Copart, Inc. (NASDAQ:CPRT) today announced that it is now using its patented VB2 sales technology to sell vehicles for the public.

VB2 works like a virtual auction, allowing registered buyers from all over the world to compete for vehicles. With over 100,000 registered buyers throughout the world, last year Copart sold over one million cars to buyers in 94 different countries.

In the past, VB2 has been used to sell vehicles primarily for the insurance industry. But now members of the public can benefit from VB2 and its world-wide buyer base by selling their cars through a new division of Copart, CopartDirect.

“Until now, the public hasn’t been able to use this state-of-the-art technology that insurance companies have enjoyed since we introduced it in 2003,” said Copart President A. Jayson Adair. “Now the public can also take advantage of this powerful internet sales tool to sell their own cars quickly, easily, and to a much larger buyer base than those available through traditional sales methods.”

Members of the public can call 1-888-SELL-IT1 and arrange to take their vehicle to one of Copart’s more than 100 convenient locations throughout North America. CopartDirect does all the rest - from preparing the vehicle for sale, taking pictures of the vehicle, listing the vehicle on VB2, managing the sale, collecting money from the buyer and completing all the DMV paperwork. Because most Copart locations have a VB2 sale once a week, and because CopartDirect has a built-in buyer base, we expect that most vehicles will sell within one week and sellers can get their money a few days later.

“No one likes to have to sell a car themselves,” said Adair. “It’s inconvenient, time consuming and it can be unsafe to meet buyers to show them your car. CopartDirect takes the pain out of selling your car and gets you directly to the good part – which is getting your money.”

NOTE: Copart, Inc., which has been in business since 1982, primarily sells vehicles for the insurance industry using the same patented VB2 technology. Copart operates 145 facilities in the United States, Canada and the United Kingdom.

CopartDirect, officially launched in 2008, is a division of Copart, Inc. and provides the public with a full range of remarketing services to process and sell vehicles using its patented VB2 technology. Vehicles are sold primarily to licensed dismantlers, rebuilders and used vehicle dealers around the world.

CopartDirect services are currently available to the public in all states except Missouri, Maryland, North Dakota, South Carolina, South Dakota, West Virginia and Wyoming. CopartDirect is also not currently available in the cities of Indianapolis, Cleveland, Syracuse, Brookhaven, (New York) and Albany.

Cautionary Note About Forward-Looking Statements

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 statements relate in particular to our introduction of CopartDirect and the prospects for that business. Our business has historically focused principally on the processing and sale of salvage vehicles on behalf of insurance companies. We have no historic experience acting on behalf of public sellers of used vehicles, and we may experience challenges developing a successful strategy for this market and adapting it to our existing business model. We cannot predict what impact, if any, the introduction of CopartDirect may have on our future revenues. In addition, our revenues, operating results, financial condition, and growth rates are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory risks, and the other factors described under the caption “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We encourage investors to review these disclosures carefully.

Contacts

Copart, Inc.
Marla J. Pugh, Communications Manager, 707-639-5185