Copart Inc CPRT has made a new strategic investment and partnership with Purple Wave, Inc., an online offsite heavy equipment auction company. The details of the investment were not disclosed.
Purple Wave facilitates the sale of construction, agriculture and fleet equipment directly from a seller's location through its no-reserve auction platform on purplewave.com.
"Their digital-first approach and strong community of sellers and buyers distinguishes them in their industry and has empowered their outsized growth for years," said Copart co-CEO Jeff Liaw.
"Through our strategic investment and partnership, we will leverage our areas of expertise for the benefit of our respective marketplaces."
Copart's technology and online auction platform links sellers to more than 750,000 members in over 190 countries. It sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals.
Price Action: CPRT shares are trading higher by 1.46% at $45.87 on the last check Tuesday.
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