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Copart, Inc. CPRT recently announced the expansion of its location in Abilene, TX. The company has been witnessing strong growth in Texas which has encouraged it to expand its locations in Fort Worth, Houston and San Antonio, TX earlier this year.
Copart has also taken over Waco, Dallas South and CrashedToys Dallas locations in Texas this year. The company expects this expansion drive to complement its presence in Texas where it presently operates in 15 locations.
Apart from Texas, Copart is expanding in other locations across the globe to manage increasing volumes. In Nov 2016, the company announced the expansion of its locations in China Grove and Indianapolis as well as the opening of its fourteenth location in California. In Sep 2016, the company opened its first vehicle storage and auction location in Germany.
In Aug 2016, Copart announced the opening of its third location in Colorado as well as the expansion of its location in San Antonio, TX. In Jul 2016, the company opened its first facility in Spain, which was also the first total loss vehicle storage and processing facility in mainland Europe. In the same month, Copart expanded its location in China Grove, NC by adding land and space for higher volume of inventory apart from inaugurating a new location in Cartersville, GA.
Additionally, Copart has been focused on expanding in the Middle East over the last few years. The UAE ranks second in the international market for cars sold from the company’s North American yards.
Copart is a prominent player in online auctions and vehicle remarketing services in the U.S., Canada, U.K., UAE, Bahrain, India, Sultanate of Oman, Spain, Brazil, Germany, and the Republic of Ireland.
Copart has marginally outperformed the Zacks categorized Auction/Valuation Services industry in the last three months. The stock gained 10.6% over the time frame while the industry saw a 10.3% increase. The company’s price performance was driven by the strong results posted last quarter and several business initiatives including the expansion of network facilities and operations in the Middle East.
Zacks Rank & Other Key Picks
Copart currently carries a Zacks Rank #2 (Buy).
Other favorably ranked companies in the auto space include Allison Transmission Holdings, Inc. ALSN, America’s Car-Mart Inc. CRMT and Rush Enterprises, Inc. RUSHA.
All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has a long-term expected growth rate of 11%.
America’s Car-Mart has a long-term expected growth rate of 45.5%.
Rush Enterprises has a long-term expected growth rate of 15%.
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