Copart and Keystone Launch National B2B Automobile Parts Initiative
23 August 2000
Copart and Keystone Launch National B2B Automobile Parts Initiative
BENICIA, Calif.--Aug. 23, 2000--Copart, Inc. and Keystone Automotive Industries, Inc. today announced the launch of the Copart.com Internet programs that market and sell Keystone products to Copart buyers.
The new programs on Copart.com identify vehicles that a buyer intends to or has purchased from Copart and then shows all parts available from Keystone to repair the given cars. The fully integrated Internet system facilitates the ordering, payment and delivery of parts for the 100,000+ buyers that attend Copart's auctions annually in person and over the web. A buyer at Copart.com can not only look at vehicles on-line to inspect damage and enter bids, but they can also use the "order parts" button to buy Keystone parts with just a click of a mouse.
"Over $500 million of the vehicles sold annually at Copart auctions are repaired," said A. Jayson Adair, Copart's President. "This new service will help our buyers quickly find the aftermarket parts they need at very competitive prices. In addition, we will offer them 'one-stop shopping' at Copart.com so they can bid on a car and buy the required parts in a seamless transaction.
"With the addition of the Keystone product, our Internet business becomes an easier and richer experience for our buyers and suppliers," continued Adair. "We have created new areas tailored to their particular needs and we've made the parts-shopping side very quick and easy to use. We now offer our buyers a choice of recycled parts through CoPartfinder.com or aftermarket parts from Keystone. We believe that CoPartfinder.com is the largest single source of recycled automobile parts, which are also known as Like Kind Quality (LKQ) parts. Now, with the addition of Keystone, the largest aftermarket parts provider, Copart, the largest salvage auction Company, is solidifying its leadership role as the B2B website for the salvage and collision repair industries."
Record Capacity Growth
Copart also announced that during the fiscal year that ended on July 31, 2000, the Company increased its capacity by record levels. Today the Company operates 76 facilities in 36 states and occupies over 2,082 acres. The Company began the fiscal year on August 1, 1999 with 65 facilities in 32 states and 1,650 acres of capacity. Acquisitions added 261 acres and included facilities in New Mexico, Texas, Idaho, Washington, Virginia, Massachusetts, and Illinois. Startups added 53 acres and included facilities in Colorado, Washington and Florida. In addition the Company also expanded capacity at 11 existing facilities with the addition of over 118 acres.
About Copart:
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 76 facilities in 36 states, Copart also provides services to other geographic areas through its national network of independent salvage vehicle suppliers.
About Keystone:
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 118 distribution facilities, of which 22 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 22,000 stock-keeping units that are sold to more than 25,000 repair shops throughout the nation.
NOTE: Certain statements in this release may be 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.