Trading network Copart VB2 has joined forces with lanelogic, the first used vehicle market maker in the US.
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Copart, which processes and sells salvaged vehicles, has made a strategic private equity investment in lanelogic, a Texas-based company that electronically facilitates vehicle trading between automotive dealerships.
Copart CEO and founder Willis Johnson said: “VB2 powers the sale of over one million vehicles annually. We can offer lanelogic a fluid instant auction platform that allows them to tap into our 103,000 buyers.”
Lanelogic founder and CEO Bruce Thompson said: “Our exclusive relationship with VB2 gives us an alternative platform to liquidate vehicles in minutes. People don’t realize that VB2 sells a vehicle online every 8 seconds to buyers all over the world.”
