Copart Announces Capacity Expansion at East Georgia Location
Copart, Inc. CPRT announced that it is making an expansion of 40 acres in its Atlanta East location. The expansion will aid the online vehicle auction company to meet the increasing requirements of customers.
Based in Dallas, TX, Copart provides online auction and a wide range of remarketing services to process and sell salvage and clean title vehicles. The latest expansion is in sync with the company’s capacity growth initiative.
Notably, Atlanta East in one of the nine locations of Copart in Georgia. The company utilizes its resources to offer the best experience to those who buy vehicles from this location.
Early this month, Copart announced that it is expanding its Memphis, TN-based location. The company added 35 acres to the existing 46-acre facility to fulfill the requirements of buyers and sellers. In July end, Copart announced the opening of its new location in Macon, GA. The 35-acre facility is the company’s ninth location in the state.
Copart is focusing on expanding its storage capacity throughout the United States and overseas to meet growing customer demand. Stronger network aids it to add more cars in inventories and sell those at auctions, thus driving revenues.
Over the past year, shares of Copart have outperformed the industry it belongs to. During that period, shares of the company have gained 22.5% compared with the industry’s growth of 16.6%.
Zacks Rank & Stocks to Consider
Currently, Copart carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Fox Factory Holding Corp FOXF, CarMax, Inc. KMX and Gentex Corporation GNTX, each presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fox Factory has an expected long-term growth rate of 16.7%. In the past six months, shares of the company have rallied 20.7%.
CarMax has an expected long-term growth rate of 12.6%. In the past six months, shares of the company have risen 36.3%.
Gentex has an expected long-term growth rate of 5%. In the past six months, shares of the company have returned 29.5%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
Click to get this free report
Gentex Corporation (GNTX): Free Stock Analysis Report
Copart, Inc. (CPRT): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.