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Copart, Inc. (CPRT) - free report >>
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Copart, Inc. (CPRT) - free report >>
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Copart (CPRT) Opens First Location in the Republic of Ireland
Shares of Copart, Inc. (CPRT - Free Report) inched up 0.2% on Jun 2 after the company announced the opening of its first location in the Republic of Ireland. Copart also held its first online auction from the location on May 31, which was highly successful.
The opening of the new location, situated at Castledermot in Carlow, Ireland, is part of Copart’s expansion strategy for the European market. The company has many customers in Ireland, which will be beneficial for the latest location. Copart will use the location as its base for future auctions in Ireland.
Copart is expanding its network of facilities to manage increasing volumes. In May 2016, the company announced the expansion of its location in Brighton, CO as well as the opening of its second location in Colorado at a 20-acre area in Colorado Springs. As part of this expansion plan, the company also acquired 2 new locations in Texas in Apr 2016, taking its total locations in the state to 14. Copart also extended its reach to India, with the first auction in the nation held in Oct 2015.
Additionally, Copart has 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 the company’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 , Ritchie Bros. Auctioneers Incorporated (RBA - Free Report) and Liquidity Services, Inc. (LQDT - Free Report) .
The company, with a Zacks Rank #1 (Strong Buy), 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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