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Copart Inc.’s (CPRT) fiscal second-quarter profit climbed 32% on higher total service fees and margins.
The largest U.S. auctioneer of damaged and recovered stolen vehicles has seen prices fall, but analysts expect profits to grow as the company gains market share from smaller rivals and its Internet-auction system reaches more buyers outside the U.S. A recent exclusive deal to provide salvage auctions for auto insurer Allstate Corp. (ALL) is expected to increase Copart’s volume by 15%. The company also is expected to benefit from recent increases in total miles driven in the U.S., which result in more accidents and insurance claims. Continue reading
Would you believe that up until now there hasn’t been a true database for vehicle titles, supervised by the federal government? It’s finally here; by January 1 of this year, all states were required to be fully participating in the Anti-Car Theft Act and associated regulations. The fruits of the effort are on offer at www.vehiclehistory.gov, in a site that’s intended as a base for car shoppers, car dealers, insurers, and law enforcement officials. Continue reading
Salvage Direct Builds Enhanced Processing Center near Philadelphia
Salvage Direct, the pioneer of online salvage vehicle, watercraft, motorcycle, powersport and commercial auctions, announces its new, state-of-the-art Enhanced Processing Center near Philadelphia, Pennsylvania. SD New Britain is Salvage Direct’s sixth facility in Pennsylvania, 80th worldwide and the first of its 2010 expansion plan. Continue reading
The Justice Department is almost ready to roll out a database of car titles that will help consumers and dealers spot stolen or salvaged cars that have been fraudulently retitled. Congress created the database, called the National Motor Vehicle Title Information System, in 1992. Now, the database includes 77 percent of all motor vehicle title records, according to The Detroit News. Continue reading
It is an unfortunate scenario for an unsuspecting car buyer – police pull a driver over, and their car is towed. Once at the tow yard, the “owner” cannot get it back because the title belongs to the original purchaser of the car, who sold it illegally. The cars are called “salvage title vehicles” and Missouri City police are cracking down on what is becoming a common practice of selling them without doing the required repairs. Continue reading
Copart’s founder, CEO and Chairman of the Board Willis J. Johnson stepped down as CEO Feb. 15 and was replaced by A. Jayson (Jay) Adair, the company’s president. Continue reading
Continued investment in facility footprint brings additional service to central Wisconsin
Insurance Auto Auctions, Inc. the leading hybrid model salvage auto auction company today announced their new location in Portage, Wisconsin. This new facility will provide salvage remarketing services, storage and sale capacity to both buying and selling customers. This marks the twentieth location in IAA’s Midwest region, further meeting the needs of a robust global buyer base seeking a broad inventory of total-loss, recovered theft, fleet-lease, dealer
trade-in and collision-damaged rental vehicles. Continue reading
The Scranton yard is Copart’s 153rd facility world-wide and its eighth facility in the Keystone
State.
Copart CEO and founder Willis J. Johnson said the 14-acre site will serve this busy and important part of the state and provide another facility in Pennsylvania for our members to bid on cars. Continue reading
Toyota has grown to a large multinational corporation from where it started and expanded to different worldwide markets and countries. It displaced GM and became the world’s largest automaker for the year 2008. It held the title of the most profitable automaker ($11 billion in 2006) along with increasing sales in, among other countries, the United States. Continue reading
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