Copart Announces New Public Internet Service; CoPartfinder.com Launched to Speed Parts Searches and Create More Demand for Used Automobile Parts
29 June 1999
Copart Announces New Public Internet Service; CoPartfinder.com Launched to Speed Parts Searches and Create More Demand for Used Automobile Parts
BENICIA, Calif.--June 29, 1999--Copart, Inc., today announced a new Internet service for the public -- CoPartfinder.com.This new service allows parts buyers to quickly locate used auto parts around the country. After entering basic vehicle information (year, make, model and zip code), the buyer can view digital images from Copart's recent sales of vehicles that meet the search criteria. These images are provided free of charge along with vehicle information, and the name, address, phone and email address of the automobile dismantler that bought the vehicle at a Copart auction.
"We anticipate that this service will provide significant benefits to the public, the insurance industry, bodyshops, mechanics, and our buyers," said A. Jayson Adair, Copart's President. "The public will have a much easier time locating the parts they need. Before CoPartfinder, there was no easy way to search dismantlers' inventories around the country. Dismantling is a very specialized business with over 10,000 participants nationwide, nearly half of which don't have computerized inventories. If you're looking for a white tailgate for your 1995 Chevy pickup, you could spend hours calling around trying to find a used one in your color.
"With CoPartfinder, that search is a snap. In seconds, CoPartfinder will search Copart's data to identify all of the recent sales that match the search criteria. CoPartfinder then displays digital images of matching vehicles sorted by proximity to the parts buyer. The buyer simply clicks on an image to see if the vehicle has the part needed and then contacts the dismantler to check pricing and availability. Copart processes over 20,000 images per day and has over 2.4 million images on-line.
"The advantages to Copart's buyers are obvious," continued Adair. "CoPartfinder should increase their sales. We want to help them sell more parts by making the market more efficient and by opening it up to the public. Today, the average dismantler may sell less than 30 percent of the parts off a vehicle before it is sold for scrap metal. With CoPartfinder, dismantlers will sell more parts because it will be easier to match buyers and sellers. To further educate the public about used parts, Copart will actively market CoPartfinder on the World Wide Web. We are building an advertising plan that will target people looking for parts who previously may not have considered used parts. Used parts can sell for 30 percent to 70 percent less than new and dismantlers can easily ship most items nationwide within 24 hours.
"By driving customers to the dismantler, CoPartfinder should create more demand for the raw material -- salvaged automobiles bought at Copart auctions. This in turn should increase the returns for our suppliers and increase Copart's market-share."
CoPartfinder was in beta testing last month with very positive results. Without any announcements or links from search engines, CoPartfinder attracted over 1,000 unique users who completed the simple registration process. These beta users conducted over 10,000 searches and CoPartfinder displayed over 600,000 vehicles that met the search criteria. Many of these users contacted Copart to express their thanks and rave about the service. Some examples:
-- Leroy Burgess of Poplar Bluff, Miss., is a car enthusiast who
is rebuilding a 1996 Buick Riviera. He needed the rear glass for
his car and called a local parts supplier to learn that it would
cost over $1,300. Using CoPartfinder, Mr. Burgess found a
dismantler in Quincy, Ill. that had what he needed and sold
it to Mr. Burgess for $350.
-- Mike Marquis of Acme Auto Wreckers runs an auto dismantling
business in Santa Rosa, Calif. Shortly after CoPartfinder
began testing, Mike received a call from a customer who wanted
the exhaust manifold from a Jeep that Mike had just bought at a
Copart auction. "I was completely surprised that this guy knew we
had the car," said Mike. "CoPartfinder is opening a whole new
market for us."
Copart is the only salvage auction company to combine brick and mortar facilities with outstanding Internet services such as Internet Bidding, Copart Access for the insurance industry, on-line images of all vehicles, and now CoPartfinder.com.
Founded in 1982, Copart 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 64 facilities in 32 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, slowdowns in the timing or reduced size of future 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.