Copart Reports Continued Success from Internet Bidding; 32% Growth Quarter to Quarter; 28% of Vehicles Auctioned Received Internet Bids.Business Editors &High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers BENICIA Be·ni·cia A city of western California on an inlet of San Francisco Bay north-northeast of Oakland. It was the state capital from 1853 to 1854. Population: 27,100. , Calif.--(BUSINESS WIRE)--Feb. 7, 2000 14% of Q2 Gross Auction Proceeds Came From Web Bidding Copart Co`part v. t. 1. To share. For, of all miserias, I hold that chief Wretched to be, when none coparts our grief. - Webster (1661). , Inc. (Nasdaq: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 reported on its continued success from Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the bidding. Total Internet sales for the second quarter ending January 31, 2000, were approximately $26.4 million, 32% higher than the $20.0 million reported in the first quarter ending October 31, 1999. The $26.4 million consists of approximately $13.1 million of direct product sales and $13.3 million pushed by Internet bids. In the Company's previous quarter, Internet sales were $20.0 million, consisting of approximately $9.9 million of direct product sales and an additional $10.1 million pushed. The $26.4 million represents approximately 14% of the quarter's gross auction proceeds. In the previous quarter, 11% of gross proceeds came from web bidding. The company also reported that approximately 28% of the vehicles auctioned received at least one Internet bid. &uot;We are very pleased with the progress of our Internet Bidding service,&uot; said A. Jayson Adair, Copart's President. &uot;In the last four quarters we've seen Internet sales rise from $10.2 million in the April 1999 quarter to $13.3 million for the July 1999 quarter, $20.0 million for the October 1999 quarter and now $26.4 million for the January 2000 quarter. In addition, over 1 in 4 vehicles received an Internet bid this quarter.&uot; The company will release results for the second quarter on February 28 after the close. Founded in 1982, Copart provides vehicle suppliers -- primarily insurance companies -- with a full menu of services to process and sell salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. 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 70 facilities in 34 states, Copart also provides services to other geographic areas through its national network of independent salvage vehicle suppliers. NOTE: Certain statements in this release may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the company's operations or its vehicle suppliers, environmental problems or litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . |
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