Brexit clarity of utmost importance for businesses like Copart who trade throughout Europe
Prime Minister Boris Johnson is well on the road to the Brexit he promised the electorate when he succeeded Theresa May as Conservative leader. Commanding a majority of 80, Johnson’s Withdrawal Agreement is sailing through the Commons at a breakneck pace; meaning less focus is on whether Brexit is actually going to happen, but what the future trading and legislative relationship will be between the UK, its European neighbours and the rest of the world.
Clarity on the future legislative landscape is something which has long been called for by businesses who have faced uncertainty in the wake of the referendum in 2016. One of these businesses is Copart, a global specialist vehicle remarketing services to the motor insurance and automotive industries. Founded in California in 1982, Copart was listed on NASDAQ in 1994 before becoming a S&P 500 company in 2018. It has invested around £250 million in the UK since 2007, and last year sold around 400,000 vehicles online to 100 million web visitors from 108 countries.
Copart’s CEO for the Europe, Middle East and Africa regions Nigel Paget spoke to The Parliamentary Review about the importance of this legislative environment and the impact it’s been having on the business. Paget said,
“The scope of our business subjects us to a vast amount of legislation, including environmental compliance, business and employment regulation, transport legislation and, of course, international trade. Each of these areas seemingly gets more saturated year on year, with ever-increasing compliance costs.”
On the topic of Brexit itself Paget continued,
“The uncertainty of Brexit is difficult, too. Inconsistent approaches to managing vehicle movements across Europe and even the application of existing and new legislation affect us. Domestic inconsistency is a real problem, too – statutory bodies and government agencies in the UK do not always take a common approach. It simply isn’t productive.”
Whatever a person’s political views on Brexit, from a business standpoint there are opportunities for government to learn from the examples and concerns of successful companies like Copart – thereby ensuring the future legislative environment is shaped around industry knowledge and expertise.