POMONA, Calif., April 5, 2000 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) and Copart, Inc. (Nasdaq:CPRT) today announced it has signed an exclusive marketing agreement between the companies.
Under the terms of the agreement, Keystone will make available its aftermarket collision parts for sale by Copart through its Copart.com Web site. The co-branded site will identify the vehicles that a buyer intends to or has purchased from Copart and will then show all parts available from Keystone for that vehicle. The fully integrated Internet system will facilitate the ordering, payment and delivery of parts for the 100,000+ buyers that attend Copart's auctions annually in person and over the Web. A buyer at Copart.com will not only be able to look at vehicles on-line to inspect damage and enter bids, but also they will be able to use the "order parts" button to buy parts from Keystone with just a click of the mouse. Copart auctions over $500 million in vehicles annually that are ultimately repaired. This new service will help the buyers of these vehicles to quickly find competitively priced Keystone parts needed to complete the repair process.
Charles J. Hogarty, Keystone's President and Chief Executive Officer, said, "We are very excited to announce this agreement with Copart. This is a complementary extension of both of our business models which will enable both companies to leverage their existing operations. It also gives Keystone much better access to a large customer base outside the traditional insurance driven market. We expect to have the system in operation by August 2000 or as soon as the required programming is completed."
About Keystone:
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 118 distribution facilities, of which 22 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 22,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation. About Copart:
Founded in 1982, Copart provides vehicle suppliers - primarily insurance companies - with a full menu of services to process and sell salvage vehicles through auctions, 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 recovered stolen vehicles for which an insurance settlement with the vehicle's owner has been made. Operating 72 facilities in 35 states, Copart also provides services to other geographic areas through its national network of independent salvage vehicle suppliers.