Copart, Inc. (CPRT - Free Report) reported the addition of a facility at Lumberton, NC. The newly added site is located at State Road 1647 in Lumberton, 58 miles from Copart’s another location at Raleigh.
The site will function as a disaster-response facility. It will store vehicles — which are damaged in natural calamities — by the North Atlantic coastline. Per management, the location will help Copart to accelerate the process of vehicle recovery for its customers when severe weather hits the coastal plains.
Apart from Lumberton, the company has another facility — which stores disaster-hit vehicles —at Okeechobee, FL. The site was acquired by Copart in 2017, marking the 14th location in Florida. The company helps its customers with recovery, storage and the sale of vehicles during numerous catastrophic weather events.
Copart, Inc. Price and Consensus
Copart is expanding its network of facilities to manage inflating volumes. It is also expanding in several new markets. Further, the company anticipates that these will strengthen its footprint in domestic and international markets.
The company organizes online auctions and offers a wide range of remarketing services to process and sell salvage and clean title vehicles.
In the past three months, Copart’s stock has moved up 13.6%, outperforming 12% increase of the industry it belongs to.
Zacks Rank & Stocks to Consider
Currently, Copart carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Douglas Dynamics, Inc. (PLOW - Free Report) , General Motor Company (GM - Free Report) and Ferrari N.V. (RACE - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Douglas Dynamics has an expected long-term growth rate of 15%. Shares of the company have risen 54% over the past year.
General Motor has an expected long-term growth rate of 5.5%. Shares of the company have risen 27.7% over the past year.
Ferrari has an expected long-term growth rate of 17.3%. Shares of the company have risen 59% over the past year.
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