BENICIA, Calif. — Copart, Inc. has announced the new trade name for its public auction facilities: Motors Auction Group – MAG. Copart’s first two public auctions located in Detroit, Mi. and Chesapeake, Va. have been renamed Motors Auction Group. The new trade name also has its own website, at http://www.4mag.com.
Copart will elaborate further on its MAG strategy during its next quarterly earnings release and conference call currently scheduled for the week of May 28.
Founded in 1982, Copart provides vehicle suppliers — primarily insurance companies — with a full menu of services to process and sell salvage 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 79 facilities in 36 states, Copart also provides services to other geographic areas through its national network of independent salvage vehicle suppliers.