Copart

Copart is a Vehicle auctioning company traded on NASDAQ with ticket CPRT. It owns its own yards and maintenance personnel. Copart sells more than one million vehicles each year through VB2, their patented two-stage internet sales technology. 

Members from all over the world have come to Copart because of its extensive inventory with more than 50,000 vehicles available for bidding each day. Members can choose from classics, early or late model cars, trucks, SUVs, motorcycles, boats, snowmobiles, jet skis, recreational vehicles, and more. Copart sells vehicles for a variety of consignors including finance companies, banks, dealers, fleets, rental car companies and the insurance industry. 

They have more than 140 facilities throughout the United States, Canada, and the United Kingdom. The company was founded in 1982 by CEO Willis J. Johnson, a true American success story. Johnson grew up learning about business from his father — an entrepreneur who dabbled in everything from dairy farming to running restaurants and building houses. Johnson took that entrepreneurial spirit, along with a strong work ethic and a passion for change, and started Copart with just one salvage yard in California. 

1982: The first location opens in Vallejo, California. Copart president Willis Johnson started out with one salvage yard near Oakland, California.

1990: Many of the chain's customers agreed that PIP was a good concept, about 70 percent of Copart's vehicle transactions were made through the program.

1994: Cofounder and CEO Willis Johnson took the company public, retaining a 31 percent stake. According to a report on Copart by the Oppenheimer investment group, per-car proceeds from PIP exceeded normal consignment fees by about $50 while adding negligible amounts to the auctioneer's expenses.

1995: The company's largest purchase to date came in May when it bought NER Auction Group for $43.6 million. Copart began rapid expansion in the United States with the sizable acquisition, doubling its number of facilities around the country.

1996: Furthermore, the ratio of vehicles processed through PIP declined to just 25 percent in the fiscal year. Johnson's fiscal letter to shareholders boasted that "Vehicle suppliers can make one phone call to Copart to assign a vehicle for salvage anywhere in the country as well as monitor and track each vehicle in the disposition process."

1997: By the end of the fiscal year, about one-third of Copart's total sales were through PIP, and 61 percent remained on fixed-fee consignment. The first main step in this process was the creation of the Copart Auction System (CAS), 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.

1998: Also early to embrace the internet, launching an online bidding platform, three years after EBay Inc. was created. A departure from the industry standard of local physical auctions.

2001: Contributed at least $1.5 million to conservative causes since 2001, including $50,000 to the “Trump Victory” political action committee this year.

2003: The company grew to 100 locations across the country and became the first to launch a completely online auction model.

2004: Finally, Copart’s vehicles were available to everybody! And the rest, as they say, is history.

2007: Copart expands to the United Kingdom. 

2008: Copart opens its website to the public.

2009: First to advertise to Members through racing.

2012: Copart began expanding to the United Arab Emirates, Brazil, Bahrain, Oman, Spain, Ireland and Germany.

2013: Copart has 750,000 Members in over 170 countries and launches the industry’s FIRST iPad App.

2015: Copart expands its international presence to Bahrain and the Sultanate of Oman.

2016: Copart established an international presence in Canada, the United Kingdom and Ireland, the United Arab Emirates, Brazil, Spain and Germany. As well, Copart opens its first retail-auction-entertainment experience with CrashedToys of Dallas.

2018: The global growth continued with expansion into Finland and significant growth in Germany. 

2020: Still, with its recent stock surge, Copart is valued at more than 20 times its expected earnings before interest, taxes and amortization.

“To create value and opportunity through vehicle auctions and exchange.”

“Our mission, vision, and values are paramount to life at Copart, and they're woven into the fabric of our business. We invite employees to share their innovative ideas and bring new products and processes to life. Every day offers a chance to be an owner at Copart.”