In 2012, Copart branched out its resources to the Middle East; with the first headquarters set up in Dubai, UAE. Further development plans include expansions across the GCC, starting with Oman and Bahrain. The first auction in the UAE took place in August 2012, with inventory continuing to grow rapidly as the business proposition starts to become more widely recognized. Globally, Copart provides suppliers, primarily insurance companies and used car dealers, with a full range of re-marketing services to expose their products to over 800,000 buyers in more than 142 countries. Buyers include licensed dismantlers, re-builders, used vehicle dealers, exporters and the general public. Copart is unique in offering buyers the easiest and fastest way to find the vehicles they want from a large world-wide inventory through its patented VB3 auction system. VB3 (Virtual Bidding, 3rd Generation), introduced in 2003, has changed the way the industry does business by providing an efficient, globalized system that allows buyers to manage their businesses much easier than before, and allows sellers unsurpassed returns and efficiencies in processing and maintaining inventory. Buyers from all over the world now bid on vehicles without leaving their office or home, opening up markets and eliminating geographical barriers. VB3 is a proven product which has sold over 10 million units since its inception. Copart will continue to build and add more value to its buyers and sellers by expanding throughout the Middle East. Copart’s vision is to continually offer compelling, innovative and unique products and services whilst maintaining high levels of customer satisfaction. Copart was founded in 1982 by CEO Willis J. Johnson. Johnson with his entrepreneurial spirit, along with a strong work ethic and a passion for change, started Copart with just one salvage yard in California. In 1994, he took Copart public (NASDAQ: "CPRT"), raising the money needed to expand the company. The development of VB3, Copart’s online auction system transformed Copart from a salvage vehicle auction company into a company offering a global remarketing platform that links buyers and Sellers around the world.
