Copart, Inc. is a leading global provider of online auctions and vehicle remarketing services. The company's core business model involves providing a virtual platform that connects vehicle sellers, primarily insurance companies, with a broad base of buyers, including dismantlers, rebuilders, and dealers. Copart's primary revenue streams are derived from auction and auction-related sales transaction fees, as well as fees for services like delivery and storage. The company operates in multiple geographic regions, including the U.S., Canada, the U.K., Germany, Brazil, and the Middle East. Copart's competitive advantages include its extensive global network of facilities, its proprietary VB3 internet auction platform, and its ability to respond to natural disasters.

• Employees: Approximately 11,700 full and part-time employees (as of July 31, 2024)
• Geographic Footprint: Operations in the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland, and Bahrain
• Headquarters: Dallas, Texas
• Founded: 1982
• Number of locations/facilities: Over 100 vehicle inspection stations at its facilities
• Revenue: $4.2 billion (FY2024)
• Key Subsidiaries/Brands: National Powersport Auctions, Purple Wave Inc., U-Pull It, Green Parts Specialist

• CEO: Jeffrey Liaw
• CFO: Leah Stearns
• Executive Chairman: A. Jayson Adair
• Board Chair: Willis J. Johnson

• Annual Revenue: $4.2 billion (FY2024)
• Net Income: $1.36 billion (FY2024)
• Total Assets: $8.43 billion (as of July 31, 2024)
• Employees: Approximately 11,700 full and part-time employees (as of July 31, 2024)
• Key Financial Highlights: Revenue increased by 11.3% and operating income increased by 5.7% year-over-year.

Copart offers a comprehensive range of vehicle remarketing services, including:

• Online Auctions: Virtual Bidding Third Generation (VB3) internet auction platform.
• Vehicle Processing: Services to expedite vehicle sales, including merchandising, title processing, and pick-up/delivery.
• Salvage Estimation: Copart ProQuote for online salvage value estimates.
• IntelliSeller: Automated tool for making vital auction decisions.
• Estimating Services: Repair estimates for insurance companies in the U.K.
• Transportation Services: Vehicle pick-up and delivery.
• Vehicle Inspection Stations: On-site inspection stations for insurance company sellers.
• On-Demand Reporting: Real-time data for vehicle sellers.
• Title Processing: DMV document and title processing.
• Loan Payoff: Obtaining up-to-date loan payoff information.
• Flexible Vehicle Processing Programs: Percentage Incentive Program (PIP), Consignment Program, or Purchase Program.

Copart operates through two reportable segments:

• U.S. Segment: Generated 81.8% of total revenue in FY2024.
• International Segment: Generated 18.2% of total revenue in FY2024.

Copart's growth strategy focuses on:

• Acquiring and developing additional vehicle storage facilities in key markets.
• Pursuing global, national, and regional vehicle seller agreements.
• Increasing service offerings to sellers and members.
• Expanding the application of VB3 into new markets.
• Implementing operational procedures and integrating management information systems.
• Enhancing operating efficiency through technology.

The company aims to increase revenues, operating profits, and market share in the vehicle remarketing industry.

Copart operates in the auction and vehicle remarketing services industry. Key aspects of the industry include:

• Primary Industry: Online vehicle auctions and remarketing.
• Market Trends: Increasing volume in the salvage car market, growth in non-insurance company sellers, and the adoption of online auction platforms.
• Key Competitors: Ritchie Bros. (including Insurance Auto Auctions), Carvana, Openlane, Manheim, Inc., ACV Auctions Inc., LKQ Corporation.
• Market Position: Copart believes it offers the highest level of service in the auction and vehicle remarketing industry and has established a leading market position.

• Dependence on Major Vehicle Sellers: The loss of one or more major vehicle sellers could adversely affect the company's financial results.
• International Operations: Expansion into international markets exposes the company to various risks, including political, regulatory, and economic risks.
• Online Commerce Security: The company is exposed to risks associated with online commerce security and credit card fraud.
• Capacity Constraints: Failure to maintain sufficient capacity at storage facilities could adversely affect relationships with sellers.
• Competition: The vehicle sales industry is highly competitive, and the company may not be able to compete successfully.