Copart, Inc. (NASDAQ:CPRT), the largest provider of vehicle salvage disposition services in the United States, today reconfirmed its policy of providing no financial guidance for itself, its affiliates or its equity investments. In furtherance of this policy, Copart has not provided financial guidance related to itself, its affiliates, or its equity investments, including lanelogic LLC, to any financial analysts, including but not limited to any analyst reports that may have been issued on Copart, Inc. in the past week.
Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through a completely virtual auction-style trading platform, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company operates 120 facilities in the United States and Canada. It also provides services in other locations through its national network of independent salvage vehicle processors.
This press release may contain forward-looking statements within the meaning of federal securities laws, and these forward-looking statements are subject to substantial risks and uncertainties. In addition to Copart's traditional business, Copart periodically makes investments in businesses that the Company believes may be complimentary or provide other benefits to Copart. These other investments are subject to substantial risk, and Copart may not obtain any financial or other benefits from these investments. Copart may also have little or no control over these other businesses, including no control over their business decisions, operations, forecasts or statements. Copart does not provide financial guidance relating to these investments. Copart's business has become increasingly reliant on proprietary and non-proprietary technologies, and it is difficult to forecast with accuracy what impact these changes in our business model will have. We depend on a limited number of major suppliers of salvage vehicles. If we are unable to maintain these supply relationships, our revenues and operating results would be adversely affected. In addition, our revenues, operating results, financial condition, and growth rates are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory risks, and the other factors described under the caption "Factors That May Effect Future Results" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We encourage investors to review these disclosures carefully.