Copart and CHAMPtitles Announce Collaboration to Offer Automated Title Processing for Auto Insurance Groups

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Rhea-AI Summary

Copart, Inc. (NASDAQ:CPRT) announced a strategic partnership with CHAMPtitles to introduce an automated digital platform for vehicle title processing aimed at car sellers, including insurance companies. This collaboration is expected to enhance title turnaround times and reduce claims management costs. Currently operational in permitted states, CHAMPtitles plans to expand further. Copart, a leader in online vehicle auctions, operates globally, linking sellers to over 750,000 members in over 170 countries.

Positive

Strategic partnership with CHAMPtitles enhances operational efficiency.
Automated digital platform improves title processing for insurance companies.
Expected cost reductions in claims management.

Negative

None.

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04/01/2021 - 05:17 PM

DALLAS, April 1, 2021 /PRNewswire/ -- Copart, Inc. (NASDAQ:CPRT), a global online vehicle auction company, announced a strategic partnership with CHAMPtitles, a leading developer of innovative online title processing software. Together, they are pleased to introduce an automated digital platform for car sellers, including insurance companies, that alleviates the need for manual paper and mail-oriented vehicle title processing.

"At Copart, we are constantly striving to deliver industry leading solutions to our buyers and sellers," said Copart President Jeff Liaw. "That is why we aligned with CHAMPtitles to offer a platform that delivers accelerated title turnaround times and reduced claims management costs."

"CHAMPtitles is laser focused on ushering vehicle title processing into the digital era," said CHAMPtitles CEO Shane Bigelow. "We are excited to deliver with Copart a transformative approach to title processing."

Currently, CHAMPtitles is being utilized in states where the service is permitted and is expected to be implemented in additional states soon.

ABOUT COPART
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart's innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries. The company offers services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and, in some cases, to end users. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, and individual owners. With operations at over 200 locations in 11 countries, Copart has more than 170,000 vehicles available online every day. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), the Republic of Ireland (Copart.ie), Brazil (Copart.com.br), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/Register.

ABOUT CHAMPtitles
Through the application of its secure, patent-pending technology, CHAMPtitles (www.champtitles.com/digital-total-loss.html) digitizes the process of vehicle titling between state government, insurance carriers, financial institutions, vehicle dealers, and consumers, creating a legal title that is easily transferable and verified.

Contact:
Fatima Ali, Communications Manager, Copart
Fatima.Ali@Copart.com | (972)-391-5206

View original content to download multimedia:http://www.prnewswire.com/news-releases/copart-and-champtitles-announce-collaboration-to-offer-automated-title-processing-for-auto-insurance-groups-301261078.html

SOURCE Copart, Inc.

FAQ

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What is the purpose of Copart's partnership with CHAMPtitles?

The partnership aims to introduce an automated digital platform for vehicle title processing, improving efficiency for car sellers, particularly insurance companies.

How will the partnership benefit Copart and its shareholders?

The collaboration is expected to reduce claims management costs and accelerate title turnaround times, potentially enhancing Copart's competitive edge in the market.

In which states is CHAMPtitles currently operational?

CHAMPtitles is being utilized in states where the service is permitted and plans to expand into additional states soon.

What is Copart, Inc.'s main business?

Copart is a global leader in online vehicle auctions, facilitating the sale of salvage and clean title vehicles.

Copart and CHAMPtitles Announce Collaboration to Offer Automated Title Processing for Auto Insurance Groups