Copart, a US-based global leader in online vehicle auctions. launched its India Technology Center here on Tuesday
The facility was inaugurated by US Consul General in Hyderabad, Katherine Hadda, in the presence of Secretary of State for IT Jayesh Ranjan and senior company management.
Copart Inc executive vice president Will Franklin said the company has nearly 200 yards globally, including one in Delhi and Hyderabad. “We are aiming to gradually set up about 50 yards in India,” he said.
Copart India Technology Center Manager Abdul Khuddus said nearly $2 million has been invested in the Indian facilities. “Hyderabad offers a great opportunity for companies like Copart. Technology support, which is the backbone of the company’s unique system, will be developed and improvised in this facility,” he added.
The company sells nearly 2 million dead cars each year and aims to double that figure.
Copart is present in 190 locations in 11 countries with a market capitalization of Rs 45,000 crore. The company also deals with used cars, cars thrown away by owners or seized by insurance companies, mainly end-of-life vehicles (ELVs).
Nearly 1,600 vehicles damaged in the Chennai floods have been acquired by Copart and sold online to bidders. During the Katrina floods in the United States, two lakh ELVs were auctioned online.
Describing Hyderabad as a prime destination for tech companies, US Consul General Hadda said nearly 130 US companies have set up their facilities in the city.
“A company like this (Copart) recognizes that the world is becoming flatter and is selling cars to Afghanistan and so on, which is amazing. It speaks to the power of technology, which is transforming our lives very profoundly,” she said. noted.
Ranjan said it is small and medium-sized companies like Copart that actually provide numbers for Hyderabad’s growth, in addition to tech giants like Google, Amazon and Microsoft.
He welcomed the company’s plan to hire 120 people by the end of 2017 and to double that number by next year.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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