Copart Announces Investment in Heavy Equipment Auction Company Purple Wave

Rhea-AI Summary

Copart announces strategic investment and partnership with Purple Wave

Positive

• Copart and Purple Wave form a strategic partnership to leverage their expertise and benefit their respective marketplaces
• Copart's investment will help accelerate Purple Wave's expansion into a global enterprise

Negative

• None.

DALLAS, Oct. 10, 2023 /PRNewswire/ -- Copart, Inc. (NASDAQ: CPRT) a global leader in online auto auctions, today announced a new strategic investment and partnership with Purple Wave, Inc., an online offsite heavy equipment auction company. 

Founded in 2000, Purple Wave is a pioneer in the online equipment auction industry, facilitating the sale of construction, agriculture and fleet equipment directly from a seller's location through its no-reserve auction platform on purplewave.com.

"We have long admired Purple Wave as a leader in its space," said Jeff Liaw, Co-CEO of Copart. "Their digital-first approach and strong community of sellers and buyers distinguishes them in their industry and has empowered their outsized growth for years. Through our strategic investment and partnership, we will leverage our areas of expertise for the benefit of our respective marketplaces. And perhaps most critically, we share a fundamental approach to business – a commitment to creating long-term value for our industry participants and our shareholders through excellence and innovation,".

"This is a pivotal moment for Purple Wave," said Aaron McKee, CEO of Purple Wave. "We are amplifying the strengths of both companies through this partnership and believe Copart will help accelerate Purple Wave's expansion from a regional business into a global enterprise."

About Copart
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart's innovative technology and online auction platform links sellers to more than 750,000 members in over 190 countries. Copart offers services to process and sell vehicles to dealers, dismantlers, rebuilders, exporters, and to the general public. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. With operations at over 200 locations in 11 countries, Copart has more than 250,000 vehicles available online every day. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland (Copart.ie), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/register.

About Purple Wave
Established in 2000, Manhattan, Kan.-based Purple Wave has set the standard as a pioneer in the online auction industry, selling items directly from the seller's location through no-reserve online auctions at www.purplewave.com. With a specialized focus on the sale of construction, agriculture, and fleet assets, Purple Wave has been able to create strategic partnerships with construction contractors, agricultural producers, fleet owners, and governmental agencies. Purple Wave builds relationships on trust, team, care, and passion, ensuring that they become more than just an auction platform but a dedicated partner in their customers' success.  Purple Wave offers a range of services including appraisals, listings, marketing, and post-auction shipping. They streamline equipment transactions by connecting buyers with sellers, ensuring that they are the easiest, most straightforward way to sell and buy equipment.

Cautionary Note About Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to substantial risks and uncertainties. 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. 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.

Contact: Fatima Ali, Communications@copart.com

View original content:https://www.prnewswire.com/news-releases/copart-announces-investment-in-heavy-equipment-auction-company-purple-wave-301951593.html

SOURCE Copart, Inc.

FAQ

What is the strategic partnership between Copart and Purple Wave about?

The strategic partnership aims to leverage the expertise of both companies and benefit their respective marketplaces.

How will Copart's investment help Purple Wave?

Copart's investment will help accelerate Purple Wave's expansion from a regional business into a global enterprise.