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Letter to the Editor
Tuesday July 5
Copart Announces International Buyer Assistance Agreement with Akinvest
Copart, Inc. has entered into an agreement to allow Canadian based Akinvest, Inc. to provide floor planning and logistical assistance to international buyers of vehicles from Copart as well as the international buyers of vehicles from wholesale vehicle auctions using the VB2 Internet sales platform.Under the terms of the agreement, Akinvest will offer financing on certain qualified salvage and whole vehicles as well as assistance in arranging export transportation and complying with customs documentation requirements.
Copart sells over one million salvaged vehicles per year via the Internet using its proprietary online sales technology, VB2. Recently, Copart has entered into agreements to act as an Application Service Provider, providing VB2 technology to 40 independent wholesale auction houses. In the last quarter, 22 percent of all salvage vehicles sold by Copart were exported out of the United States.
"We are pleased to have developed this relationship with Akinvest. We expect the services that Akinvest provides to make purchasing by our international buyers easier and less complicated, both for buyers of salvage vehicles though Copart and whole cars though our wholesale partners," said Copart CEO Willis J. Johnson. "We are confident Akinvest will contribute to the worldwide appeal of our VB2 technology."
"Akinvest has been a pioneer in remote foreign purchasing directly and on the Internet," said company Vice President Dwight Grovum. "Our expertise is in the expedition of product delivery including multilingual registration service, payment assistance, customs arrangements, land and sea transportation and containerization -- all supplied in house. We like to think that Akinvest has an assembly line of services for foreign buyers to receive the product with maximized efficiency and reliability."
Akinvest was founded in 1999 and is based in Toronto, Canada. It has evolved from a wholesale dealer to its current role as a major service provider to the international export community. The company has a network of representatives in the United States to assist in purchase and exportation of vehicles and equipment.
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 vehicle dismantlers, rebuilders, repair licensees and used vehicle dealers. The company operates 113 facilities in the United States and Canada.
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