US e-auction firm Copart looking to open more car ‘yards’ in India

K V Kurmanath Hyderabad | Updated on January 09, 2018

India technology centre unveiled

Copart, the US-based online vehicle auction service provider, is eyeing the Indian market to replicate the model. The firm, which has already begun its operations in the country, is looking at opening some more ‘yards’ to tap the domestic opportunity.

“We are auctioning cars here in a small way. We have a yard in Delhi. We are looking at other options to set up yards in some other cities as demand is built,” Will Franklin, Executive Vice-President, told BusinessLine.

With a market cap of $7 billion, the firm facilitates auctioning of 20 lakh vehicles a year. “There is a potential to double this number in the next 7-10 years,” said Rama Prasad, Chief Technology Officer and Senior Vice-President.

The officials are in the city in connection with the launch of Copart India Technology Center (CITC).

The Hyderabad facility will engage in software development, quality assurance and testing as part of its global IT mandate.

Present in 190 locations in 11 countries with over 1,25,000 vehicles up for auction every day, the 45-year-old Dallas (Texas) based firm has over 8,000 acres to house the inventory.

“We are talking to insurance companies in the public and private sectors to discuss the product offering here in India,” Will Franklin said.

He, however, has not indicated the probable locations for setting up the yards for starting its operations.

Chennai cars

The firm made news when it offered to facilitate sales of the cars that were damaged in the floods that wreaked a havoc in Chennai two years ago. It facilitated sale of about 1,600 cars. It, however, has not indicated the average price of the sale.

Published on August 08, 2017

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like