Hubbry Logo
CopartCopartMain
Open search
Copart
Community hub
Copart
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Contribute something
Copart
Copart
Copart
View on Wikipedia
from Wikipedia

Copart, Inc. is a multinational provider of online vehicle auction and remarketing services to automotive resellers such as insurance, rental car, fleet, and finance companies in 11 countries: the US, Canada, the UK, Germany, Ireland, Brazil, Spain, UAE, Bahrain, Oman, and Finland. Headquartered in Dallas, Texas, Copart has more than 200 physical locations, where it houses more than 10,000 acres of vehicle inventory. Copart sells used, wholesale and repairable vehicles in weekly and bi-weekly online auctions to buyers ranging from consumers to automotive businesses. Copart provides vehicle sellers with a range of services to process and sell repairable and clean title vehicles over the internet, using its patented virtual auction technology, named VB3, as well as others of its auction-related brands.

Key Information

Copart is a public company traded on the NASDAQ under the ticker symbol CPRT and has been named to Fortune's 2020 Future 50 companies,[2] 100 Fastest-Growing Companies,[3] and the Fortune 500 list.[4]

History

[edit]

Copart was founded in 1982 by then 34-year-old Willis J. Johnson in Vallejo, California.[5]

Johnson began expanding Copart in the early 1990s through private loans and equity. By the early '90s, the company had grown to four locations in northern California; and by March 1994, it had added another eight new facilities in Oregon, Washington, and Texas, culminating in the acquisition of the largest volume seller of salvage in the United States, North Texas Salvage Pool of Dallas, Texas.[6]

That decade, Willis Johnson began developing Copart's information technology.[6][7][8] The first main step in this process was the creation of the Copart Auction System (CAS) in 1997, which was designed to unify and support the growing business as well as allow Copart facilities and sellers to access information, generate reports, and increase operating efficiencies.[5] The next step came in 1998 with Copart's introduction of internet bidding—a departure from the industry standard of local physical auctions.[9]

On March 17, 1994, Copart had its initial public offering (IPO) at $12 per share and debuted on the NASDAQ under the symbol "CPRT." Copart's IPO of 2.3 million shares of stock provided the company with the means to become a national company.[6]

In May 1995, Copart began rapid expansion in the United States with the sizable acquisition of NER Auction Group, doubling its number of facilities around the country. Copart would continue to grow via acquisitions and founded six new locations from July 1995 to July 1996. With locations spread coast-to-coast in the United States, Copart shifted tactics and began to procure regional and national contracts with the nation's leading insurance companies to grow a nationwide chain of facilities.[10] Copart has continued to acquire businesses, including National Powersport Auctions (NPA) in 2017.

By 2003, the company grew to 100 locations across the country and became the first to launch a completely online auction model. Currently,[when?] Copart has more than 200 locations in 11 countries.[10]  A Canada yard opening marked the first international expansion in 2003.[11] By 2007, Copart grew its footprint overseas to the United Kingdom. In 2012, Copart began expanding to the United Arab Emirates, Brazil, Bahrain, Oman, Spain, Ireland and Germany. Copart also expanded into Finland in 2018 with the acquisition of Autovahinkokeskus (AVK).[12] Additionally, the CashForCars.com brand launched in Canada in 2018, Germany in 2019 and the United Kingdom in 2020.

As Internet bidding grew in popularity, Copart developed its online auction platform, VB2, which it implemented in 2003. VB2 opened the sales process to registered buyers (Members) and sellers worldwide.[8][13] In fiscal year 2004 in North America and fiscal year 2008 in the U.K., Copart discontinued all live auctions and began remarketing vehicles exclusively through VB2.[14][15]

In 2012, Copart relocated its corporate headquarters from Fairfield, California, to Dallas, Texas. Copart's Dallas headquarters building, Copart Tower, consists of approximately 53,000 square feet (4,900 m2) of leased office space.[16][17]

In 2013, Copart upgraded its VB2 technology to a new version dubbed VB3. This version supported the latest browsers, eliminated the need for plugins and supported mobile interactivity.[11] Copart now sells more than one million vehicles each year through VB3 technology.[9][18]

Products and operations

[edit]

Copart's brands include BID4U, CashForCars.com, CrashedToys, DRIVE Auto Auctions, and National Powersport Auctions (NPA).[1] Copart also sells additional services such as providing sale pricing estimates for salvage vehicles, providing transport to and from storage lots for vehicles being sold in its platforms, and assisting with vehicle title processing.[1]

Copart derives the largest part, over 80%, of its revenue from service fees collected for use of its online auction platform. The majority of the remainder of revenue comes from the sale of vehicles it actually takes ownership of and then resells. The company has reported that approximately 88% of its service fee revenue and 63% of its vehicle sales revenue come from within the United States, with the remainder of revenue coming from outside the United States. The largest group of vehicle purchasers buying automobiles in Copart's auctions is vehicle dismantlers, while insurance companies make up the primary seller of vehicles listed in Copart auctions. Among the vehicles sold by insurance companies, the majority are vehicles declared a total loss after an accident or as a result of damage from a natural disaster.[1]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Copart

View on Grokipedia
from Grokipedia
Copart, Inc. is an American multinational corporation specializing in online auctions and remarketing services, primarily for salvage, used, wholesale, and repairable . The company connects sellers such as insurance companies, banks, firms, rental car operators, charities, fleet managers, dealers, and individuals with buyers including licensed vehicle dismantlers, rebuilders, used vehicle dealers, exporters, and the general public through its proprietary Virtual Bidding Third Generation (VB3) technology platform. Founded in 1982 by Willis J. Johnson as a single salvage yard in , Copart has grown into a global leader in the industry, going public on (CPRT) in 1994 to support U.S. expansion. Key innovations include the launch of Copart.com in 1996, the introduction of the world's first fully online in 2003, and the release of the industry's first iPad bidding app in , transforming traditional physical auctions into a 100% digital marketplace. As of 2025, Copart operates more than 250 locations across 11 countries, including the , , the , the , , , , the , , , and , employing approximately 11,700 people worldwide. The company facilitates the sale of more than 4 million vehicles annually, emphasizing technology-driven efficiency and accessibility for members to browse, bid, and purchase vehicles remotely.

History

Founding and Early Development

Copart was founded in 1982 by Willis J. Johnson in , as a single salvage yard operation initially focused on handling salvaged vehicles. Johnson, who had prior experience in the auto salvage industry, established the company to provide storage, inventorying, and disposal services for damaged automobiles, capitalizing on the growing demand from insurance companies dealing with totaled vehicles. This marked the beginning of Copart's entry into the fragmented U.S. salvage market, where physical yards served as the primary hubs for processing and remarketing such assets. From its origins in physical salvage yards, Copart evolved to emphasize auction-based sales, targeting insurance companies as primary sellers and auto dismantlers as key buyers. By the late , the company had shifted toward auctions, introducing models like the Percentage Incentive Program (PIP) around 1990 to align incentives and maximize vehicle resale values. This evolution addressed inefficiencies in traditional salvage disposal, allowing Copart to streamline processes for insurers while providing dismantlers access to parts and repairable units. Early growth was fueled by internal cash flows and strategic acquisitions within , expanding from one yard to four locations by the early and increasing annual vehicle volume from approximately 17,200 units in 1990 to over 410,000 by 1997. The company faced key early challenges, including intense regional competition in the U.S. salvage market from rivals like Insurance Auto Auctions, which drove up acquisition costs and complicated yard integrations. For instance, the 1995 acquisition of NER Auction Group for $43.6 million led to temporary disruptions, reducing profit margins to 9.5% in fiscal 1996-97 due to operational mismatches. Despite these hurdles, Copart's focus on building a networked presence helped it gain in a highly localized industry. A pivotal came in 1997 with the introduction of the Copart Auction System (CAS), a proprietary computerized bidding platform built on technology, which unified operations across facilities and supported the company's growing auction volume.

Initial Public Offering and Domestic Growth

Copart completed its (IPO) on March 17, 1994, listing on the under the CPRT at $12 per share, which raised approximately $26 million in gross proceeds. This capital infusion enabled the company to pursue aggressive national expansion, funding acquisitions and the development of additional salvage yards across the to increase its volume and geographic reach. By mid-1994, shortly after the IPO, Copart had grown its annual unit volume to over 100,000 vehicles across 15 locations, marking a significant step in scaling operations beyond its origins. In 1998, Copart pioneered internet bidding within the vehicle auction industry, becoming the first company with physical locations to accept proxy bids , which broadened bidder and reduced the need for in-person attendance. This digital innovation shifted the sector toward virtual participation, allowing buyers from across the country to engage in auctions remotely and enhancing efficiency in the salvage market. The platform's introduction aligned with Copart's post-IPO strategy to leverage technology for growth, building on its earlier Copart Auction System (CAS) for streamlined operations. Domestic expansion accelerated through strategic acquisitions and organic development, with Copart acquiring NER Auction Group in May 1995 for $43.6 million, which added 20 facilities in 11 Midwestern and Eastern states and doubled its footprint overnight. By 1997, the company operated 53 locations in 26 states, and this momentum continued, reaching over 100 sites by 2003. During this period, Copart also introduced online-only auctions in 2003, further digitizing its processes, and expanded into remarketing non-salvage vehicles, including those from rental car companies and fleet operators, to diversify its inventory beyond salvage. These efforts solidified Copart's dominance in the vehicle auction market, emphasizing technological integration and broader service offerings.

International Expansion

Copart's international expansion began in 2003 with its entry into , marking the company's first venture outside the through the establishment of Copart Canada, which focused on salvage vehicle auctions tailored to North American markets. This was followed by expansion into the in 2007 via Copart Europe Limited, which acquired local salvage operations to leverage the region's high volume of insurance-related vehicle dispositions. The company accelerated its global footprint in 2012 by entering emerging markets, including the acquisition of Central de Leiloes LTDA in , , to gain a foothold in with five initial facilities supporting both online and in-person auctions. In the same year, Copart established its Middle Eastern headquarters in , UAE, through the acquisition of Ride Safely Middle East Auction, LLC, enabling auctions compliant with regional salvage and export needs. Further growth included entries into in 2012. In 2015, Copart expanded further in the Middle East with new facilities in and . The company entered the and in 2016 through acquisitions and facility openings. The acquisition of Autovahinkokeskus Oy (AVK) in in 2018 bolstered operations in the Nordic region with established insurance partnerships dating back to 1966. To navigate regional differences, Copart has adapted its processes to comply with international regulations, including EU directives on vehicle exports and data protection under GDPR, as well as Middle Eastern import rules and anti-bribery standards in countries like the UAE and . These adaptations involve localized licensing, environmental compliance, and customized auction protocols to facilitate cross-border trade while mitigating risks from varying legal frameworks. By 2025, Copart's international efforts had expanded operations to 11 countries, encompassing , , , and the , with over 270 physical locations worldwide spanning more than 14,000 acres of land for vehicle storage and processing. This growth was supported by the scalability of its core technology, allowing seamless adaptation across diverse markets.

Recent Milestones and Leadership Transitions

In 2012, Copart relocated its corporate headquarters from , to , , to support its expanding operations and attract talent in a central U.S. location. This move facilitated ongoing investments in U.S. infrastructure, culminating in more than 200 locations across the by 2025, enhancing nationwide accessibility for vehicle auctions. Copart continued to advance its digital initiatives during the 2020s, building on earlier expansions such as the 2018 launch of CashForCars.com in , which enabled Canadian consumers to receive instant online quotes and sell vehicles directly through a streamlined platform. These efforts extended to other consumer-facing digital tools, including mobile apps for inventory listing and vehicle tracking, aimed at simplifying seller access amid growing online demand. A key leadership transition occurred in March 2022, when Jeff Liaw was promoted to co-CEO alongside , who had served as sole CEO since 2010. This shared role emphasized continuity while incorporating Liaw's expertise in and . In April 2024, Liaw assumed the position of sole CEO, with Adair transitioning to executive chairman to focus on strategic oversight. Marking a significant corporate milestone, Copart celebrated its 30th anniversary as a publicly traded company in March 2024, reflecting on three decades of growth since its 1994 IPO. By fiscal year-end 2025, the company had expanded its workforce to approximately 11,600 employees worldwide, supporting its global operations in 11 countries.

Business Model and Operations

Core Auction Process

Copart's core auction process begins with vehicle intake from a diverse range of sellers, primarily insurance companies, rental car fleets, and finance firms, which account for the majority of its inventory. These sellers, often bound by over 140 exclusive national agreements, consign vehicles such as total-loss salvage, repairable, and clean-title units through Copart's B2B platform. The intake process involves sellers submitting vehicles via an online form or direct coordination, where Copart's catastrophe response team facilitates towing and recovery, especially during disasters, moving over 333,000 vehicles monthly on average. Title processing is managed by Copart on behalf of sellers, ensuring legal transfer readiness, while transportation logistics leverage a network of independent towers dispatched through the Copart Transportation App for efficient pickup and delivery to storage facilities. Once received, are stored on Copart's extensive land-based , comprising over 19,000 acres across more than 275 global locations, enabling scalable and rapid absorption of high-volume influxes like those from natural disasters. This physical footprint supports holding up to 250,000 at peak capacity, minimizing external storage costs and optimizing throughput. For preparation, each undergoes detailed listing, including high-resolution photos (typically 20-50 per unit showing exterior, interior, and damage angles), VIN-specific data verification, readings, and comprehensive condition reports covering over 50 features such as equipment, tire condition, and structural integrity. These reports, available for an additional fee, incorporate videos and inspector notes to provide buyers with transparent assessments. The auction mechanics operate through Copart's VB3 (Virtual Bidding Third Generation) technology, which facilitates 100% online sales with a hybrid structure of preliminary open bidding followed by real-time live s. Bidders, accessible via web, , or integrated systems, compete in timed phases where bids escalate dynamically, allowing global participation without physical presence. This virtual platform processes over 175,000 auctions daily, prioritizing speed and accessibility for both sellers and buyers. Following a successful bid, post-auction handling shifts to fulfillment, where over 80% of Copart's revenue derives from service fees, including buyer premiums (averaging 15-20% of the hammer price based on payment security) and ancillary charges like gate fees (79−79-95 per vehicle) and title processing ($20 per unit). Payments are processed securely through Copart's portal, supporting methods like wire transfers and credit for licensed members, with non-payment incurring relisting fees of 10% or $600 minimum. Winning buyers then arrange vehicle removal within specified timelines to avoid storage fees (accruing after three days), utilizing Copart Delivery for domestic transport or services for international shipment, ensuring seamless handover from storage yards.

Technology Platforms

Copart's technological foundation began with the development of the Copart Auction System (CAS) in 1997, a platform built on architecture designed to unify operations across growing facilities by improving information access, reporting, and overall efficiency. This marked a pivotal shift toward digitized management, enabling standardized processes for vehicle listing, bidding, and sales tracking at multiple locations. Over time, CAS evolved into more advanced, integrated , transitioning to cloud-based to enhance and reliability, with critical IT operations hosted in distributed, military-grade facilities supported globally from the and . These modern cloud platforms now underpin Copart's operations across more than 275 locations in 11 countries, facilitating seamless and real-time processing for international auctions. A cornerstone of Copart's digital innovation is its Virtual Bidding 3.0 (VB3) technology, which advanced the company's capabilities following the introduction of internet-based proxy in 1998—the first such feature among vehicle companies with physical locations. Building on this, VB3 enables real-time, interactive s through a two-part process: preliminary , where participants submit maximum bids that the system incrementally applies, and live sessions that simulate an engaging, game-like environment with features such as "Monster Bids" for rapid price jumps and circular countdown timers. Accessible via web, tablet, and mobile devices, VB3 supports multi- dashboards, allowing global users to compete simultaneously across yards and inventory, thereby expanding bidder participation and efficiency beyond traditional in-person formats. Copart further enhances bidder accessibility through dedicated mobile applications and API integrations tailored for worldwide users. The Copart Mobile App, available on and Android, permits Basic and Premier members to search , place live bids, manage payments, and receive automated push notifications for events like outbids, wins, or watchlist updates, optimizing the experience for on-the-go participation. Complementing this, Copart's platform incorporates capabilities that enable third-party developers and integrated services to access , facilitating automated , , and enhanced global reach for international buyers in its 11-country network. These tools, including support for live dashboards, ensure broad, device-agnostic engagement while maintaining secure, real-time connectivity for over 175,000 daily vehicle listings.

Global Infrastructure and Locations

Copart maintains an extensive global network of over 250 physical locations across 11 countries, enabling efficient storage, processing, and auctioning worldwide as of its fiscal year 2025. The company's infrastructure primarily centers in the United States, where the majority of its over 19,000 acres are situated, supporting domestic operations. Additional regional hubs operate in for North American coverage, the and for European access, in , and the through facilities in the , , and . Recent expansions include operations in via Copart Suomi Oy, alongside presence in , , and other areas to broaden international reach. In 2025, Copart expanded its U.S. footprint with acquisitions including 835 acres in , 40 acres in Palm Beach County, and a 400-acre facility in . The company operates multiple locations across Florida, including Ocala, Miami, Tampa, Jacksonville, and others. These Florida facilities handle a range of salvage vehicles, including Mercedes-Benz C-Class and E-Class models from 2019 or newer. Current listings for such vehicles at Florida locations can be accessed via Copart's official website by using the vehicle search tool to filter by make (Mercedes-Benz), model (C-Class or E-Class), year (2019+), and location (Florida). As auction listings change frequently, users should consult the site directly for up-to-date information, including lot details, damage types, and bidding status. To facilitate seamless vehicle movement, Copart partners with logistics providers such as Super Dispatch for automated domestic shipping and services, ensuring compliance with international standards for cross-border transactions. This network supports exports to more than 185 countries, allowing buyers worldwide to access inventory without physical presence at yards. The infrastructure integrates with digital tools for yard management, optimizing inventory flow from acquisition to . Sustainability is embedded in Copart's yard operations, with initiatives focused on salvaged vehicle parts to promote a and reduce waste. In fiscal year 2024, these efforts helped avoid over 12 million metric tons of CO2e emissions by extending vehicle lifecycles and harvesting reusable components, aligning with broader environmental goals like use by 2050. Practices at locations emphasize environmentally sound processing, including tire recapping programs to minimize impacts.

Products and Services

Vehicle Remarketing Services

Copart's primary vehicle remarketing service revolves around its 100% platform, which facilitates the sale of salvage, clean-title, and used sourced mainly from companies processing claims and from commercial fleets. These auctions enable efficient remarketing by connecting sellers with a global buyer base, with the core process involving vehicle listing, , and post-sale as outlined in Copart's operational framework. In 2024, companies accounted for 81% of the processed, underscoring the centrality of these partnerships in generating inventory for . The platform extends to specialized categories, including dedicated auction streams for such as machinery and industrial tools, as well as motorcycles and powersports vehicles like ATVs, jet skis, and snowmobiles. These streams cater to niche markets, allowing buyers to access repairable salvage and clean-title items in these segments through the same online interface. Copart handles millions of vehicles annually across all categories, with fiscal marking a record volume driven by expanded collaborations and international reach. Buyers primarily consist of licensed vehicle dismantlers, rebuilders, used vehicle dealers, and exporters, alongside repair licensees and the general public, who utilize Copart's services to acquire inventory for resale, parts harvesting, or rebuilding. To support these demographics, Copart offers detailed condition reports, history information, and export documentation assistance, including compliance with U.S. export regulations for international transactions. In fiscal 2024, 68.4% of U.S. vehicles were sold to out-of-state or international buyers, highlighting the platform's role in global remarketing.

Ancillary Offerings

Copart provides processing and services to facilitate seamless transfers for auction-purchased vehicles. These services include handling paperwork submissions, verifying required documents before , and shipping titles directly to buyers via options such as for $20 per title or US Postal Service for $15 per up to 10 titles from a single location. Once documents are received and processed within 1-2 days, buyers can proceed with auctions, ensuring compliance with licensing requirements across jurisdictions. In addition to core auction activities, Copart charges transportation and storage fees to manage post-purchase logistics, including arrangements for global shipping of exported vehicles. Vehicles are held free of charge for up to three days after purchase, after which storage fees apply, typically ranging from $5 to $20 per day depending on the location. For international transport, Copart partners with third-party providers and offers a shipping estimate tool on lot detail pages, where buyers input destination countries and ports to receive quotes tailored to the vehicle's location. These services integrate with vehicle remarketing by streamlining removal and delivery, reducing delays for buyers worldwide. Copart also offers inspection and certification options through a network of independent third-party appraisers, particularly for high-value or specialized items. Buyers can access a directory of certified who provide on-site evaluations, including assessments and compliance verifications, such as emission control checks. For clean- vehicles, Copart integrates Experian's AutoCheck reports at no additional cost, offering insights into and readings to support informed decisions. These appraisals, often conducted by professionals with certifications like Certified Appraisal Professional, help verify vehicle condition beyond standard lot photos. To support direct sellers, Copart launched CashForCars.com in in January 2018, enabling consumers to upload vehicle details online for instant quotes and seamless transactions. This tool allows sellers to receive cash offers within 24 hours, with pickup arranged at convenient locations, expanding access to Copart's auction ecosystem without requiring in-person visits.

Key Brands and Acquisitions

Copart operates several specialized that target niche segments within the vehicle auction industry, enhancing its core salvage business with focused remarketing services. CrashedToys, a acquired by Copart in 2013, specializes in online auctions for motorcycles, all-terrain vehicles (ATVs), recreational vehicles (RVs), and other powersports equipment. Originally founded in 2000, the leverages Copart's digital infrastructure to provide buyers with access to both used and repairable items, including exotic cars and off-road vehicles, through weekly sales events. National Powersport Auctions (NPA), another key subsidiary, focuses on remarketing pre-owned powersports vehicles such as motorcycles, ATVs, jet skis, and snowmobiles. Copart acquired NPA in December 2017 from Cycle Express, LLC, integrating its network of five U.S. auction facilities and online platform to serve dealers and resellers nationwide. As the leading provider in the powersports sector, NPA conducts monthly live auctions and supports Copart's diversification into sales. DRIVE Auto Auctions serves as Copart's dedicated platform for clean-title, operational vehicles, distinguishing it from salvage-focused offerings by emphasizing wholesale sales of run-and-drive cars and trucks to business buyers. Introduced around 2018 as an extension of Copart's ecosystem, DRIVE provides streamlined access to high-volume inventory suitable for retail resale, with features like detailed vehicle inspections and no-repair guarantees to facilitate efficient transactions. In October 2023, Copart acquired a in Purple Wave, Inc., an platform specializing in , construction machinery, trucks, and other industrial assets. This acquisition expanded Copart's capabilities in non-vehicle remarketing, integrating Purple Wave's technology and buyer network to offer broader access to specialized equipment auctions alongside its vehicle services. Copart has pursued strategic acquisitions to bolster its brands and expand regionally, particularly in underserved markets. In March 2018, the company acquired Autovahinkokeskus Oy (AVK), a prominent Finnish salvage auction firm established in 1966, renaming it Copart Suomi Oy to integrate it into its European operations. This acquisition enhanced local in the Nordics by adding established relationships with insurers and a dedicated yard for vehicle processing. Additional regional acquisitions have further supported Copart's growth, such as the July 2019 purchase of Vincent Auto Solutions, a U.S.-based salvage auction operator that expanded inventory availability in the Southeast and improved service options for sellers. In July 2022, Copart acquired Hills Motor Group in the , incorporating its automotive parts distribution network to strengthen ancillary support for vehicle remarketing in . These moves exemplify Copart's approach to acquiring complementary entities that accelerate entry into new geographies while aligning with its model.

Financial Performance

Revenue Streams and Profitability

Copart's primary streams derive from its online platform, where the majority of comes from service fees charged to sellers and buyers for listing, , and selling . These fees, which include transportation, storage, and title processing charges, accounted for approximately 85% of in fiscal 2025, totaling $3.97 billion. Ancillary services, such as value-added offerings integrated into the process, are bundled within these service fees, enhancing overall without separate reporting. Additionally, Copart generates from purchase and sale activities, where the company acts as a principal by buying and reselling , primarily in international markets like the U.K., contributing $678 million or about 15% of in the same period. In fiscal 2025, ending July 31, 2025, Copart reported total revenue of $4.65 billion, marking a 9.7% increase from $4.24 billion in fiscal 2024, driven by higher volumes. attributable to Copart rose 13.9% to $1.6 billion, reflecting improved . Total assets stood at $10.1 billion as of July 31, 2025, supporting the company's expansive yard network and technological infrastructure. Copart's profitability benefits from a scalable model that minimizes physical costs relative to growth, yielding high gross margins of approximately 45% for the full and 46% in the fourth quarter. Gross profit reached $2.1 billion in fiscal 2025, up 10.1% from the prior year. Cost of revenues totaled $2.55 billion, including yard and facility operations of $1.94 billion for labor, maintenance, and . Operating expenses, primarily general and administrative costs of $403 million with investments in technology for platform enhancements and , resulted in operating income of $1.70 billion and an of 36%. Key growth drivers for revenue and profitability include increased vehicle volumes from insurance company consignments, which sourced 81% of auctioned units in fiscal 2025, and expanding international sales through facilities in 11 countries. These factors supported a 11.4% rise in service revenues, bolstering overall financial health.

Stock Performance and Market Position

Copart, Inc. (NASDAQ: CPRT) went public in 1994 through an initial public offering on the NASDAQ exchange, marking the beginning of its trading history under the ticker CPRT. Since then, the company's shares have shown significant long-term appreciation, with an investor purchasing $1,000 worth at the IPO seeing that investment grow to approximately $276,000 as of November 2025, reflecting a compound annual growth rate of about 19%. As of November 2025, Copart's market capitalization stands at approximately $40 billion, positioning it as the 577th most valuable company globally by market value. In 2025, Copart's stock experienced a 21% year-to-date decline, underperforming broader market indices amid challenges in the automotive sector and economic pressures. Despite this, the company reported strong earnings for the fiscal year ended July 31, 2025, with diluted earnings per share (EPS) reaching $1.59, a 13.6% increase from the prior year, driven by revenue growth and operational efficiencies. Copart does not pay dividends, focusing instead on reinvestment and share repurchases to drive growth. Analysts project continued EPS expansion at an average annual rate of around 7.7% over the next few years, supported by Copart's scalable business model. Copart maintains a leading position in the online vehicle auction industry, particularly in the salvage market, where it operates as part of a duopoly alongside rival Insurance Auto Auctions (IAA), collectively holding about 80% of the U.S. . The company serves buyers and sellers in more than 200 countries through its digital platforms, facilitating over 3 million vehicle transactions annually and emphasizing to attract international participants. Compared to IAA, Copart has demonstrated superior volume growth in recent years, outpacing its competitor by margins of 5-9% annually from 2021 to 2024. analysts rate Copart as a Moderate Buy, with a consensus price target implying potential upside from current levels based on its market dominance and growth prospects. A key investor milestone occurred in March 2024, when Copart celebrated its 30th anniversary as a publicly traded , highlighting its enduring stability and evolution from a regional salvage operator to a global leader. Recent SEC filings underscore this resilience; for instance, the fourth quarter of fiscal 2025 (ended July 31, 2025) reported of $1.1 billion, a 5.2% increase year-over-year, contributing to full-year of $4.6 billion. These results, detailed in and earnings releases, reflect steady demand for Copart's services despite market headwinds.

Leadership and Governance

Executive Leadership

Jeff Liaw serves as the of Copart, having been appointed to the role in April 2024 after serving as co-CEO since March 2022. Liaw joined Copart in 2016 as , bringing extensive experience in finance and operations from prior roles, including as of International. Under his leadership, Copart has emphasized operational efficiency and technological advancements to support its platform. His total compensation for 2025 was $2.07 million. A. Jayson Adair is the Executive Chairman, having transitioned from the CEO position in April 2024 after holding it from 2010 to 2024. Adair joined Copart in 1989 and has played a pivotal role in the company's growth strategy, overseeing significant international expansion and infrastructure development during his tenure as CEO. Other key executives include Leah Stearns, who serves as Senior Vice President and , managing the company's finance and accounting functions. Regional leadership features Jane Pocock as CEO of Copart and since 2019, with over 25 years of experience in the automotive sector, and Adiel Avelar as Managing Director of Copart since 2011, who led the company's entry into that market. Liaw's tenure has focused on initiatives to enhance Copart's online remarketing capabilities, building on the company's technology-driven model. Adair's long-term impact includes steering Copart's global expansion, growing its presence to over 200 locations worldwide. These leadership changes in marked a strategic shift to support continued innovation and market growth.

Board of Directors and Corporate Governance

Copart's consists of 12 members, a majority of whom (nine) are independent, providing oversight to the company's global operations in vehicle remarketing. The board includes key insiders such as Willis J. Johnson, the founder and Chairman since 1982; A. Jayson Adair, Executive Chairman since 2024 (director since 1992); and , and Director since 2024. Independent directors bring diverse expertise, including (e.g., Daniel J. Englander and Thomas N. Tryforos), audit and risk management (e.g., Steven D. Cohan and Stephen Fisher), (e.g., Diane M. Morefield and Cherylyn Harley LeBon), and broader in and public policy (e.g., ). This composition ensures balanced perspectives on strategic risks, particularly in international expansion and digital platforms. The board operates through three primary standing committees to enhance governance and oversight. The Audit Committee, comprising five independent members including Matt Blunt, Steven D. Cohan, Stephen Fisher, Diane M. Morefield, and Carl D. Sparks, focuses on financial reporting, internal controls, and risk management related to and cybersecurity threats in online auctions. The Compensation Committee, with members Matt Blunt, Steven D. Cohan, Daniel J. Englander, Cherylyn Harley LeBon, and Thomas N. Tryforos, oversees executive pay, incentive structures, and alignment with shareholder interests. The Nominating, Governance, and Sustainability Committee, including Daniel J. Englander, Cherylyn Harley LeBon, Diane M. Morefield, Carl D. Sparks, and Thomas N. Tryforos, handles director nominations, board evaluations, policies, and initiatives, such as environmental impacts from vehicle processing. These committees meet regularly to address operational risks in Copart's 11-country footprint. Copart maintains robust policies emphasizing ethical standards, diversity, and protections. The company adheres to a Code of Business Conduct that promotes integrity in dealings with insurers, buyers, and regulators, with mechanisms for reporting violations. Diversity initiatives are reflected in the board's composition, as detailed in its annual Diversity Matrix, which tracks representation across , , and professional backgrounds to foster inclusive decision-making. rights are strengthened by annual director elections under a majority voting standard, the ability to call special meetings with sufficient ownership, and proxy access for nominations. The structure separates the roles of Chairman and CEO, with a lead (Daniel J. Englander) facilitating executive sessions and agenda setting. No significant proxy contests or controversies were reported ahead of the 2025 annual meeting. Historically, Copart's board has evolved from a founder-led entity established in 1982 by to a more professionalized structure following its in March 1994. Early post-IPO years featured concentrated insider control, but subsequent additions of independent directors with specialized expertise have broadened oversight, aligning with modern standards for companies in the automotive and technology sectors. This transition supports sustained growth while mitigating risks in a competitive salvage market.

References

  1. https://www.copart.com/content/us/en/investor-relations/investor-relations
  2. https://www.copart.com/content/us/en/about-copart/our-history
  3. https://www.copart.com/content/us/en/about-copart/about-copart
  4. https://www.copart.com/content/cprt-07-31-2025-earnings-release.pdf
  5. https://www.forbes.com/profile/willis-johnson/
  6. https://www.fundinguniverse.com/company-histories/copart-inc-history/
  7. https://quartr.com/insights/company-research/the-rise-of-copart-from-salvage-yard-to-tech-giant
  8. https://www.sec.gov/Archives/edgar/data/900075/000110465905048573/a05-17564_110k.htm
  9. https://www.company-histories.com/Copart-Inc-Company-History.html
  10. https://www.copart.ca/howVb3Works
  11. https://www.encyclopedia.com/books/politics-and-business-magazines/copart-inc
  12. https://www.copart.com/content/us/en/videos/a-brief-look-at-copart
  13. https://www.copart.com/content/us/en/press-releases/brazil_expansion_11-5-12
  14. https://www.copart.com/content/us/en/press-releases/copart-expands-operations-in-the-middle-east
  15. https://www.copart.com/content/us/en/press-releases/copart-acquires-nordic-salvage-auto-auction-company
  16. https://www.copart.com/content/us/en/press-releases/first-spain-facility
  17. https://www.sec.gov/Archives/edgar/data/900075/000090007524000024/cprt-20240731.htm
  18. https://www.sec.gov/Archives/edgar/data/900075/000090007518000048/cprt07312018-10k.htm
  19. https://www.prnewswire.com/news-releases/copart-inc-to-relocate-corporate-headquarters-to-dallas-tx-in-2012-115266774.html
  20. https://www.copart.com/content/us/en/press-releases/cashforcars-expands-canada
  21. https://www.copart.com/content/us/en/landing-page/copart-go-mobile-app
  22. https://www.copart.com/content/us/en/press-releases/copart-promotes-jeff-liaw-to-co-chief-executive-officer
  23. https://www.copart.com/content/us/en/press-releases/copart-appoints-jeff-liaw-as-ceo-and-director-and-jay-adair-as-executive-chairman
  24. https://www.sec.gov/Archives/edgar/data/900075/000162828025042946/cprt-20250731.htm
  25. https://finance.yahoo.com/news/coparts-global-reach-top-market-105740155.html
  26. https://www.copart.com/sellForBusiness
  27. https://www.businesswire.com/news/home/20250904778552/en/Copart-Reports-Fourth-Quarter-Fiscal-2025-Financial-Results
  28. https://www.copart.com/content/us/en/landing-page/copart-transportation
  29. https://www.copart.com/content/copart-esg-report-2024.pdf
  30. https://www.copart.com/content/us/en/landing-page/copart-vehicle-condition-reports
  31. https://vininfohub.com/copart-auction-report
  32. https://www.copart.com/content/us/en/landing-page/vehicle-reports
  33. https://www.copart.com/content/us/en/support/how-vb2-works
  34. https://www.copart.com/content/us/en/landing-page/why-copart
  35. https://help.copart.com/22724/kb/article/130791/ways-to-bid-buy
  36. https://finimize.com/content/cprt-asset-snapshot
  37. https://www.copart.com/content/us/en/blog/how-auction-fees-work-at-copart
  38. https://auctiongate.io/us/news/post/copart-fees-in-2025-identifying-hidden-costs-and-reducing-them-with-auctiongate
  39. https://www.copart.com/content/us/en/blog/how-to-get-your-copart-vehicles-to-you
  40. https://www.copart.com/content/us/en/landing-page/export-information
  41. https://www.sec.gov/Archives/edgar/data/900075/000091205702040105/a2091466z10-k.htm
  42. https://remarketing.copart.co.uk/2020/10/26/copart-are-ready-to-respond-this-winter/
  43. https://www.copart.com/content/us/en/landing-page/copart-mobile
  44. https://auction-api.app/en/
  45. https://www.copart.com/content/us/en/landing-page/copart-live-auction-dashboard
  46. https://finance.yahoo.com/news/copart-inc-release-fourth-quarter-200000989.html
  47. https://financialfreedomisajourney.com/young-investor-increases-copart-exposure-2025-5-28/
  48. https://www.bizjournals.com/southflorida/news/2025/04/08/copart-buys-west-palm-beach-property.html
  49. https://www.ainvest.com/news/copart-navigates-stormy-seas-strategic-land-investments-salvage-market-trends-anchor-growth-2505/
  50. https://www.copart.com/locations/
  51. https://www.copart.com/
  52. https://www.prnewswire.com/news-releases/super-dispatch-to-power-enhanced-domestic-shipping-option-for-copart-members-302511068.html
  53. https://www.copart.com/content/us/en/blog/copart-recyling-sustainability
  54. https://atfpro.co.uk/2025/01/15/copart-publishes-2024-esg-report-driving-toward-a-more-resilient-future/
  55. https://www.copart.com/content/us/en/landing-page/community-environmental-responsibility
  56. https://www.copart.com/how-it-works
  57. https://www.copart.com/content/us/en/landing-page/industrial-equipment-for-sale
  58. https://www.copart.com/content/us/en/landing-page/copart-powersports-vehicles
  59. https://www.copart.com/content/us/en/blog/five-biggest-used-dealer-challenges
  60. https://help.copart.com/22724/kb/article/130800/how-to-get-your-titles
  61. https://www.copart.com/content/us/en/member-fees-us-licensed-more
  62. https://www.copart.com/helpWithLicensing
  63. https://help.copart.com/22724/kb/article/130799/how-to-get-your-vehicles
  64. https://www.copart.com/content/us/en/landing-page/international-shipping
  65. https://www.copart.com/international-shipping
  66. https://www.copart.com/content/us/en/landing-page/ways-to-inspect/vehicle-inspectors
  67. https://www.copart.com/content/us/en/landing-page/inspection
  68. https://www.copart.com/inspectorDetails/725419
  69. https://www.cashforcars.com/blog/news/cashforcars-has-gone-international/
  70. https://www.crashedtoys.com/
  71. https://www.copart.com/content/us/en/press-releases/copart-acquires-national-powersport-auctions
  72. https://www.facebook.com/Copart/videos/what-is-drive-auto-auctions/1848713865158959/
  73. https://www.purplewave.com/
  74. https://www.copart.com/content/us/en/press-releases/copart-acquires-vincent-auto-solutions
  75. https://tracxn.com/d/acquisitions/acquisitions-by-copart/__2wJMZALakNpdBCY9o7bqFW1OkIIQxZDuBHwxmpP-krA
  76. https://www.sec.gov/Archives/edgar/data/900075/000119312525249656/d70361dars.pdf
  77. https://www.macrotrends.net/stocks/charts/CPRT/copart/stock-price-history
  78. https://companiesmarketcap.com/copart/marketcap/
  79. https://finance.yahoo.com/news/copart-stock-poised-recovery-recent-120955872.html
  80. https://www.macrotrends.net/stocks/charts/CPRT/copart/eps-earnings-per-share-diluted
  81. https://simplywall.st/stocks/us/commercial-services/nasdaq-cprt/copart/future
  82. https://seekingalpha.com/article/4775859-copart-market-resilient-business-model
  83. https://iocharts.io/en/blog/az-copart-inc-reszveny-elemzese-cprt/
  84. https://yhamiltonblog.substack.com/p/update-20255-copart-cprt
  85. https://finance.yahoo.com/news/wall-street-analysts-predicting-copart-132046592.html
  86. https://www.sec.gov/Archives/edgar/data/900075/000090007525000017/cprt07312025ex99-1.htm
  87. https://www.prnewswire.com/news-releases/copart-appoints-jeff-liaw-as-ceo-and-director-and-jay-adair-as-executive-chairman-302085748.html
  88. https://www.copart.com/content/us/en/about-copart/executive-team
  89. https://www.sec.gov/Archives/edgar/data/900075/000119312525249664/d84887ddef14a.htm
  90. https://www.copart.com/content/us/en/about-copart/board-of-directors
  91. https://www.forbes.com/profile/a-jayson-adair/
  92. https://www.copart.com/content/us/en/about-copart/global-management-team
  93. https://uk.linkedin.com/in/jane-pocock%25E2%2599%25BB%25EF%25B8%258F%25F0%259F%259A%2599-7bb5007
  94. https://www.autoremarketing.com/ar/wholesale/liaw-named-copart-ceo-as-longtime-leader-steps-into-executive-chairman-role/
  95. https://www.marketscreener.com/quote/stock/COPART-INC-8879/company-governance/
  96. https://www.financecharts.com/stocks/CPRT/summary/ipo-date
Add your contribution
Related Hubs
Contribute something
User Avatar
No comments yet.