Copart, the US-based online vehicle auction service provider, is eyeing the Indian market to replicate the model. The firm, which has already begun its operations in the country, is looking at opening some more ‘yards’ to tap the domestic opportunity.
“We are auctioning cars here in a small way. We have a yard in Delhi. We are looking at other options to set up yards in some other cities as demand is built,” Will Franklin, Executive Vice-President, said.
With a market cap of $7 billion, the firm facilitates auctioning of 20 lakh vehicles a year. “There is a potential to double this number in the next 7-10 years,” said Rama Prasad, Chief Technology Officer and Senior Vice-President. The officials are in the city in connection with the launch of Copart India Technology Center (CITC).