Auto Auction Services Corp. Licenses AutoIMS to Copart

FAIRFIELD, Calif.--Copart, Inc., and Auto Auctions Services Corp. (AASC) have reached an agreement that enables Copart to use AASC’s Automotive Inventory Management System (AutoIMS).

Under the agreement, Copart will be able to receive vehicle assignments through AutoIMS – an electronic vehicle inventory management system used by commercial vehicle sellers such as banks, finance companies, credit unions and fleet operators.

“This agreement means we can now combine Copart’s great technology with AASC’s great technology to provide vehicle sellers with a choice they didn’t have before,” said Willis J. Johnson, Copart’s CEO and founder.

“AutoIMS connects data from more than 450 auctions to the databases of over 1,300 commercial clients,” added AASC President and CEO Don Meadows. “Adding Copart to that mix enriches our product. Copart is a strong company with good technology and we are excited to have them share in our effort and help drive our product offerings forward in these changing times.”

Copart sells more than 1 million vehicles per year using its patented, state-of-the-art VB2 technology which breaks down geographical barriers by allowing buyers to bid in a virtual-auction format online. Copart has more than 100,000 buyers in more than 100 countries that use VB2 to compete for vehicles.

AutoIMS is owned and operated by AASC, a leader in information technology for the automotive industry, processing more than 4 million sold vehicle records annually and handling more than 32 million transactions daily, and 5 million images monthly.

“It makes sense that Copart and AASC – both leaders in the auto remarketing industry who embrace technology and customer service – are now working together,” Meadows said.

“We are proud to be doing business with AASC and are looking forward to a wonderful working relationship with them,” added Johnson.

Copart and AutoIMS expect to be fully integrated in the second calendar quarter.

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.