Copart, Inc. (NASDAQ:CPRT) Announces Strategic Investment in Dallas, Texas Based lanelogic, LLC; lanelogic and Copart/VB2 Have Partnered to Bring Dealers the First National Used Vehicle Market Maker.FAIRFIELD, Calif. -- lanelogic and Copart/VB2 (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPRT CPRT Copart Inc. (stock symbol) CPRT Citizens for Personal Rapid Transit CPRT Client Perceived Response Time CPRT Coprocessor Register Transfer CPRT Cancer Prevention Research Trust CPRT Classic Professional Racquetball Tour ) today jointly announced that Copart has made a strategic private equity investment in lanelogic, the nation's first used vehicle market maker. lanelogic acts like a Wall Street trading floor that electronically facilitates vehicle trading between automotive dealerships nationwide. Offering bids in minutes on fresh trade vehicles or aged units, lanelogic will leverage real-time market data to instantly value vehicles. VB2's virtual auction-style sales platform compliments the lanelogic platform ensuring that a dealer can receive a bid on any fresh trade vehicle by offering an alternative auction for vehicles that cannot be redistributed re·dis·trib·ute tr.v. re·dis·trib·ut·ed, re·dis·trib·ut·ing, re·dis·trib·utes To distribute again in a different way; reallocate. Adj. 1. to a franchised dealership. Willis J. Johnson, Founder/CEO of Copart, which owns VB2, stated, "VB2 powers the sale of over one million vehicles annually. We can offer lanelogic a fluid instant auction platform that allows them to tap into our 103,000 buyers. lanelogic's utilization of VB2 enables bidders to purchase franchise dealers' trades, creating the first fresh trade online auction." Stated Bruce Thompson, Founder/CEO of lanelogic, "Our exclusive relationship with VB2 gives us an alternative platform to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the vehicles in minutes. People don't realize that VB2 sells a vehicle online every 8 seconds to buyers all over the world. Our model is to sell vehicles to dealers where they are most likely to retail in 28 days or less. However, many vehicles simply won't work for a franchised store. These vehicles will instantly be launched to our VB2 sale for our dealers ensuring they get top dollar for all types of vehicles." About lanelogic lanelogic is the used-vehicle market maker that uses real-time sales data to conduct electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. between automotive dealers nationwide. lanelogic acts as a buying agent Buying agents (also known as relocation agents or property search agents) is a term used in the UK to describe people acting as agents on behalf of a buyer and not the seller, as do traditional Estate agents (or, in the United States, Real estate brokers) whose job is , discerning which used vehicles specific dealerships are most likely to sell quickly for the optimal sales price, and which vehicles those dealerships should trade or send to lanelogic's/VB2 fresh trade auction. lanelogic's 45-day buyback guarantee on all lanelogic-procured vehicles means that lanelogic eliminates the high risks of aged used-vehicle inventory -- the single-greatest risk faced by automobile dealerships that buy, sell, or trade used vehicles. Additionally, lanelogic reduces dealers' inventory risks by providing the nation's first Fresh Trade Auction site as an efficient alternative for those vehicles that cannot be matched to a franchise store. Launched in November of 2005 in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , lanelogic's credibility is bolstered by its leadership in the form of CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bruce Thompson, former CEO and founder of American Auto Exchange. Partnership with Copart/VB2 and strategic alliances with other participants in the dealer-to-dealer used vehicle redistribution industry means that lanelogic is uniquely positioned to gather the needed inventory intelligence to deliver the industry's first live guaranteed bid network. For more information, please visit: www.lanelogic.com. About Copart Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles, principally to licensed dismantlers, rebuilders and used vehicle dealers, through Internet sales utilizing its proprietary VB2 technology. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. Copart operates 125 facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. It also provides services in other locations through its national network of independent salvage vehicle processors. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to numerous risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc opportunities in lanelogic's business and opportunities for the VB2 online auction product. These risks and uncertainties include the risks and uncertainties associated with the development of new business ventures and the application of VB2 in new markets outside Copart's traditional salvage auction business. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion