FAIRFIELD, Calif., March 7, 2011 /PRNewswire/ -- Copart, Inc. (Nasdaq: CPRT), a leading online salvage vehicle auction company, today announced it has acquired Barodge Auto Pool, Inc., a privately-held automotive auction company located in Hartford City, IN. The acquisition expands Copart's presence to suppliers in Indiana as well as customers in western Ohio, southern Michigan, and eastern Illinois.
"This acquisition is the latest step in our strategy to expand Copart's market-share in the salvage auction industry and significantly expands our presence into Indiana and surrounding regions," said Jay Adair, Copart CEO. "We welcome the Barodge team to our organization and look forward to extending our long-standing commitment to meeting the needs of our customers and providing the best customer service possible to our membership base."
Founded in 1991, Barodge Auto Pool's weekly auctions include insurance and wholesaler inventories, including damaged, salvage, and theft-recovery units.
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, the general public and others. The Company currently operates 152 facilities in the United States, Canada and the United Kingdom. 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.
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 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.
SOURCE Copart, Inc.