Copart: Difference between revisions

Copart, Inc.
Company type	Public
Traded as	Nasdaq: CPRT; Nasdaq-100 component; S&P 500 component;
Industry	Automotive
Founded	1982; 42 years ago, in Vallejo, California, United States
Founder	Willis J. Johnson
Headquarters	Dallas, Texas, U.S.
Number of locations	200+
Key people	Willis J. Johnson (chairman); Jay Adair (co-CEO); Jeff Liaw (co-CEO)
Revenue	US$3.87 billion (2023)
Operating income	US$1.49 billion (2023)
Net income	US$1.24 billion (2023)
Total assets	US$6.74 billion (2023)
Total equity	US$5.99 billion (2023)
Number of employees	c. 10,200 (2023)
Website	copart.com
	Footnotes / references;

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Copart, Inc. is a global provider of online vehicle auction and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies in 11 countries; the US, Canada, the UK, Germany, Ireland, Brazil, Spain, UAE, Bahrain, Oman and Finland. Headquartered in Dallas, Texas, Copart has more than 200 physical locations around the world, where it houses more than 10,000 acres of vehicle inventory. Copart sells used, wholesale and repairable vehicles in weekly and bi-weekly online auctions to buyers ranging from consumers to automotive businesses around the world. Copart provides vehicle sellers with a range of services to process and sell repairable and clean title vehicles over the internet, using its patented virtual auction technology, named VB3, as well as others of its auction-related brands.

Copart is a public company and is traded on the NASDAQ under the ticker symbol CPRT and has been named to Fortune's 2020 Future 50 companies,^[2] 100 Fasted-Growing Companies,^[3] and the Fortune 500 list.^[4]

History

Copart was founded in 1982 by then 34-year-old Willis J. Johnson in Vallejo, California.^[5]

Johnson began expanding Copart in the early 1990s through private loans and equity. By the early '90s, the company had grown to four locations in northern California; and by March 1994, it had added another eight new facilities in Oregon, Washington, and Texas, culminating in the acquisition of the largest volume seller of salvage in the United States, North Texas Salvage Pool of Dallas, Texas.^[6]

That decade, Willis Johnson began developing Copart's information technology.^[6]^[7]^[8] The first main step in this process was the creation of the Copart Auction System (CAS) in 1997, which was designed to unify and support the growing business as well as allow Copart facilities and sellers to access information, generate reports, and increase operating efficiencies.^[5] The next step came in 1998 with Copart's introduction of internet bidding—a departure from the industry standard of local physical auctions.^[9]

On March 17, 1994, Copart had its initial public offering (IPO) at $12 per share and debuted on the NASDAQ under the symbol "CPRT." Copart's IPO of 2.3 million shares of stock provided the company with the means to become a national company.^[6]

In May 1995, Copart began rapid expansion in the United States with the sizable acquisition of NER Auction Group, doubling its number of facilities around the country. Copart would continue to grow via acquisitions and founded six new locations from July 1995 to July 1996. With locations spread coast-to-coast in the United States, Copart shifted tactics and began to procure regional and national contracts with the nation's leading insurance companies to grow a nationwide chain of facilities.^[10] Copart has continued to acquire businesses, including National Powersport Auctions (NPA) in 2017.

By 2003, the company grew to 100 locations across the country and became the first to launch a completely online auction model. Currently,^[when?] Copart has more than 200 locations in 11 countries.^[10] A Canada yard opening marked the first international expansion in 2003.^[11] By 2007, Copart grew its footprint overseas to the United Kingdom. In 2012, Copart began expanding to the United Arab Emirates, Brazil, Bahrain, Oman, Spain, Ireland and Germany. Copart also expanded into Finland in 2018 with the acquisition of Autovahinkokeskus (AVK).^[12] Additionally, the CashForCars.com brand launched in Canada in 2018, Germany in 2019 and the United Kingdom in 2020.

As Internet bidding grew in popularity, Copart developed its online auction platform, VB2, which it implemented in 2003. VB2 opened the sales process to registered buyers (Members) and sellers worldwide.^[8]^[13] In fiscal year 2004 in North America and fiscal year 2008 in the U.K., Copart discontinued all live auctions and began remarketing vehicles exclusively through VB2.^[14]^[15]

In 2012, Copart relocated its corporate headquarters from Fairfield, California, to Dallas, Texas. Copart's Dallas headquarters building, Copart Tower, consists of approximately 53,000 square feet (4,900 m²) of leased office space.^[16]^[17]

In 2013, Copart upgraded its VB2 technology to a new version dubbed VB3. This version supported the latest browsers, eliminated the need for plugins and supported mobile interactivity.^[11] Copart now sells more than one million vehicles each year through VB3 technology.^[9]^[18]

Products and operations

Copart's brands include BID4U, CashForCars.com, CrashedToys, DRIVE Auto Auctions, and National Powersport Auctions (NPA).^[1] Copart also sells additional services such as providing sale pricing estimates for salvage vehicles, providing transport to and from storage lots for vehicles being sold in its platforms, and assisting with vehicle title processing.^[1]

Copart derives the largest part, over 80%, of its revenue from service fees collected for use of its online auction platform. The majority of the remainder of revenue comes from the sale of vehicles it actually takes ownership of and then resells. The company has reported that approximately 88% of its service fee revenue and 63% of its vehicle sales revenue come from within the United States, with the remainder of revenue coming from outside the United States. The largest group of vehicle purchasers buying automobiles in Copart's auctions is vehicle dismantlers, while insurance companies make up the primary seller of vehicles listed in Copart auctions. Among the vehicles sold by insurance companies, the majority are vehicles declared a total loss after an accident or as a result of damage from a natural disaster.^[1]

References

^ ^a ^b ^c ^d "Copart, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. September 28, 2023.
^ "Copart | 2020 Future 50". Archived from the original on 2021-02-25. Retrieved 2020-12-10.
^ "Copart | 2021 Fastest-Growing Companies". Archived from the original on 2021-02-25. Retrieved 2020-12-10.
^ "Copart | 2021 Fortune 500". Archived from the original on 2021-02-25. Retrieved 2020-12-10.
^ ^a ^b Jump up to:^a ^b ^c “Copart to Celebrate 25 Years of Success” ([1]^{[permanent dead link]}). Collision Repair Magazine. Posted July 17, 2007. Retrieved May 5, 2014.
^ ^a ^b ^c "Grant, Tina, ed. (1998). International Dictionary of Company Histories. Copart Inc. 23. Detroit. St. James Press. pp. 147-149. ISBN 1-55862-364-7.
^ "Turning Rust into Gold". Bloomberg.com. 2002-06-10. Archived from the original on 2022-04-08. Retrieved 2020-12-04.
^ ^a ^b "The Sotheby's Of Scrap". Forbes. Archived from the original on 2020-07-28. Retrieved 2020-12-04.
^ ^a ^b "Copart Annual Report, Form 10-K Filing Date October 31, 2006" (http://pdf.secdatabase.com/752/0001104659-06-069980.pdf Archived 2016-03-04 at the Wayback Machine). U.S. Securities and Exchange Commission. Retrieved February 1, 2013.
^ ^a ^b "History of Copart Inc". FundingUniverse. Retrieved 2024-05-15.
^ ^a ^b “VB3: Copart’s Auction Technology” (https://www.copart.com/howVb3Works Archived 2020-12-02 at the Wayback Machine). Copart.com. Retrieved December 2, 2020.
^ "Copart Canada Moves to a New Facility in Calgary". markets.businessinsider.com. 2023-12-18. Retrieved 2023-12-19.
^ "Copart Annual Report, Form 10-K Filing Date October 14, 2004" (http://pdf.secdatabase.com/2242/0000950134-04-015006.pdf Archived 2016-03-04 at the Wayback Machine). U.S. Securities and Exchange Commission. Retrieved October 22, 2014.
^ “Copart, Inc. 2007 Annual Report, Form 10-K Filing Date October 1, 2007” (http://pdf.secdatabase.com/1556/0001104659-07-072450.pdf Archived 2016-03-04 at the Wayback Machine) U.S. Securities and Exchange Commission. Retrieved October 22, 2014.
^ "Copart, Inc. Company Profile" (http://www.hoovers.com/company-information/cs/company-profile.Copart_Inc.6ac2a0902ab29b10.html Archived 2013-03-08 at the Wayback Machine). Hoovers.com. Retrieved October 22, 2014.
^ "Copart Annual Report, Form 10-K Filing Date October 1, 2012" (http://www.secdatabase.com/843/0001145443-12-001120.pdf^{[permanent dead link]}). U.S. Securities and Exchange Commission. Retrieved March 10, 2014.
^ "Auto reseller Copart to move HQ to Farmers Branch". Dallas Business Journal. 2012-02-17. Retrieved 2024-05-15.
^ "About Copart" (http://www.copart.com/c2/about_copart_car_salvage_auction.html Archived 2013-01-28 at the Wayback Machine). Copart.com. Retrieved October 22, 2014.

External links

Official website
Business data for Copart, Inc.:

[10K-1] "Copart, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. September 28, 2023.

[2] "Copart | 2020 Future 50". Archived from the original on 2021-02-25. Retrieved 2020-12-10.

[3] "Copart | 2021 Fastest-Growing Companies". Archived from the original on 2021-02-25. Retrieved 2020-12-10.

[4] "Copart | 2021 Fortune 500". Archived from the original on 2021-02-25. Retrieved 2020-12-10.

[:0-5] Jump up to:^a ^b ^c “Copart to Celebrate 25 Years of Success” ([1]^{[permanent dead link]}). Collision Repair Magazine. Posted July 17, 2007. Retrieved May 5, 2014.

[IDCH-6] "Grant, Tina, ed. (1998). International Dictionary of Company Histories. Copart Inc. 23. Detroit. St. James Press. pp. 147-149. ISBN 1-55862-364-7.

[7] "Turning Rust into Gold". Bloomberg.com. 2002-06-10. Archived from the original on 2022-04-08. Retrieved 2020-12-04.

[:1-8] "The Sotheby's Of Scrap". Forbes. Archived from the original on 2020-07-28. Retrieved 2020-12-04.

[SEC_06-9] "Copart Annual Report, Form 10-K Filing Date October 31, 2006" (http://pdf.secdatabase.com/752/0001104659-06-069980.pdf Archived 2016-03-04 at the Wayback Machine). U.S. Securities and Exchange Commission. Retrieved February 1, 2013.

[fundinguniverse.com-10] "History of Copart Inc". FundingUniverse. Retrieved 2024-05-15.

[copart.com-11] “VB3: Copart’s Auction Technology” (https://www.copart.com/howVb3Works Archived 2020-12-02 at the Wayback Machine). Copart.com. Retrieved December 2, 2020.

[12] "Copart Canada Moves to a New Facility in Calgary". markets.businessinsider.com. 2023-12-18. Retrieved 2023-12-19.

[13] "Copart Annual Report, Form 10-K Filing Date October 14, 2004" (http://pdf.secdatabase.com/2242/0000950134-04-015006.pdf Archived 2016-03-04 at the Wayback Machine). U.S. Securities and Exchange Commission. Retrieved October 22, 2014.

[14] “Copart, Inc. 2007 Annual Report, Form 10-K Filing Date October 1, 2007” (http://pdf.secdatabase.com/1556/0001104659-07-072450.pdf Archived 2016-03-04 at the Wayback Machine) U.S. Securities and Exchange Commission. Retrieved October 22, 2014.

[15] "Copart, Inc. Company Profile" (http://www.hoovers.com/company-information/cs/company-profile.Copart_Inc.6ac2a0902ab29b10.html Archived 2013-03-08 at the Wayback Machine). Hoovers.com. Retrieved October 22, 2014.

[SEC12-16] "Copart Annual Report, Form 10-K Filing Date October 1, 2012" (http://www.secdatabase.com/843/0001145443-12-001120.pdf^{[permanent dead link]}). U.S. Securities and Exchange Commission. Retrieved March 10, 2014.

[Biz-17] "Auto reseller Copart to move HQ to Farmers Branch". Dallas Business Journal. 2012-02-17. Retrieved 2024-05-15.

[18] "About Copart" (http://www.copart.com/c2/about_copart_car_salvage_auction.html Archived 2013-01-28 at the Wayback Machine). Copart.com. Retrieved October 22, 2014.

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@@ Line 1: / Line 1: @@
-{{coi|date=November 2021}}
 {{short description|American automotive auction company}}
+{{COI|date=November 2021}}
 {{Infobox company
 | name = Copart, Inc.
@@ Line 7: / Line 7: @@
 | logo = Copart logo.svg
 | type = [[Public company|Public]]
-| traded_as = {{ubl|class=nowrap|{{NASDAQ|CPRT}}|[[NASDAQ-100]] component|[[S&P 500]] component}}
+| traded_as = {{ubl|class=nowrap|{{NASDAQ|CPRT}}|[[Nasdaq-100]] component|[[S&P 500]] component}}
-| founder =
+| founder = [[Willis J. Johnson]]
 | area_served =
-| key_people = Willis J. Johnson (Chairman)<br> [[Jay Adair]] (CEO)
+| key_people = [[Willis J. Johnson]] ([[chairman]])<br> [[Jay Adair]] ([[Chief Executive Officer|co-CEO]])<br> [[Jeff Liaw]] (co-CEO)
 | industry = Automotive
 | products =
 | production =
 | owner =
-| num_employees = 7,600 (2020)
+| num_employees = {{circa|10,200}} (2023)
 | parent =
 | divisions =
-| footnotes =
-| intl =
 | caption =
 | romanized =
 | former type =
-| foundation = [[Vallejo, California|Vallejo]], [[California]] {{Start date|(1982)}}
+| founded = {{Start date and age|1982}}, in [[Vallejo, California]], United States
-| location_city = [[Dallas, Texas]]
+| hq_location_city = [[Dallas, Texas]]
-| location_country = U.S.
+| hq_location_country = U.S.
 | locations = 200+
+| revenue = {{increase}} {{US$|3.87 billion|link=yes}} (2023)
-| website = {{URL|https://www.copart.com/}}
+| operating_income = {{increase}} {{US$|1.49 billion}} (2023)
-{{URL|https://www.cashforcars.com/}}
+| net_income = {{increase}} {{US$|1.24 billion}} (2023)
-{{URL|https://www.crashedtoys.com/}}
+| assets = {{increase}} {{US$|6.74 billion}} (2023)
-{{URL|https://www.npauctions.com/}}
+| equity = {{increase}} {{US$|5.99 billion}} (2023)
+| website = {{URL|https://copart.com/}}
+| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/900075/000090007523000034/cprt-20230731.htm | title=Copart, Inc. 2023 Annual Report (Form 10-K) | publisher=[[U.S. Securities and Exchange Commission]] |date=September 28, 2023}}</ref>
 }}
-'''Copart, Inc.''' or simply '''Copart''' is a global provider of [[Online auction|online vehicle auction]] and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies in 11 countries; the US, Canada, the UK, Germany, Ireland, Brazil, Spain, UAE, Bahrain, Oman and Finland. Headquartered in [[Dallas]], [[Texas]], Copart has more than 200 physical locations around the world, where it houses more than 10,000 acres of vehicle inventory. Copart sells used, wholesale and repairable vehicles in weekly and bi-weekly online auctions to buyers ranging from consumers to automotive businesses around the world. Copart provides vehicle sellers with a range of services to process and sell repairable and clean title vehicles over the internet, using its patented [[Online auction|virtual auction]] technology, named VB3.
+'''Copart, Inc.''' is a global provider of [[Online auction|online vehicle auction]] and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies in 11 countries; the US, Canada, the UK, Germany, Ireland, Brazil, Spain, UAE, Bahrain, Oman and Finland. Headquartered in [[Dallas]], [[Texas]], Copart has more than 200 physical locations around the world, where it houses more than 10,000 acres of vehicle inventory. Copart sells used, wholesale and repairable vehicles in weekly and bi-weekly online auctions to buyers ranging from consumers to automotive businesses around the world. Copart provides vehicle sellers with a range of services to process and sell repairable and clean title vehicles over the internet, using its patented [[Online auction|virtual auction]] technology, named VB3, as well as others of its auction-related brands.
+Copart is a public company and is traded on the NASDAQ under the ticker symbol CPRT and has been named to Fortune's 2020 Future 50 companies,<ref>{{Cite web|url=https://fortune.com/company/copart/future-50/|title=Copart &#124; 2020 Future 50|access-date=2020-12-10|archive-date=2021-02-25|archive-url=https://web.archive.org/web/20210225202451/https://fortune.com/company/copart/future-50/|url-status=live}}</ref> 100 Fasted-Growing Companies,<ref>{{Cite web|url=https://fortune.com/company/copart/100-fastest-growing-companies/|title=Copart &#124; 2021 Fastest-Growing Companies|access-date=2020-12-10|archive-date=2021-02-25|archive-url=https://web.archive.org/web/20210225203316/https://fortune.com/company/copart/100-fastest-growing-companies/|url-status=live}}</ref> and the Fortune 500 list.<ref>{{Cite web|url=https://fortune.com/company/copart/fortune500/|title=Copart &#124; 2021 Fortune 500|access-date=2020-12-10|archive-date=2021-02-25|archive-url=https://web.archive.org/web/20210225202126/https://fortune.com/company/copart/fortune500/|url-status=live}}</ref>
-Copart's brands include CashForCars.com, CrashedToys and National Powersport Auctions (NPA).{{citation need|date=November 2021}}
-Copart is a public company and is traded on the NASDAQ under the ticker symbol CPRT and has been named to Fortune’s 2020 Future 50 companies,<ref>{{Cite web|url=https://fortune.com/company/copart/future-50/|title=Copart &#124; 2020 Future 50}}</ref> 100 Fasted-Growing Companies,<ref>{{Cite web|url=https://fortune.com/company/copart/100-fastest-growing-companies/|title = Copart &#124; 2021 Fastest-Growing Companies}}</ref> and the Fortune 500 list.<ref>{{Cite web|url=https://fortune.com/company/copart/fortune500/|title = Copart &#124; 2021 Fortune 500}}</ref>
 ==History==
-Copart was founded in 1982 by 34-year-old Willis J. Johnson in [[Vallejo, California]].<ref name=":0">[[Copart#cite ref-Collision Repair 13-0|Jump up to:'''''<sup>a</sup>''''']] [[Copart#cite ref-Collision Repair 13-1|'''''<sup>b</sup>''''']] [[Copart#cite ref-Collision Repair 13-2|'''''<sup>c</sup>''''']] “Copart to Celebrate 25 Years of Success” (http://collisionrepairmag.com/component/content/article/66-profiles/10359-copart-to-celebrate-25-years-of-success<sup>[<nowiki/>[[wikipedia:Link rot|''permanent dead link'']]]</sup>). Collision Repair Magazine. Posted July 17, 2007. Retrieved May 5, 2014.</ref>
+Copart was founded in 1982 by then 34-year-old [[Willis J. Johnson]] in [[Vallejo, California]].<ref name=":0">[[Copart#cite ref-Collision Repair 13-0|Jump up to:'''''<sup>a</sup>''''']] [[Copart#cite ref-Collision Repair 13-1|'''''<sup>b</sup>''''']] [[Copart#cite ref-Collision Repair 13-2|'''''<sup>c</sup>''''']] “Copart to Celebrate 25 Years of Success” ([https://archive.today/20140507182127/http://collisionrepairmag.com/component/content/article/66-profiles/10359-copart-to-celebrate-25-years-of-success]<sup>[<nowiki/>[[Wikipedia:Link rot|''permanent dead link'']]]</sup>). Collision Repair Magazine. Posted July 17, 2007. Retrieved May 5, 2014.</ref>
 Johnson began expanding Copart in the early 1990s through private loans and equity. By the early '90s, the company had grown to four locations in northern California; and by March 1994, it had added another eight new facilities in Oregon, Washington, and Texas, culminating in the acquisition of the largest volume seller of salvage in the United States, North Texas Salvage Pool of Dallas, Texas.<ref name="IDCH">"Grant, Tina, ed. (1998). ''International Dictionary of Company Histories.'' Copart Inc. '''23'''. Detroit. St. James Press. pp. 147-149. {{ISBN|1-55862-364-7}}.</ref>
-That decade, Willis Johnson began developing Copart's information technology.<ref name="IDCH" /><ref>{{Cite news|date=2002-06-10|title=Turning Rust into Gold|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2002-06-09/turning-rust-into-gold|access-date=2020-12-04}}</ref><ref name=":1">{{Cite web|title=The Sotheby's Of Scrap|url=https://www.forbes.com/2005/01/11/cz_rp_0111phalon.html|access-date=2020-12-04|website=Forbes|language=en}}</ref> The first main step in this process was the creation of the Copart Auction System (CAS) in 1997, which was designed to unify and support the growing business as well as allow Copart facilities and sellers to access information, generate reports, and increase operating efficiencies.<ref name=":0" /> The next step came in 1998 with Copart's introduction of internet bidding—a departure from the industry standard of local physical auctions.<ref name="SEC 06">"Copart Annual Report, Form 10-K Filing Date October 31, 2006" (http://pdf.secdatabase.com/752/0001104659-06-069980.pdf). U.S. Securities and Exchange Commission. Retrieved February 1, 2013.</ref> As Internet bidding grew in popularity, Copart developed its online auction platform, VB2, which it implemented in 2003. VB2 opened the sales process to registered buyers (Members) and sellers worldwide.<ref name=":1" /><ref>"Copart Annual Report, Form 10-K Filing Date October 14, 2004" (http://pdf.secdatabase.com/2242/0000950134-04-015006.pdf). U.S. Securities and Exchange Commission. Retrieved October 22, 2014.</ref> In fiscal year 2004 in North America and fiscal year 2008 in the U.K., Copart discontinued all live auctions and began remarketing vehicles exclusively through VB2.<ref>“Copart, Inc. 2007 Annual Report, Form 10-K Filing Date October 1, 2007” (http://pdf.secdatabase.com/1556/0001104659-07-072450.pdf) U.S. Securities and Exchange Commission. Retrieved October 22, 2014.</ref><ref>"Copart, Inc. Company Profile" (http://www.hoovers.com/company-information/cs/company-profile.Copart_Inc.6ac2a0902ab29b10.html). Hoovers.com. Retrieved October 22, 2014.</ref>
+That decade, Willis Johnson began developing Copart's information technology.<ref name="IDCH" /><ref>{{Cite news|date=2002-06-10|title=Turning Rust into Gold|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2002-06-09/turning-rust-into-gold|access-date=2020-12-04|archive-date=2022-04-08|archive-url=https://web.archive.org/web/20220408040924/https://www.bloomberg.com/news/articles/2002-06-09/turning-rust-into-gold|url-status=live}}</ref><ref name=":1">{{Cite web|title=The Sotheby's Of Scrap|url=https://www.forbes.com/2005/01/11/cz_rp_0111phalon.html|access-date=2020-12-04|website=Forbes|language=en|archive-date=2020-07-28|archive-url=https://web.archive.org/web/20200728194338/https://www.forbes.com/2005/01/11/cz_rp_0111phalon.html|url-status=live}}</ref> The first main step in this process was the creation of the Copart Auction System (CAS) in 1997, which was designed to unify and support the growing business as well as allow Copart facilities and sellers to access information, generate reports, and increase operating efficiencies.<ref name=":0" /> The next step came in 1998 with Copart's introduction of internet bidding—a departure from the industry standard of local physical auctions.<ref name="SEC 06">"Copart Annual Report, Form 10-K Filing Date October 31, 2006" (http://pdf.secdatabase.com/752/0001104659-06-069980.pdf {{Webarchive|url=https://web.archive.org/web/20160304054704/http://pdf.secdatabase.com/752/0001104659-06-069980.pdf |date=2016-03-04 }}). U.S. Securities and Exchange Commission. Retrieved February 1, 2013.</ref>
 On March 17, 1994, Copart had its [[initial public offering]] (IPO) at $12 per share and debuted on the [[NASDAQ]] under the symbol "CPRT." Copart's IPO of 2.3 million shares of stock provided the company with the means to become a national company.<ref name="IDCH" />
-In May 1995, Copart began rapid expansion in the United States with the sizable acquisition of NER Auction Group, doubling its number of facilities around the country. Copart would continue to grow via acquisitions and founded six new locations from July 1995 to July 1996. With locations spread coast-to-coast in the United States, Copart shifted tactics and began to procure regional and national contracts with the nation's leading insurance companies to grow a nationwide chain of facilities.<ref name="fundinguniverse.com">“Copart Inc. History” (http://www.fundinguniverse.com/company-histories/copart-inc-history). FundingUniverse.com. Retrieved December 2, 2020.</ref> Copart has continued to acquire businesses, including National Powersport Auctions (NPA) in 2017.
+In May 1995, Copart began rapid expansion in the United States with the sizable acquisition of NER Auction Group, doubling its number of facilities around the country. Copart would continue to grow via acquisitions and founded six new locations from July 1995 to July 1996. With locations spread coast-to-coast in the United States, Copart shifted tactics and began to procure regional and national contracts with the nation's leading insurance companies to grow a nationwide chain of facilities.<ref name="fundinguniverse.com">{{Cite web |title=History of Copart Inc. |url=http://www.fundinguniverse.com/company-histories/copart-inc-history/ |access-date=2024-05-15 |website=FundingUniverse}}</ref> Copart has continued to acquire businesses, including National Powersport Auctions (NPA) in 2017.
-By 2003, the company grew to 100 locations across the country and became the first to launch a completely online auction model. Currently,{{when|date=November 2021}} Copart has more than 200 locations in 11 countries.<ref name="fundinguniverse.com"/>  A [[Canada]] yard opening marked the first international expansion in 2003.<ref name="copart.com"/> By 2007, Copart grew its footprint overseas to the [https://www.copart.co.uk United Kingdom]. In 2012, Copart began expanding to the [https://www.copartmea.com/?ref=loc470 United Arab Emirates], [https://www.copart.com.br Brazil], [https://www.copartmea.com/?ref=loc480 Bahrain], [https://www.copartmea.com/?ref=loc475 Oman], [https://www.copart.es Spain], [https://www.copart.ie Ireland] and [https://www.copart.de Germany]. Copart also expanded into [https://www.copart.fi Finland] in 2018 with the acquisition of Autovahinkokeskus (AVK).<ref>“Copart Canada Moves to a New Facility in Calgary” (https://markets.businessinsider.com/news/stocks/copart-canada-moves-to-a-new-facility-in-calgary-1016323434). Markets.BusinessInsider.com. Retrieved December 2, 2020.</ref> Additionally, the CashForCars.com brand launched in Canada in 2018, Germany in 2019 and the United Kingdom in 2020 with [https://cashforcars.ca CashForCars.ca], [https://cashforcars.de CashForCars.de] and [https://cashforcars.co.uk/ CashForCars.co.uk], respectively
+By 2003, the company grew to 100 locations across the country and became the first to launch a completely online auction model. Currently,{{when|date=November 2021}} Copart has more than 200 locations in 11 countries.<ref name="fundinguniverse.com"/>  A [[Canada]] yard opening marked the first international expansion in 2003.<ref name="copart.com"/> By 2007, Copart grew its footprint overseas to the [[United Kingdom]]. In 2012, Copart began expanding to the [[United Arab Emirates]], [[Brazil]], [[Bahrain]], [[Oman]], [[Spain]], [[Ireland]] and [[Germany]]. Copart also expanded into [[Finland]] in 2018 with the acquisition of Autovahinkokeskus (AVK).<ref>{{Cite web |date=2023-12-18 |title=Copart Canada Moves to a New Facility in Calgary |url=https://markets.businessinsider.com/news/stocks/copart-canada-moves-to-a-new-facility-in-calgary-1016323434 |access-date=2023-12-19 |website=markets.businessinsider.com |language=en}}</ref> Additionally, the CashForCars.com brand launched in Canada in 2018, Germany in 2019 and the United Kingdom in 2020.
+As Internet bidding grew in popularity, Copart developed its online auction platform, VB2, which it implemented in 2003. VB2 opened the sales process to registered buyers (Members) and sellers worldwide.<ref name=":1" /><ref>"Copart Annual Report, Form 10-K Filing Date October 14, 2004" (http://pdf.secdatabase.com/2242/0000950134-04-015006.pdf {{Webarchive|url=https://web.archive.org/web/20160304034237/http://pdf.secdatabase.com/2242/0000950134-04-015006.pdf |date=2016-03-04 }}). U.S. Securities and Exchange Commission. Retrieved October 22, 2014.</ref> In fiscal year 2004 in North America and fiscal year 2008 in the U.K., Copart discontinued all live auctions and began remarketing vehicles exclusively through VB2.<ref>“Copart, Inc. 2007 Annual Report, Form 10-K Filing Date October 1, 2007” (http://pdf.secdatabase.com/1556/0001104659-07-072450.pdf {{Webarchive|url=https://web.archive.org/web/20160304041307/http://pdf.secdatabase.com/1556/0001104659-07-072450.pdf |date=2016-03-04 }}) U.S. Securities and Exchange Commission. Retrieved October 22, 2014.</ref><ref>"Copart, Inc. Company Profile" (http://www.hoovers.com/company-information/cs/company-profile.Copart_Inc.6ac2a0902ab29b10.html {{Webarchive|url=https://web.archive.org/web/20130308161343/http://www.hoovers.com/company-information/cs/company-profile.Copart_Inc.6ac2a0902ab29b10.html |date=2013-03-08 }}). Hoovers.com. Retrieved October 22, 2014.</ref>
-In 2012, Copart relocated its corporate headquarters from [[Fairfield, California]], to [[Dallas, Texas]]. Copart's Dallas headquarters building, Copart Tower, consists of approximately 53,000 square feet (4,900 m<sup>2</sup>) of leased office space.<ref name="SEC12">"Copart Annual Report, Form 10-K Filing Date October 1, 2012" (http://www.secdatabase.com/843/0001145443-12-001120.pdf{{Dead link|date=July 2020 |bot=InternetArchiveBot |fix-attempted=yes }}). U.S. Securities and Exchange Commission. Retrieved March 10, 2014.</ref><ref name="Biz">“Auto reseller Copart to move HQ to Farmers Branch” (http://www.bizjournals.com/dallas/print-edition/2012/02/17/auto-reseller-copart-to-move-hq-to.html reseller Copart to move HQ to Farmers Branch). Dallas Business Journal. Posted February 17, 2012. Retrieved January 24, 2013.</ref>
+In 2012, Copart relocated its corporate headquarters from [[Fairfield, California]], to [[Dallas, Texas]]. Copart's Dallas headquarters building, Copart Tower, consists of approximately 53,000 square feet (4,900 m<sup>2</sup>) of leased office space.<ref name="SEC12">"Copart Annual Report, Form 10-K Filing Date October 1, 2012" (http://www.secdatabase.com/843/0001145443-12-001120.pdf{{Dead link|date=July 2020 |bot=InternetArchiveBot |fix-attempted=yes }}). U.S. Securities and Exchange Commission. Retrieved March 10, 2014.</ref><ref name="Biz">{{Cite web |date=2012-02-17 |title=Auto reseller Copart to move HQ to Farmers Branch |url=https://www.bizjournals.com/dallas/print-edition/2012/02/17/auto-reseller-copart-to-move-hq-to.html |access-date=2024-05-15 |website=Dallas Business Journal}}</ref>
-In 2013, Copart upgraded its VB2 technology to a new version dubbed VB3. This version supported the latest browsers, eliminated the need for plugins and supported mobile interactivity.<ref name="copart.com">“VB3: Copart’s Auction Technology” (https://www.copart.com/howVb3Works). Copart.com. Retrieved December 2, 2020.</ref> Copart now sells more than one million vehicles each year through VB3 technology.<ref name="SEC 06" /><ref>"About Copart" (http://www.copart.com/c2/about_copart_car_salvage_auction.html). Copart.com. Retrieved October 22, 2014.</ref>
+In 2013, Copart upgraded its VB2 technology to a new version dubbed VB3. This version supported the latest browsers, eliminated the need for plugins and supported mobile interactivity.<ref name="copart.com">“VB3: Copart’s Auction Technology” (https://www.copart.com/howVb3Works {{Webarchive|url=https://web.archive.org/web/20201202220628/https://www.copart.com/howVb3Works/ |date=2020-12-02 }}). Copart.com. Retrieved December 2, 2020.</ref> Copart now sells more than one million vehicles each year through VB3 technology.<ref name="SEC 06" /><ref>"About Copart" (http://www.copart.com/c2/about_copart_car_salvage_auction.html {{Webarchive|url=https://web.archive.org/web/20130128042837/http://www.copart.com/c2/about_copart_car_salvage_auction.html |date=2013-01-28 }}). Copart.com. Retrieved October 22, 2014.</ref>
+==Products and operations==
+Copart's brands include BID4U, CashForCars.com, CrashedToys, DRIVE Auto Auctions, and National Powersport Auctions (NPA).<ref name=10K/> Copart also sells additional services such as providing sale pricing estimates for salvage vehicles, providing transport to and from storage lots for vehicles being sold in its platforms, and assisting with vehicle title processing.<ref name=10K/>
+Copart derives the largest part, over 80%, of its revenue from service fees collected for use of its online auction platform. The majority of the remainder of revenue comes from the sale of vehicles it actually takes ownership of and then resells. The company has reported that approximately 88% of its service fee revenue and 63% of its vehicle sales revenue come from within the United States, with the remainder of revenue coming from outside the United States. The largest group of vehicle purchasers buying automobiles in Copart's auctions is vehicle dismantlers, while insurance companies make up the primary seller of vehicles listed in Copart auctions.
+Among the vehicles sold by insurance companies, the majority are vehicles declared a total loss after an accident or as a result of damage from a natural disaster.<ref name=10K/>
 ==See also==
+{{portal|Companies}}
 * [[List of S&P 500 companies]]
 * [[List of companies in the Dallas–Fort Worth metroplex]]
@@ Line 64: / Line 72: @@
 ==External links==
-* {{Official website|https://www.copart.com/}}
+*{{Official|https://www.copart.com}}
 {{Finance links
-| name = Copart
+| name = Copart, Inc.
 | symbol = CPRT
 | reuters = CPRT.O
 | bloomberg = CPRT:US
-| sec_cik = CPRT
+| sec_cik = 900075
 | yahoo = CPRT
-| google = CPRT
+| google = CPRT:NASDAQ
 }}
 {{NASDAQ-100}}
 {{Authority control}}