Copart, Inc. is opening its first German vehicle storage and auction location in Bad Fallingbostel, near Hanover, the online auctioneer has announced.
Since entering the German market through the acquisition of Wreck Online Market (WOM), Copart has been focused on producing a system that adheres to German and European legislative requirements and the German insurance industry’s code of conduct.
The Copart model offers insurance companies and policyholders a new option for handling salvage vehicles as an alternative to the approach used by most insurers in continental Europe, which places the responsibility for disposing of a total loss vehicle on the policyholder.
Selling through Copart’s online auction platform generates competition among buyers by leveraging Copart’s more than 750,000 members globally, according to the company. In the two weeks leading up to Copart Germany’s last demonstration auction, more than 10,000 visitors from more than 100 countries visited Copart.de to preview auction inventory, according to Copart.
The Copart model has already been implemented in nine other countries including the United States, the United Kingdom, the Republic of Ireland, Canada, Brazil, India, the United Arab Emirates, Bahrain, and the Sultanate of Oman.