Copart
| Company type | Public |
|---|---|
| Industry | Online vehicle auction and remarketing |
| Founded | January 1, 1982 in Vallejo, California, United States |
| Founder | Willis J. Johnson |
| Headquarters | Dallas , United States |
Area served | United States, Canada, United Kingdom, Germany, Ireland, Brazil, Spain, United Arab Emirates, Bahrain, Oman, Finland |
Key people | Willis J. Johnson (Founder) |
| Products | Online vehicle auctions, remarketing services, salvage vehicle value estimation, transportation logistics, vehicle title processing |
| Website | copart |
Copart, Inc. is a global leader in online vehicle auction and remarketing services, catering to automotive resellers such as insurance companies, rental agencies, fleet operators, and finance firms across 11 countries: the United States, Canada, the United Kingdom, Germany, Ireland, Brazil, Spain, the United Arab Emirates, Bahrain, Oman, and Finland. Based in Dallas, Texas, Copart manages more than 200 sites encompassing over 10,000 acres of vehicle inventory. It conducts weekly and bi-weekly online auctions for used, wholesale, and repairable vehicles, serving a broad range of buyers from individual consumers to automotive enterprises. Utilizing its patented virtual auction technology VB3 alongside other proprietary platforms, Copart facilitates sellers in managing and marketing both repairable and clean title vehicles efficiently.
Listed publicly on NASDAQ under the symbol CPRT, Copart has earned accolades including placement on Fortune’s 2020 Future 50 list, recognition among the 100 Fastest-Growing Companies, and inclusion in the Fortune 500.
History
Established in 1982 by 34-year-old Willis J. Johnson in Vallejo, California, Copart began its expansion during the early 1990s with private financing and equity investments, growing to four locations within Northern California. By March 1994, the company had expanded to eight facilities across Oregon, Washington, and Texas through acquisitions such as North Texas Salvage Pool—the largest salvage vehicle seller in the United States.
Throughout that decade, Johnson prioritized advancing Copart’s technological infrastructure by launching the Copart Auction System (CAS) in 1997 to streamline operations and boost productivity. The following year marked a milestone with Copart becoming one of the first to introduce internet bidding, shifting from traditional physical auctions to online formats.
On March 17, 1994, Copart completed its initial public offering (IPO) at $12 per share on the NASDAQ exchange under the ticker "CPRT," securing funds to support nationwide growth. In May 1995, it acquired NER Auction Group—doubling its U.S. presence—and continued accelerating expansion through additional acquisitions and new facility openings. The company also secured contracts with major insurers at regional and national levels to establish an extensive network. A notable acquisition was National Powersport Auctions (NPA) in 2017.
By 2003, Copart operated 100 locations across the country and became the pioneer in launching a fully online auction platform. Its first step outside the U.S. was establishing a yard in Canada that same year; subsequent international expansions included sites in the United Kingdom (2007), United Arab Emirates, Brazil, Bahrain, Oman, Spain, Ireland, Germany (2012), and Finland (2018) following the acquisition of Autovahinkokeskus (AVK). The CashForCars.com brand was introduced in Canada (2018), Germany (2019), and the UK (2020).
In 2003, Copart developed its VB2 online auction system which enabled global participation by buyers and sellers electronically. By fiscal year 2004 in North America and by 2008 in the UK market, live auctions were phased out to concentrate exclusively on VB2.
The corporate headquarters moved from Fairfield, California to Dallas, Texas in 2012. The Dallas facility comprises roughly 53,000 square feet of leased office space.
In 2013, Copart enhanced its VB2 platform by launching VB3 technology with improved browser compatibility and mobile device accessibility. Currently, over one million vehicles are sold annually through VB3 technology, reinforcing Copart’s leadership position within the online vehicle auction industry.
Products and operations
Copart's range of brands encompasses BID4U, CashForCars.com, CrashedToys, DRIVE Auto Auctions, and National Powersport Auctions (NPA). Additionally, the company provides supplementary services such as estimating salvage vehicle values, managing transportation logistics for auctioned cars, and handling vehicle title processing.
More than 80% of Copart's income is derived from service fees collected through its online auction platform. The remaining revenue mainly comes from selling vehicles it acquires. About 88% of service fee income and 63% of vehicle resale revenue are generated within the United States, with the balance coming from international markets. The largest group of buyers consists of vehicle dismantlers, while insurance firms are the primary sellers, predominantly listing total-loss vehicles resulting from accidents or natural catastrophes.
See also
External links
- Articles with short description
- Online auction websites of the United States
- Online automotive companies of the United States
- Companies based in Dallas
- American companies established in 1982
- Internet properties established in 1982
- 1982 establishments in California
- 1994 initial public offerings
- 5
- Companies of the United States by year of establishment