Copart Announces Agreement to Provide Complete EDI/EFT Services
5 February 1999
Copart Announces Agreement to Provide Complete EDI/EFT Services
BENICIA, Calif.--Feb. 5, 1999--Copart, Inc. and United Services Automobile Association (USAA) today announced the signing of a comprehensive agreement for state-of-the-art electronic commerce between the two companies.
Under their Electronic Data Interchange (EDI) Agreement, USAA and Copart will exchange data, documents and payments via electronic transmission. The electronic standards for this project were developed by the Collision Industry Electronic Commerce Association (CIECA), of which USAA and Copart are both members.
"The scope of this agreement is a first for our industry," said A. Jayson Adair, Copart's president. "USAA and Copart are linking computer systems to streamline our transactions and deliver faster and more accurate processing for USAA policy holders. The agreement covers the entire transaction process, from assignment, vehicle pickup, billing, sale and settlement."
About USAA
USAA has been serving present and former members of the U.S. military and their families for more than 76 years as one of America's leading insurance and financial services companies. The association, well known for its exceptional customer service, offers its 3.3 million members and associate members a full range of insurance, banking and investment products and services designed to help them meet their financial security needs. Headquartered in San Antonio, USAA has offices throughout the United States and Europe.
About Copart
Copart, founded in 1982, provides vehicle suppliers -- primarily insurance companies -- with a full menu of services to process and sell salvage vehicles through auctions, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes, or recovered stolen vehicles for which an insurance settlement with the vehicle's owner has been made.
Operating 60 facilities in 31 states, Copart also provides services to other locations through its national network of independent salvage vehicle suppliers.
Note: Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors and/or factors affecting future results detailed in the company's Securities and Exchange Commission reports, including variations in the company's operating results, the inability to continue to increase service fees, the timing and size of acquisitions and facility openings, the loss of vehicle suppliers or buyers, the announcement of new vehicle supply agreements by the company or its competitors, changes in regulations governing the company's operations or its vehicle suppliers, environmental problems or litigation.