Copart Inc

Company Description

Copart, Inc.

Type	Public
Traded as	Nasdaq: CPRT NASDAQ-100 component S&P 500 component
Industry	Automotive
Founded	Vallejo, California (1982) ((1982))
Headquarters	14185 Dallas Parkway, Suite 300, Dallas, Texas, U.S.
Number of locations	200+
Key people	Willis J. Johnson (Chairman) Jay Adair (CEO) John North (CFO)
Revenue	$2.692 billion (2021)
Net income	$936.5 million (2021)
Total assets	$4.562 billion (2021)
Total equity	$3.529 billion (2021)
Number of employees	8,600 (2021)
Website	https://www.copart.com/
Footnotes / references

Copart, Inc. or simply Copart is a global provider of online vehicle auction and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies in 11 countries.

Copart, Inc. engages in the provision of online auctions and vehicle remarketing services. The company is headquartered in Dallas, Texas and currently employs 8,600 full-time employees. ), Oman, Bahrain, and Spain. The firm operates through two segments: United States and International. The firm provides vehicle sellers with a range of services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3). Its vehicle sellers consist primarily of insurance companies, but also include banks, finance companies, charities, fleet operators, dealers and from individuals. The company sells the vehicles to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters, and in some jurisdictions, to the general public.

Operations

The Idea behind Copart Inc

The idea for Copart Inc came about through Willis J. Johnson's entrepreneurial spirit and his exposure to various business ventures throughout his life. Johnson's father was an entrepreneur who engaged in diverse businesses such as dairy farming, restaurants, and house construction. Growing up in such an environment, Johnson developed a strong work ethic and a passion for change.

Inspired by his father's entrepreneurial pursuits and armed with a desire to create something of his own, Johnson identified an opportunity in the salvage vehicle industry. He recognized that there was a demand for a more efficient and streamlined way to handle salvage vehicles and sell them to interested buyers. Salvage vehicles are vehicles that have been damaged or declared total losses by insurance companies.

With this insight, Johnson founded Copart in 1982, starting with just one salvage yard in California. He aimed to revolutionize the salvage vehicle auction process by introducing innovative technology and online platforms. By providing a convenient and accessible platform for buyers and sellers, Copart aimed to transform the industry and offer a global remarketing platform.

Over the years, Copart continued to evolve its auction technology and expand its operations, both domestically and internationally. The company's success can be attributed to Johnson's entrepreneurial vision, his passion for the auto auction industry, and his commitment to adapting and embracing technological advancements.

Copart Inc mission statement

To create value and opportunity through vehicle auctions and exchange.