Copart Expands In Colorado With New Location; Stock Up

Copart, Inc.’s (NASDAQ:CPRT) shares gained 1.7% to close at $52.07 on Aug 18, after the company announced the opening of its third location in Colorado. Copart has already held its first online auction at the new location. This is the company’s second location in the Denver metropolitan area.

Copart has been expanding rapidly in the region. On May 17, 2016, it had announced the expansion of its location in Brighton, CO. The location, which holds online auctions twice a week, serves Denver and the surrounding areas since 2005.

On May 10, 2016, Copart announced the opening of its second location in Colorado at a 20-acre area in Colorado Springs. The first auction at this location was held on May 11.

Apart from Colorado, Copart is also expanding in other regions. In Jul 2016, the company opened its first facility in Spain, which was also the first total loss vehicle storage and processing facility in mainland Europe. In the same month, Copart expanded its location in China Grove, NC by adding land and space for higher volume of inventory.

In Jun 2016, the company announced the expansion of its locations in Orlando; Houston, TX; and North Fort Worth, TX to manage the growing business. In the same month, Copart announced the acquisition of a new location in Candia, NH as well as the opening of its first location in the Republic of Ireland. The opening of the new location in Ireland is part of Copart’s expansion strategy for the European market. The company will use the location as its base for future auctions in Ireland.

Additionally, Copart has been focused on expanding in the Middle East over the last few years. The UAE ranks second in the international market for cars sold from the company’s North American yards.

COPART INC Price

COPART INC Price | COPART INC Quote

Copart is a prominent player in online auctions and vehicle remarketing services in the U.S., Canada, U.K., UAE, Bahrain, India, Sultanate of Oman, Spain, Brazil, Germany, and the Republic of Ireland. Its peers in the auction and valuations services business include Sotheby's (NYSE:BID) , Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) and Liquidity Services, Inc. (NASDAQ:LQDT) .

The company, with a Zacks Rank #2 (Buy), provides a wide range of remarketing services to process and sell salvage and clean title vehicles. This is done mainly over the Internet, through its Virtual Bidding Third Generation (VB3) Internet auction-style sales technology.