Share price of Copart, Inc. (NASDAQ:CPRT) inched up 0.6% to $49.99 on Jun 9, after the company announced the acquisition of a new location in Candia, NH.
Copart is focused on business expansion. According to the company, the new location in Candia will help it to better serve customers in Manchester and its surrounding communities.
Copart is expanding its network of facilities to manage increasing volumes. In Jun 2016, the company announced the opening of its first location in the Republic of Ireland. Copart also held its first online auction from the location on May 31, which was highly successful. The opening of the new location, situated at Castledermot in Carlow, Ireland, is part of Copart’s expansion strategy for the European market. The company has many customers in Ireland, which will be beneficial for the latest location. Copart will use the location as its base for future auctions in Ireland.
In May 2016, the company announced the expansion of its location in Brighton, CO as well as the opening of its second location in Colorado at a 20-acre area in Colorado Springs. As part of this expansion plan, the company also acquired two new locations in Texas in Apr 2016, taking its total locations in the state to 14. It also expanded its operations to India, with the first auction in the nation held in Oct 2015.
Additionally, Copart is focused on expanding in the Middle East over the last few years. In Jun 2015, the company opened its third facility, Copart Muscat Auctions LLC, in the Middle East. Located in Oman, this facility will prove beneficial for both logistics as well as domestic and international buyers and sellers who use Copart’s auction services. The UAE ranks second in the international market for cars sold from Copart's North American yards. Therefore, the facility will help the company to provide buyers with faster access to Copart’s auction stock.
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.
The company, with a Zacks Rank #1 (Strong Buy), provides a wide range of remarketing services to vehicle suppliers, primarily insurance companies, to process and sell salvage vehicles. This is done mainly over the Internet, through its Virtual Bidding Internet auction-style sales technology.
Other well-ranked automobile stocks include Lear Corp. (NYSE:LEA) , Autoliv, Inc. (NYSE:ALV) and Superior Industries International, Inc. (NYSE:SUP) . All these stocks sport a Zacks Rank #1.
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