illinois, U.S. and Newbury, UK. Earlier, in Jan 2017, the company had declared to throw open the gates of new sites in Florida, Wyoming and Colorado besides extending hubs at San Diego, Chicago North and Springfield, MO.
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Copart’s shares have outperformed the Zacks categorized Zacks Investment Research
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