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Copart, Inc. is a leading global provider of online auctions and vehicle remarketing services, operating in countries such as the United States, United Kingdom, Germany, Brazil, Canada, and several others . The company primarily facilitates the sale of vehicles over the internet using its Virtual Bidding Third Generation (VB3) auction technology, serving sellers like insurance companies, banks, finance companies, and individuals . Copart's business model includes acting as an agent for vehicle sales, deriving revenue from auction-related transaction fees, and in some regions, operating on a principal basis by purchasing and reselling vehicles . The company offers a comprehensive range of services, including vehicle merchandising, title processing, and transportation, which are integral to its auction and remarketing services . Copart also emphasizes environmental stewardship by facilitating the reuse and recycling of vehicles, parts, and raw materials, contributing to its role in reducing the environmental footprint of the global transportation industry .
- Auction and Auction-Related Services - Facilitates online vehicle sales using VB3 auction technology, serving various sellers and deriving revenue from transaction fees.
- Vehicle Merchandising - Provides services to enhance the presentation and appeal of vehicles for sale.
- Title Processing - Manages the legal documentation required for vehicle sales and transfers.
- Transportation Services - Offers logistics solutions for the movement of vehicles to and from auction sites.
- Environmental Stewardship - Promotes the reuse and recycling of vehicles, parts, and raw materials to reduce environmental impact.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
A. Jayson Adair ExecutiveBoard | Executive Chairman | None | Joined CPRT in 1989; served as CEO from 2010 to 2022 and transitioned to Executive Chairman in April 2024. Played a key role in CPRT's growth and technological advancements. | |
Jeffrey Liaw Executive | Chief Executive Officer | None | Joined CPRT in 2016 as CFO; held roles including President and Co-CEO before becoming CEO in April 2024. Focused on operational growth and long-term value creation. | View Report → |
Leah C. Stearns Executive | Chief Financial Officer | Board Member at EdgeConnex | Appointed CFO in December 2022; previously CFO at CBRE Group and American Tower Corporation. Brings extensive financial and operational expertise. | |
Carl D. Sparks Board | Director | Managing Partner at Interlock Partners; Board Member at Waste Connections, Inc. and Cint AB | Joined CPRT's board in 2021. Venture capital expert with experience in transformative investments. | |
Cherylyn Harley LeBon Board | Director | Partner at Womble Bond Dickinson; Board Member at Waste Connections, Inc. | Joined CPRT's board in 2021. Legal expert with senior executive experience in the U.S. federal government. | |
Daniel J. Englander Board | Director | Managing Partner at Ursula Capital Partners; Director at CKX Lands, Inc. and America’s Car-Mart, Inc. | Joined CPRT's board in 2006. Extensive experience in investment management and corporate governance. | |
Diane M. Morefield Board | Director | Board Member at UDR, Inc. | Joined CPRT's board in 2019. Former CFO of CyrusOne and Strategic Hotels & Resorts. Brings financial and operational expertise. | |
James E. Meeks Board | Director | None | Joined CPRT in 1992 and served as COO until 2007. Became a director in 1996. Extensive operational experience in the salvage vehicle industry. | |
Matt Blunt Board | Director | President of the American Automobile Policy Council | Former Governor of Missouri (2005–2009); joined CPRT's board in 2009. Brings public policy expertise. | |
Stephen Fisher Board | Director | EVP & GM at Salesforce.com; Board Member at Bill.com Holdings, Inc. | Joined CPRT's board in 2019. Brings expertise in technology and cybersecurity; also serves on the audit committee. | |
Steven D. Cohan Board | Director | None | Joined CPRT's board in 2004. No additional roles or achievements specified in the documents. | |
Thomas N. Tryforos Board | Director | Director at Credit Acceptance Corporation | Joined CPRT's board in 2012. Private investor with expertise in investment management and finance. | |
Willis J. Johnson Board | Chairman of the Board | None | Founder of CPRT in 1982; served as CEO until 2010 and has been Chairman of the Board since 2004. Extensive experience in the salvage vehicle industry. |
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With the observed 8.6% year-over-year decline in the Manheim Used Vehicle Value Index affecting total loss frequency , how do you plan to sustain growth if used vehicle prices stabilize or increase in the future, potentially reversing this trend?
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You mentioned that the low-value vehicle segment continues to shrink due to your focus on where you're allocating efforts ; can you elaborate on how this strategic shift impacts your volume and profitability, and whether competition is influencing this decision?
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Considering the increased yard operation expenses due to expanded acreage and higher property tax bills , what measures are you taking to mitigate these rising costs, and how might this affect your capital allocation and operational efficiency going forward?
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As you approach a run rate of 1 million titles obtained per year through your Title Express service , what challenges do you anticipate in scaling this offering further, especially given the complexities of varying state regulations and lender requirements?
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Regarding your Purple Wave business, given that lower interest rates are expected to drive more business activity , how are you positioning yourselves to capitalize on this, and what strategies are in place to manage the diverse needs of sectors like construction and agriculture?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company, including its subsidiary Insurance Auto Auctions, Inc., is one of the largest national or regional vehicle auctioneers in the U.S. | |
This company is listed as one of the largest national or regional vehicle auctioneers in the U.S. | |
Openlane | This company is mentioned as one of the largest national or regional vehicle auctioneers in the U.S. |
Manheim, Inc. | This company is identified as one of the largest national or regional vehicle auctioneers in the U.S. |
This company is noted as one of the largest national or regional vehicle auctioneers in the U.S. | |
The largest national dismantler in the U.S., which may purchase salvage vehicles directly from insurance companies, bypassing vehicle remarketing companies like Copart entirely. | |
American Recycling Association | This trade group of dismantlers may purchase salvage vehicles directly from insurance companies, bypassing vehicle remarketing companies like Copart entirely. |
United Recyclers Group LLC | This trade group of dismantlers may purchase salvage vehicles directly from insurance companies, bypassing vehicle remarketing companies like Copart entirely. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Unspecified Target (Assets and Liabilities) | 2025 | Acquired assets and assumed liabilities for $1.213 million with no additional disclosures on key capabilities or strategic fit beyond the transaction amount. |
Purple Wave, Inc. | 2023 | Acquired an 80% controlling stake for $108.0 million (via issuance of 2.5 million stock shares) plus a 20% redeemable noncontrolling interest valued at $25.2 million. The deal, primarily allocated to intangible assets including goodwill, was executed to expand Copart’s high-volume digital auction expertise into industrial, construction, and agricultural equipment markets, with retention of key management to drive future growth. |
Hills Motor Company | 2023 | Purchased 100% of the voting stock for $106.6 million in cash to secure a leading U.K. vehicle dismantling and parts recycling business; the acquisition, which involved CMA regulatory review and resulted in $56.1 million in recognized goodwill, supports a vertical integration strategy aimed at meeting local market demand for recycled parts alongside auction services. |
Recent developments and announcements about CPRT.
Earnings
New Earnings (Q2 2025)
·Feb 21, 2025, 3:47 AMView full earnings summary →CPRT’s Q2 shows an 8% YoY GTV boost from Purple Wave expansions and a push into a 15M-unit non-salvage market. Doubling Purple Wave’s sales force fuels momentum, while shifting to consignment in EU lifts margins. Watch for volatility in CDS volumes.