Copart, a US-based global leader in online vehicle auctions. on Tuesday launched its India Technology Centre here
The facility was inaugurated by US Consul General in Hyderabad, Katherine Hadda in the presence of state IT Secretary Jayesh Ranjan and the company's top management.
Copart Inc Executive Vice President Will Franklin said that the company has nearly 200 yards globally including one each in Delhi and Hyderabad. "We're aiming at setting up around 50 yards in India gradually," he said.
Copart India Technology Centre Director Abdul Khuddus said Athat nearly $2 million have been invested in the Indian facility. "Hyderabad provides great opportunity to companies like Copart. The technology support, which is the backbone of the company's unique system, will be developed and improvised at this facility," he added.
The company sells nearly 2 million dead cars every year, and aims to double the numbers.
Copart has presence in 190 locations across 11 countries with a Rs 45,000 crore market cap. The company also processes used cars, cars dumped by owners or seized by insurance companies, mostly End of Life Vehicles (ELVs).
Nearly 1600 vehicles that were damaged in Chennai floods were acquired by Copart and sold online to bidders. During the Katrina floods in the US, two lakh ELVs were auctioned online.
Describing Hyderabad as a prime destination for tech companies, US Consul General Hadda said nearly 130 US companies having set up their facilities in the city.
"A company like this (Copart) recognizes the world is getting flatter, and is selling cars as far as in Afghanistan among other locations, which is incredible. It speaks of the power of technology, which is very transformative to our lives," she said.
Ranjan said it was the small and medium companies like Copart that actually provide numbers for Hyderabad to grow, in addition to tech giants like Google, Amazon and Microsoft.
He hailed the company's plan to hire 120 people by the end of 2017, and double the number by next year.