Copart

Copart, Inc. is a global leader in online vehicle auctions and remarketing services, revolutionizing the salvage and insurance auto auction industry through innovative technology. Founded in 1982 with a single salvage yard in Vallejo, California, Copart has grown into a multi-billion dollar enterprise with over 250 locations across 11 countries, processing over 4 million vehicles annually. The company's patented VB3 virtual auction platform enables buyers worldwide to bid on vehicles ranging from salvage and total loss vehicles to clean title vehicles, serving insurance companies, banks, dealerships, fleet operators, and individual consumers.

What sets Copart apart is its pioneering adoption of internet-based auctions in 1998, transforming an industry that traditionally relied on physical, local auctions. This technological innovation, combined with the company's massive scale and network effects, has established Copart as the dominant player in the vehicle auction market with nearly 40% market share in North America. The company's business model benefits from strong relationships with major insurance companies who consign vehicles damaged in accidents, as well as a global buyer base of auto dismantlers, rebuilders, exporters, and dealers who compete for inventory through the online platform.

Copart's success is built on operational excellence, including its extensive yard network totaling over 10,000 acres of vehicle storage capacity, sophisticated logistics and transportation capabilities, and proprietary technology systems that streamline the auction process. The company's vertical integration allows it to control the entire value chain from vehicle intake and inspection through auction and title processing. With fiscal year 2024 revenue of $4.2 billion and net income of $1.4 billion, Copart demonstrates exceptional profitability with 33% net margins, reflecting the scalability and efficiency of its technology-enabled platform.

Under the leadership of founder Willis Johnson and later CEO Jay Adair, Copart expanded internationally and continued investing in technology and infrastructure. In 2024, Jeff Liaw took over as sole CEO, leading the company into its next phase of growth. Copart's focus on innovation, customer service, and operational excellence has created a formidable competitive moat, making it the go-to marketplace for salvage vehicle remarketing globally. The company's mission to "create value and opportunity through vehicle auctions and exchange" continues to drive its expansion into new markets and service offerings.