News Releases

Copart Accelerates Expense Control With ExpenseWatch.com

Conshohocken, Pa. – July 11, 2006 – Copart, Inc., the nation’s largest reseller of total-loss vehicles, recently selected ExpenseWatch.com to automate internal expense controls throughout its 120 facilities in the United States and Canada.

Copart auctions wrecked and vehicles deemed to be total losses to auto dismantlers, used car dealers and other buyers. The company earns annual revenues of over $500 million and employs 2,300 people.

Copart plans to deploy the ExpenseWatch.com purchasing, travel and entertainment, and accounts payable workflow modules to automate financial processes and better manage company expenses. The company is rolling out the service now, beginning with its headquarters in Fairfield, Ca.

“Copart is deploying an expense management system to streamline our expense approval process, to enhance our internal controls and to improve our accounting workflow and document management,” said Simon Rote, vice president of finance for Copart. “After evaluating several solutions we selected ExpenseWatch.com as its robust feature set best satisfied our requirements and because it is a hosted application.”
“Copart’s decision to use our subscription based on-demand service for expense control exemplifies a growing trend,” said Bill Vergantino, chief executive officer and president of ExpenseWatch.com.
“More and more, companies are looking to Web-based hosted solutions with a subscription model for non-core business applications. With ExpenseWatch.com, what they gain is increased control & visibility of operating expenses. Having a solution with low cost, time, and risk simply hasn’t been achievable for the small and midsized organizations.”

ExpenseWatch.com provides the full spectrum of on-demand expense control automation tools. Customers automate all or a portion of their expenses by choosing which modules they need for travel and entertainment, purchasing, and accounts payable workflow. Policies and budgets, compliance, real-time reporting, maintenance, support and training are all included in the subscription pricing. Currently, thousands of people in more than 15 countries are using the ExpenseWatch.com service. Founded in 2000, the company is privately held.

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