DALLAS, Oct. 10,
2023 /PRNewswire/ -- Copart, Inc. (NASDAQ:
CPRT) a global leader in online auto auctions, today announced a
new strategic investment and partnership with Purple Wave, Inc., an
online offsite heavy equipment auction company.
Founded in 2000, Purple Wave is a pioneer in the online
equipment auction industry, facilitating the sale of construction,
agriculture and fleet equipment directly from a seller's location
through its no-reserve auction platform on purplewave.com.
"We have long admired Purple Wave as a leader in its space,"
said Jeff Liaw, Co-CEO of Copart.
"Their digital-first approach and strong community of sellers and
buyers distinguishes them in their industry and has empowered their
outsized growth for years. Through our strategic investment and
partnership, we will leverage our areas of expertise for the
benefit of our respective marketplaces. And perhaps most
critically, we share a fundamental approach to business – a
commitment to creating long-term value for our industry
participants and our shareholders through excellence and
innovation,".
"This is a pivotal moment for Purple Wave," said Aaron McKee, CEO of Purple Wave. "We are
amplifying the strengths of both companies through this partnership
and believe Copart will help accelerate Purple Wave's expansion
from a regional business into a global enterprise."
About Copart
Copart, Inc., founded in 1982, is a
global leader in online vehicle auctions. Copart's innovative
technology and online auction platform links sellers to more than
750,000 members in over 190 countries. Copart offers services to
process and sell vehicles to dealers, dismantlers, rebuilders,
exporters, and to the general public. Copart sells vehicles on
behalf of insurance companies, banks, finance companies, charities,
fleet operators, dealers, vehicle rental companies, and
individuals. With operations at over 200 locations in 11 countries,
Copart has more than 250,000 vehicles available online every day.
Copart currently operates in the United
States (Copart.com), Canada
(Copart.ca), the United Kingdom
(Copart.co.uk), Brazil
(Copart.com.br), the Republic of
Ireland (Copart.ie), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to
become a Member, visit Copart.com/register.
About Purple Wave
Established in 2000, Manhattan, Kan.-based Purple Wave has set the
standard as a pioneer in the online auction industry, selling items
directly from the seller's location through no-reserve online
auctions at www.purplewave.com. With a specialized focus on the
sale of construction, agriculture, and fleet assets, Purple Wave
has been able to create strategic partnerships with construction
contractors, agricultural producers, fleet owners, and governmental
agencies. Purple Wave builds relationships on trust, team, care,
and passion, ensuring that they become more than just an auction
platform but a dedicated partner in their customers' success.
Purple Wave offers a range of services including appraisals,
listings, marketing, and post-auction shipping. They streamline
equipment transactions by connecting buyers with sellers, ensuring
that they are the easiest, most straightforward way to sell and buy
equipment.
Cautionary Note About Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. 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.
Contact: Fatima Ali,
Communications@copart.com
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SOURCE Copart, Inc.