7.7. SR 06-17-2019 - Laserfiche WebLink

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Copart Statement of Operations and Project Narrative Elk River, Minnesota Statement of Operations Copart, Inc., ("Copart"), and its subsidiaries, provide cutting edge asset liquidation services ("Copart Asset Services") to institutional, commercial, and private owners (collectively "Sellers") of used undamaged or damaged vehicles, trailers, watercraft, and powersports, industrial and construction equipment (collectively, "Assets"). Most Sellers are insurance companies, licensed dealers, financial institutions, charities, municipalities, and fleet operators. Copart Asset Services include short-term storage and sales of Assets, and ancillary receiving, shipping, lien sale and administrative activities. All Assets are liquidated intact, meaning no dismantling, draining of fluids, crushing, or sale of parts occurs at a Copart facility ("Facility"). After being received at the Facility, Assets are inspected, photographed, catalogued, and placed in ground -level short-term storage designed for quick retrieval. Assets are never stacked and remain in short-term storage for an average of only 50 to 60 days. After being placed in short-term storage, Assets are listed for sale through Copart's proprietary online action -style website and mobile apps for purchase only by Copart registered members (collectively, "Members"). Members are primarily licensed dealers, dismantlers, rebuilders, and exporters, and in some cases are end users. All offers are submitted and accepted electronically, without the use of a live auctioneer. Members are provided the opportunity to inspect Assets at the Facility, although most Asset inspections are limited to viewing images and information made available online. Members may electronically submit preliminary offers from (a) anywhere in the world via a personal computer or mobile device with internet access (each, a "Remote Online Device"), or (b) a limited number of computer kiosks located at the Facility. The high preliminary offer is carried over to the online virtual sale, during which Members may submit offers electronically only from a Remote Online Device. Assets are sold to the Member with the highest offer ("Buyer"), who then arranges for pickup and transportation of their Assets from the Facility. Payment for sold Assets may be made electronically, via wire -transfer, or in person at the Facility. Titles to sold Assets are either picked up by the Buyer along with the sold Assets, or mailed by Copart to the Buyer. Project Narrative Copart's intention of the property is to sign a 2-5 year lease of the 20 acres, with an option to purchase ("Phase I"). Phase I will be a sublot until the lease agreement expires, Copart intends to purchase the 20 acres along with the option to purchase an additional 25-30 acres to the north ("Phase II") and make the combined parcels a full yard.