Change is the only constant, or so the old proverb says. This is especially true with the expectations and demands of customers and stakeholders alike. In the early days of the internet, customers were happy just to have convenient access to services like auctions. In the era of Amazon, eBay, and Walmart.com, where literally almost anything can be found online, users expect a much more intuitive, easy-to-use buying experience. They apply these expectations to whatever they buy online, be it books or used cars.
To meet those needs, Copart is constantly working to improve the user experience to not only meet but exceed customer’s growing expectations. For example, Copart added payment methods like Apple Pay, Google Pay, and PayPal, because more people are using these new payment methods to conduct all their business, personal and commercial.
Technology is also affecting the way insurance companies write off vehicles as total losses. With more sensors, cameras and computers, the price at which a vehicle is totaled is continuing to go down. What would be a fender bender in the past may now total a Tesla. This is great news for those seeking used parts or fixer-upper vehicles.
Technology is also allowing insurance companies to evaluate damage and process claims more quickly. Many companies now have apps that let consumers take photos with their phone and upload it to an appraiser. Payments can be made by direct deposit instead of mailing a check. The bottom line is that this means newer vehicles and a wider inventory continue to come to Copart, which makes more of them available to auto recyclers. It also means both Copart and auto recycling businesses are sustainable well into the future.
Speaking of sustainability and customer expectations, more and more publicly traded companies are being pushed toward more green practices. Investors and customers want to know a business conducts itself with good environmental stewardship. Copart has found it easy to be green, given the values of reducing, reusing, recycling and recovery are all part of its business model. Copart reduces waste by providing a use for cars that would otherwise wind up being dumped somewhere. They reuse and recycle vehicles by putting their parts to good use or making them available for those who need inventory, affordable transportation, and restoration projects. Copart recovers every vehicle that winds up on its yards.
Beyond its basic business model, Copart is actively pursuing other sustainability initiatives. They have solar energy projects at several of their yards to take advantage of the abundant land. This power is used for security systems, lighting, gates and similar functions. The goal is to use only sustainable energy sources by 2050. Copart prevents a great deal of carbon from being emitted by preventing new cars from needing to be constructed. They ran the numbers for their ESG (Environmental, Social and Governance) report, and were proud to say Copart is a carbon negative enterprise.
A sign that more electric and hybrid vehicles are gaining wider acceptance is the steady increase Copart is seeing in the number of electric cars sold on its platform. The industry is moving toward electric cars being the standard rather than the exception, and Copart’s business is moving along with it. As Copart works to do its part to improve the global environment, the business is becoming more and more of a global industry. The export market is growing and thriving. They’ve seeing increasing numbers of vehicles leaving Canada & the US for places in the Middle East, Eastern Europe, Southeast Asia, and other parts of the world. One environmentally encouraging trend is that more and more electric and hybrid vehicles are among those traveling overseas. It makes the new technologies available to markets that might not otherwise have a reliable and affordable source for such vehicles. As technology continues to march forward, one can only ponder about the wonders Copart will see. Someday each Copart site might have its own clean nuclear generator to supplement its solar array and wind turbines. They might be so connected that they pick up cars on the same day the insurance company inspects and totals them.
In a closer time horizon, Copart expect to see a higher quality of vehicles coming through its locations. They also anticipate a higher level of connectivity that allows them to get cars listed more quickly, with more details, pictures and even videos in some cases. The one thing everyone can count on not changing is that Copart will continue to provide a superior customer experience for its Members and business partners in the auto recycling community.
As part of their commitment to the unique needs and benefits of this community, Copart Canada offers free Premier Memberships to auto recyclers. Members only need to leave a $400 CAD fully refundable deposit. Contact your closest Copart location to learn more. Find your nearest location at Copart.Ca/Locations.