NPA acquired by “virtual” auctioneer
National Powersport Auctions (NPA – held by Cycle Express LLC) has been acquired by online auctioneer Copart – a (mostly) B2B member-based used and salvage vehicle auction sales company that was founded in 1982. Copart says it operates in over 170 countries, with subsidiaries in Canada, the UK, Spain, the Middle East, India, Germany, Brazil and Ireland.
Founded in California in 1982 and headquartered in Dallas, Texas, since 2012, Copart, Inc. is a publicly owned company whose shares were recently trading at around $31.50 on NASDAQ at the time of the announcement. Earlier this year the company posted sales of $373.9 million for its Q3 2016/2017 financial year (+7.7 percent on its year prior third quarter).
Poway, California headquartered NPA was founded in 1990 and is a privately held business with estimated revenue in the region of $5.6m; the company expanded rapidly during the downturn and currently has powersports industry vehicle auction facilities in Atlanta, Cincinnati, Dallas, Philadelphia and San Diego.
”We are very excited about teaming up with Copart,” said NPA Chief Executive Officer Cliff Clifford. “Leveraging Copart’s resources and capabilities with NPA’s industry expertise and market leadership will allow us to kick NPA into high gear. We’re looking forward to taking NPA to a whole new level of growth and success.”
Copart’s success is centered on its use of technology to allow internet bidding – its VB2 software is a patented virtual auction platform through which it currently sells more than 1 million pre-owned vehicles a year.