Copart Reaches Settlement With Auto Auction Services Corp.
FAIRFIELD, Calif.--Copart, Inc. today announced it has reached a settlement in its antitrust lawsuit against Auto Auction Services Corporation (AASC). Pursuant to the settlement terms, the litigation will be dismissed, and Copart has obtained a license from AASC that enables Copart to receive and process vehicle assignments from vehicle sellers through AASC’s Automotive Inventory Management System – or AutoIMS.
AutoIMS is an electronic vehicle inventory management system used by vehicle sellers such as banks, finance companies, credit unions, and fleet operators to assign vehicles to auctions and remarketing companies located across North America using a single system and interface.
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 vehicles through Internet sales utilizing its proprietary VB2 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, the general public and others. The company currently operates 146 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 registered buyer, visit www.copart.com.
Auto Auction Services Corp. is a leading national provider of web-hosted software applications geared towards the remarketing industry. Auto Auction Services Corp. is best known for its Automotive Inventory Management System, or AutoIMS. For more information, visit www.autoims.com.
This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding Copart’s future working relationship with AASC and the expected timeframe of the integration of Copart and AutoIMS. 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. Specifically, there can be no assurance that, as a result of entering into the agreement described in this press release, Copart will receive any additional vehicle assignments from sellers that utilize the AutoIMS system or that delays in the integration of Copart and AutoIMS, while not currently anticipated, will not occur. 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.