Copart buys former auto auction site for $3 million03/25/2019
Copart Purchases Auction Site in New York
There was some recent excitement in the town of Evans as Copart, the online auto auction business, has acquired the former auto auction site for $3 million. The auction site was the former home to Buffalo Auto Auctions and what Copart has planned for it remains to be seen.
Cars From Copart
Copart mainly specializes in the sales of salvage titles vehicles, but they also sell cars with clean titles. They have had a presence since 1982 as a single salvage yard in California before evolving into what it is today. Copart makes a good number of sales in salvage vehicle auctions and sell around 2 million vehicles each year around the world.
The acquisition of the site in Evans isn't the first that the company has acquired in New York over the years: they also have locations in Rochester, Long Island, Albany, Newburgh, and Syracuse. The company, now headquartered in Dallas, has grown to be large since starting as a sole salvage yard in the state of California. Copart went public in 1994 and now have over 200 locations in 11 countries.
What is a Salvage Title?
A salvage title vehicle has been branded a total loss by the owner's insurance company typically through damage caused by a number of different things, or some other situation like the vehicle being stolen and the insurance company accepting a claim before the vehicle turns up to be found. These vehicles had a clean title before being re-branded as one with a salvage title.
Buying a Vehicle With a Salvage Title
Are you thinking about buying a car with a salvage title? There are certainly pros and cons to each situation, but one has to adhere to some simple advice when it comes to procuring a vehicle with a salvage title. It is best to remember that these cars were deemed a total loss by an insurance company, most likely through damage.
Imagine all of the ways a car can be damaged: flood waters, hail, a tree limb coming crashing down on the car, a frame-bending wreck, etc. Whatever the damage, it typically isn't the greatest when becoming a total loss. Not everything is lost when it comes to a car with a salvage title, however. You may get lucky and find one with minimal damage at a good rate. Make sure you thoroughly inspect each vehicle before buying and ensure that it can be fixed before buying.
Where Does Copart Get the Cars?
After the insurance company pays the claim out on the car it isn't uncommon for them to sell the vehicle to companies like Copart. Copart mainly buys cars from insurance companies, but they also get them from places like banks, finance companies, dealers, charities, etc. They will then go on to sell their purchase mainly to people who dismantle salvage vehicles, rebuilders, repair licensees, exporters, and used vehicle dealers.
One could attend an auction and bid on a salvage vehicle as is, or go to a dealership that specializes in the sales of damaged cars that have been modified and restored. Like with every purchase, one wants to do thorough research before acquiring a car with a salvage title. One can expect the auction site in Evans will soon be a place to do just that.