All Copart Locations Up and Running!
Copart, Inc. (NASDAQ: CPRT), a global live virtual vehicle auction company, today announced that all 28 facilities located in the area most heavily impacted by Hurricane Sandy are fully operational and working to pick up vehicles. In the wake of Hurricane Sandy the number of flooded and damaged cars, boats and equipment left behind could be the largest quantity seen on the east coast since Hurricane Andrew. Copart's highly developed Catastrophe Action Team (CAT) was activated prior to Sandy's landfall and was immediately put into action after the hurricane subsided. Copart is prepared to provide the people, equipment and facilities to address the immediate need for the collection and processing of damaged assets.
“We are working to assist all of our customers both internal and external to make sure this catastrophe recovery is handled in the most safe and efficient way possible, as was the case when Hurricane Katrina hit in 2005,” said Copart's CEO, Jay Adair. “Our preparation for hurricane Sandy started days ago. Our team and company are working day and night to serve our customers.”
Copart, founded in 1982, provides vehicle sellers with a full range of remarketing services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and, in some states, to end users. Copart remarkets the vehicles through Internet sales utilizing its patented VB2 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships and others as well as cars sourced from the general public. The company currently operates 157 facilities in the United States, Canada, the United Kingdom, and the United Arab Emirates. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. For more information, or to become a member, visit www.copart.com.
This press release contains forward-looking statements within the meaning of federal securities laws, and these forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the “Management's Discussion and Analysis” and the other risks identified in Copart's latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.
Deana Lott, 469-374-2801
Assistant to the Chief Financial Officer