Copart

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Copart, Inc.
Public
Traded as NASDAQCPRT
S&P 400 Component
Industry Automotive
Founded Vallejo, California (1982) ((1982))
Founder Willis J. Johnson
Headquarters Dallas, Texas, U.S.
Number of locations
190+
Key people
Willis J. Johnson (Chairman)
A. Jayson Adair (CEO)
Vincent W. Mitz (President)
Revenue Increase US$1,163,489 (2014)[1] Dollar figures in 000s
Decrease US$274,934 (2014)[1]
Decrease US$178,687 (2014)[1]
Total assets Increase US$1,506,804 (2014)[1]
Total equity Increase US$1,003,499 (2014)[1]
Number of employees
4,179 (2014)[1]
Website copart.com

Copart, Inc., headquartered in Dallas, Texas, is a provider of online vehicle auction and remarketing services in the United States (U.S.), Canada, and the United Kingdom (U.K.)[2][3] and has acquired or opened operations in Germany,[4]Ireland, Brazil,[5] Spain,[6] the United Arab Emirates,[7] and India.[8]

Copart provides vehicle sellers with a range of services to process and sell salvage and clean title vehicles over the Internet using its patented virtual auction technology.[9]

Copart's buyers are principally used vehicle dealers, dismantlers, rebuilders, exporters and, at some facilities, the general public. Vehicle sellers at Copart auctions consist primarily of insurance companies but also include banks and financial institutions, charities, vehicle dealers, fleet operators, government agencies and rental car companies.[10][11] Copart has partnered with many brokers like Abetter.bid (www.abetter.bid) and A to Z Salvage (www.atozsalvage.com) who offer various value added services such as bidding and buying advice, repair services, transportation, export shipping, etc.[12][13]

The majority of vehicles Copart sells on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the owner has already been made.[3][9]

Copart, through its Copart Direct division, also purchases vehicles directly from the general public for resale.

Corporate information[edit]

In 2012, Copart relocated its corporate headquarters from Fairfield, California, to Dallas, Texas. Copart's Dallas headquarters building consists of approximately 53,000 square feet (4,900 m2) of leased office space.[14][15]

History[edit]

Copart was founded in 1982 by Willis J. Johnson in Vallejo, California.[16]

Willis 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, culminating in the acquisition of the largest volume seller of salvage in the United States, North Texas Salvage Pool of Dallas, Texas.[3]

With a vision of transforming the salvage industry from a collection of individual salvage yards into a modern, sophisticated information and service business, Willis Johnson began developing Copart's information technology in the 1990s.[3][17][18] The first major 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.[16] The next step came in 1998 with Copart's introduction of Internet bidding—a departure from the industry standard of local physical auctions.[10] As Internet bidding grew in popularity, Copart developed its online auction platform, VB2, which it implemented in 2003.[16] VB2 technology transformed Copart from a salvage vehicle auction company, where buyers attended onsite auctions, into a technology company, opening the sales process to registered buyers (members) and sellers anywhere in the world who have Internet access.[18][19] In fiscal 2004 in North America and fiscal 2008 in the U.K., Copart discontinued all live auctions and began remarketing vehicles through VB2.[20][21] Copart now sells more than one million vehicles each year through VB2 technology.[10][22]

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.[3]

See also[edit]

References[edit]

  1. ^ a b c d e f "Copart Annual Report, Form 10-K Filing". www.sec.gov. U.S. Securities and Exchange Commission. September 29, 2014. Archived from the original on 2017-05-21. Retrieved 2014-12-16. 
  2. ^ "Copart Annual Report, Form 10-K Filing Date September 29, 2008" (http://pdf.secdatabase.com/1876/0001047469-08-010447.pdf). U.S. Securities and Exchange Commission. Retrieved February 1, 2013.
  3. ^ a b c d e "Grant, Tina, ed. (1998). International Dictionary of Company Histories. Copart Inc. 23. Detroit. St. James Press. pp. 147-149. ISBN 1-55862-364-7.
  4. ^ 34."Copart Expands Operations into Germany" (http://www.businesswire.com/news/home/20121112005403/en/Copart-Expands-Operations-Germany). Business Wire. Posted November 12, 2012. Retrieved February 21, 2013.
  5. ^ "Copart Expands Operations Into Brazil" (http://www.businesswire.com/news/home/20121105005910/en/Copart-Expands-Operations-Brazil). Business Wire. Posted November 5, 2012. Retrieved February 21, 2013.
  6. ^ "Copart Expands Operations into Spain" (http://www.businesswire.com/news/home/20130611006322/en/Copart-Expands-Operations-Spain). Business Wire. Posted June 11, 2013. Retrieved October 10, 2013.
  7. ^ “Copart Inc Announces Acquisition Of Ride Safely Middle East Auction, LLC” (https://www.reuters.com/finance/stocks/CPRT.O/key-developments/article/2598192). Reuters.com. Posted August 28, 2012. Retrieved January 31, 2013.
  8. ^ 4-traders. "Copart : Launches First Auction in India | 4-Traders". Retrieved 2017-02-23. 
  9. ^ a b "Copart Annual Report, Form 10-K Filing Date October 28, 1996" (http://pdf.secdatabase.com/1234/0000912057-96-023870.pdf). U.S. Securities and Exchange Commission. Retrieved February 1, 2013.
  10. ^ a b c "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.
  11. ^ “Business Summary” (https://finance.yahoo.com/q/pr?s=CPRT). Retrieved January 25, 2013.
  12. ^ "Copart online salvage car auction brokers" (https://www.copart.com/brokersmarketmakers/1/). Copart.com. Retrieved March 2017.
  13. ^ "Copart car auction broker Abetter.bid" (https://abetter.bid/en). Abetter.bid. Retrieved March 2017.
  14. ^ "Copart Annual Report, Form 10-K Filing Date October 1, 2012" (http://www.secdatabase.com/843/0001145443-12-001120.pdf). U.S. Securities and Exchange Commission. Retrieved March 10, 2014.
  15. ^ “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.htmlAuto reseller Copart to move HQ to Farmers Branch). Dallas Business Journal. Posted February 17, 2012. Retrieved January 24, 2013.
  16. ^ 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). Collision Repair Magazine. Posted July 17, 2007. Retrieved May 5, 2014.
  17. ^ "Turning Rust into Gold" (http://www.businessweek.com/stories/2002-06-09/turning-rust-into-gold). Business Week. Posted June 9, 2002. Retrieved January 21, 2013.
  18. ^ a b "The Sotheby's of Scrap" (https://www.forbes.com/2005/01/11/cz_rp_0111phalon.html) Fortune. Posted January 11, 2005. Retrieved January 23, 2013.
  19. ^ "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.
  20. ^ “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.
  21. ^ "Copart, Inc. Company Profile" (http://www.hoovers.com/company-information/cs/company-profile.Copart_Inc.6ac2a0902ab29b10.html). Hoovers.com. Retrieved October 22, 2014.
  22. ^ "About Copart" (http://www.copart.com/c2/about_copart_car_salvage_auction.html). Copart.com. Retrieved October 22, 2014.

External links[edit]