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Copart UK Limited Acquires Hewitt International
Mar 18, 2011 (02:03 PM EDT)
FAIRFIELD, Calif., March 18, 2011 /PRNewswire/ -- Copart, Inc. (Nasdaq: CPRT), a leading provider of online auctions and vehicle remarketing services in the United States, Canada and the United Kingdom, today announced that its UK subsidiary, Copart UK Limited, has completed the acquisition of privately-held Hewitt International on March 14, 2011. Hewitt International, founded in 1946, is a vehicle salvage business with a strong focus on agricultural vehicle auctions. The purchase of Hewitt International will bring to members of www.copart.co.uk a larger range of agricultural equipment and vehicles together with a strategically important Copart UK facility in the Midlands.
"We are excited about the acquisition of Hewitt International, which will significantly expand our presence in the UK," said Jay Adair, CEO, Copart Inc. "We welcome the employees and management at Hewitt's to the Copart UK family."
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.