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Copart

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Copart, Inc.
Company typePublic
IndustryAutomotive
FoundedVallejo, California (1982) ((1982))
Headquarters
Dallas, Texas
,
U.S.
Number of locations
200+
Key people
Willis J. Johnson (Chairman)
Jay Adair (CEO)
Number of employees
7,600 (2020)
Websitewww.copart.com

www.cashforcars.com www.crashedtoys.com

www.npauctions.com

Copart, Inc. or simply Copart 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.

Copart's brands include CashForCars.com, CrashedToys and National Powersport Auctions (NPA).[citation needed]

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,[1] 100 Fasted-Growing Companies,[2] and the Fortune 500 list.[3]

History

Copart was founded in 1982 by 34-year-old Willis J. Johnson in Vallejo, California.[4]

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.[5]

That decade, Willis Johnson began developing Copart's information technology.[5][6][7] 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.[4] The next step came in 1998 with Copart's introduction of internet bidding—a departure from the industry standard of local physical auctions.[8] 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.[7][9] 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.[10][11]

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.[5]

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.[12] 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.[12]  A Canada yard opening marked the first international expansion in 2003.[13] 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).[14] Additionally, the CashForCars.com brand launched in Canada in 2018, Germany in 2019 and the United Kingdom in 2020 with CashForCars.ca, CashForCars.de and CashForCars.co.uk, respectively

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.[15][16]

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.[13] Copart now sells more than one million vehicles each year through VB3 technology.[8][17]

See also

References

  1. ^ https://fortune.com/company/copart/future-50/
  2. ^ https://fortune.com/company/copart/100-fastest-growing-companies/
  3. ^ https://fortune.com/company/copart/fortune500/
  4. ^ a b Jump up to:a b c “Copart to Celebrate 25 Years of Success” (http://collisionrepairmag.com/component/content/article/66-profiles/10359-copart-to-celebrate-25-years-of-success[permanent dead link]). Collision Repair Magazine. Posted July 17, 2007. Retrieved May 5, 2014.
  5. ^ 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.
  6. ^ "Turning Rust into Gold". Bloomberg.com. 2002-06-10. Retrieved 2020-12-04.
  7. ^ a b "The Sotheby's Of Scrap". Forbes. Retrieved 2020-12-04.
  8. ^ a b "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.
  9. ^ "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.
  10. ^ “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.
  11. ^ "Copart, Inc. Company Profile" (http://www.hoovers.com/company-information/cs/company-profile.Copart_Inc.6ac2a0902ab29b10.html). Hoovers.com. Retrieved October 22, 2014.
  12. ^ a b “Copart Inc. History” (http://www.fundinguniverse.com/company-histories/copart-inc-history). FundingUniverse.com. Retrieved December 2, 2020.
  13. ^ a b “VB3: Copart’s Auction Technology” (https://www.copart.com/howVb3Works). Copart.com. Retrieved December 2, 2020.
  14. ^ “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.
  15. ^ "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.
  16. ^ “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.
  17. ^ "About Copart" (http://www.copart.com/c2/about_copart_car_salvage_auction.html). Copart.com. Retrieved October 22, 2014.
  • Official website
  • Business data for Copart:
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