Fairfield, California-based Copart, an online vehicle auction company, has launched a new iPhone (News - Alert) app, Copart Sell My Car, which officials say is “in support of the company’s CopartDirect model.”

The app lets users to sell their car and receive payment “in as little as one business day,” according to information provided by Copart officials. The Copart Sell My Car app is compatible with iPhone, iPod touch, and iPad, and is a free download.

The way it works is CopartDirect gives you an offer to purchase your vehicle when you enter your information into the iPhone app. It’s basically a three-step procedure:

Using an iPhone or other compatible device, users submit contact and vehicle information and can also upload vehicle photos. The Copart team will respond with any follow up questions, or an immediate offer to purchase the vehicle. Users can simply drop off their vehicle at any one of Copart’s 137 locations nationwide, or have Copart pick up the vehicle, typically within one business day, and receive payment on the spot.

It’s selling simplicity and the avoidance of hassle because, hey, Americans will pay for that. “Our customers have told us they want a simple, hassle-free way to sell their cars,” said Copart CEO Jay Adair, saying those who don’t need an immediate sale use Copart’s auction model open to registered bidders.

Copart, founded in 1982, provides vehicle sellers with remarketing services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and, in some states, to end users.

In November, TMC (News - Alert) had the news that Copart reported the results for its first quarter ended October 31, 2010.

For the three months ended October 31, 2010, revenue, operating income and net income were $212.7 million, $59.6 million and $37.8 million, respectively. These represent increases in revenue of $27.2 million, or 14.7 percent; in operating income of $3.1 million, or 5.5 percent; and in net income of $2.6 million, or 7.2 percent, from the same quarter last year. Fully diluted earnings per share for the three months ended October 31, 2010 were $0.45 compared to $0.42 for the same period last year, an increase of 7.1 percent.