Copart Inc (NASDAQ: CPRT) is an online vehicle auction company that sells salvage and total-loss vehicles on behalf of insurance companies, fleet operators, and other vehicle sellers through its proprietary VB3 internet auction platform. Revenue comes primarily from auction transaction fees and related service fees charged to vehicle sellers, with additional revenue from storage, delivery, and, in select markets, outright vehicle purchases resold for Copart's own account. Founded in 1982 in Vallejo, California, Copart has grown from a single facility to an integrated network spanning the U.S., Canada, the U.K., Brazil, the Republic of Ireland, Germany, Finland, the U.A.E., Oman, Bahrain, and Spain as of the FY2025 10-K filed September 26, 2025. The company operates two business segments and serves a global registered buyer base, referred to as members, across three membership tiers: Guest, Basic, and Premier. In the U.K., Copart also sells dismantled parts through its Green Parts Specialist subsidiary. CEO Jeffrey Liaw and Executive Chairman A. Jayson Adair signed the FY2025 annual filing.

Revenue model

Copart earns revenue primarily as an agent, charging auction transaction fees and service fees, including storage and delivery, to vehicle sellers. In the U.K., Germany, and Spain, the company also operates on a principal basis, purchasing salvage vehicles outright and reselling them for its own account. In Germany, additional revenue comes from listing vehicles for insurance companies to determine residual value. In the U.K., parts revenue is generated through Green Parts Specialist.

Products and services

Core offering is the VB3 online auction platform, which uses a two-step bidding process including open preliminary bidding and real-time final bidding. Proprietary technology includes Copart 360 (C360), a 360-degree vehicle imaging tool launched in July 2020 and expanded to the U.K. in FY2021. Membership tiers include Guest (free), Basic, and Premier. Additional seller tools include real-time sales data access, salvage management software, interactive counter-bidding, and Night Cap sales for vehicles that have not met their minimum bid.

Customers and end markets

Vehicle sellers include insurance companies (primary), fleet operators, dealers, and financial institutions. Buyers, called members, are registered globally and include vehicle rebuilders, dismantlers, dealers, and exporters. Auction selling prices are driven by demand from rebuilders, dismantlers seeking recycled parts, used car pricing, commodity prices for crushed car bodies, and foreign currency exchange rates affecting international buyer participation. Total loss frequency, driven by repair costs relative to used car values, is a key demand driver for seller volume.

Value-chain role

Copart acts as an intermediary, arranging vehicle pickup, paying advance towing and storage charges on behalf of sellers, managing title clearance through state DMV agencies (typically 45 to 60 days in the U.S.), and conducting online auctions. It handles the full logistics chain from vehicle receipt to auction sale and post-sale delivery, operating storage facilities at its own locations.

Geographic exposure

Operations in the U.S., Canada, the U.K., Brazil, the Republic of Ireland, Germany, Finland, the U.A.E., Oman, Bahrain, and Spain as of the FY2025 10-K filed September 26, 2025. The company originated in Vallejo, California in 1982. International buyers participate in U.S. auctions through the VB3 platform, and U.S. dollar exchange rates affect international auction participation.

Source: SEC 10-K, filed 2025-09-26

Industry: Retail-Auto Dealers & Gasoline Stations Peers: ACV Auctions Inc Aurora Innovation Inc Cintas Corp Driven Brands Holdings Inc Healthcare Services Group Inc IAA, Inc. Openlane Inc Matthews International Corp UniFirst Corp