COPART Business Summary

Copart Inc. (CPRT) operates a global, multi-channel online vehicle auction platform, primarily generating revenue through transaction-based service fees charged to both vehicle sellers—including insurance companies, banks, and fleet operators—and a diverse buyer base of dismantlers, rebuilders, and exporters. The company’s financial structure is bifurcated into two primary segments: Service revenues, which comprise the vast majority of its high-margin income from auction fees and value-added services like transportation and title processing, and Vehicle Sales, where Copart acts as a principal by purchasing and reselling salvage inventory. As of March 2026, Copart maintains a dominant market position through its proprietary VB3 technology and an extensive physical network of over 250 salvage yards across 11 countries. Its primary competitors include IAA Holdings (a subsidiary of RB Global), Openlane (formerly KAR Global), and Manheim. Relative to these peers, Copart distinguishes itself through superior operating margins, a land-heavy strategy that secures critical storage capacity, and a robust international expansion program that captures a significant share of the global total loss vehicle volume. Founded in 1982 by Willis J. Johnson, who pioneered the professionalization of the salvage auction industry, Copart is currently led by CEO Jeff Liaw, who assumed the sole chief executive role in April 2024 after serving as Co-CEO and CFO; his pedigree includes an MBA from Harvard and a background as CFO of FleetPride and a principal at TPG Capital. Executive Chairman A. Jayson Adair, who joined the firm in 1989 and served as CEO for over a decade, provides strategic continuity alongside CFO Leah Stearns, a former CBRE and American Tower executive, and Chief Technology Officer Rama Prasad. The company’s leadership is characterized by long-term stability and significant insider ownership, with founder Willis Johnson remaining Chairman of the Board. Institutional backing is strong, with major positions held by Vanguard, BlackRock, and T. Rowe Price, reflecting the company’s reputation as a high-quality compounder within the industrial services and technology sectors.