Copart, Inc. (CPRT - Free Report) reported the expansion of its location at Tucson, AZ. The new site is located at 5600 South Arcadia Avenue in Tucson, AZ.
Per management, the location expansion at Tuscan will enable it to offer improved efficiencies for both buyers and sellers in the state. Further, with this development, the company’s Tuscan team is now equipped to store a larger volume of vehicles for auction.
Online auctions at the Tuscan location are held every Friday at 2 p.m. CT. Buyers can participate in the auction and bid for the inventory through the company’s website or its application on iOS and Android platforms. Also, during the business hours, bidding kiosks can be accessed at the hub.
Copart, Inc. Price and Consensus
Prior to this, in December, the company announced the expansion of its location in the northeast of Baton Rouge, LA.
The company has been expanding its network of facilities to manage the rising volume. It is also widening its base in new markets. Apart from the U.S., it has also been focusing on expanding in the Middle East, Europe, Brazil and India.
Copart engages in online auctioning of vehicles. It sells vehicles on behalf of insurance companies, finance companies, banks, dealers and fleet operators. It also sells vehicles sourced from individual owners and operates in more than 200 locations in 11 countries.
In the last six months, shares of Copart outperformed the industry it belongs to. During the period, its stock gained 43.4% in comparison with the industry’s rise of 28.3%.
Zacks Rank & Other Key Picks
Copart sports a Zacks Rank #2 (Buy). Other top-ranked stocks in the auto space are Tenneco Inc. (TEN - Free Report) , Spartan Motors, Inc. (SPAR - Free Report) and Standard Motor Products, Inc. (SMP - Free Report) , each carrying a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Tenneco has expected long-term growth rate of 13.5%. Over a month, shares of the company rose 3%.
Spartan Motors has expected long-term growth rate of 15%. In the last six months, shares of the company gained 36.8%.
Standard Motor has expected long-term growth rate of 6%. Shares of the company gained 1.3% over the last six months.
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