Who Owns Copart Company?

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Who Owns Copart, Inc.?

Understanding Copart's ownership is key to grasping its market influence and strategic direction. The company's IPO in 1994 marked a significant shift, enabling substantial growth from its origins as a single salvage yard founded by Willis J. Johnson in 1982.

Copart, now a global leader in online vehicle auctions, connects buyers and sellers through its advanced platform. The company's impressive financial performance, with $4.24 billion in revenue and $1.36 billion in net income for fiscal year 2024, underscores its market dominance.

Exploring Copart's ownership reveals how its structure has evolved, from initial stakes to the impact of major investors and public shareholders, influencing its trajectory and operations, including its Copart BCG Matrix analysis.

Copart, Inc. was established on June 17, 1982, by Willis J. Johnson in Vallejo, California. Johnson, a former auto dismantler, initiated the company with a single salvage yard, leveraging his industry expertise and personal capital to enhance the conventional salvage auction system. The name 'Copart' reflects a 'co-partnership,' signifying a collaborative approach with both those selling and buying vehicles.

Founding Vision

Willis J. Johnson founded Copart with the goal of revolutionizing the salvage auction process. His vision was to create a more efficient and transparent marketplace for used vehicles.

Early Expansion

By the early 1990s, Copart had expanded its operations significantly. The company grew from its initial four locations in northern California to twelve facilities across Oregon, Washington, and Texas.

Initial Public Offering

Copart went public on March 17, 1994, with its IPO priced at $12 per share on NASDAQ under the ticker symbol 'CPRT.' This offering provided crucial capital for national expansion.

Founder's Stake

Following the IPO, founder Willis J. Johnson maintained a substantial ownership interest. He retained a 31% stake in the company, reflecting his foundational role and continued belief in its potential.

Strategic Acquisition

A key part of Copart's early growth involved strategic acquisitions. The company notably acquired North Texas Salvage Pool, expanding its footprint and operational capacity.

Capital for Growth

The company's expansion in the early 1990s was fueled by private loans and equity investments. This financial strategy allowed Copart to scale its operations effectively before its public offering.

The early years of Copart were characterized by strategic growth and a clear vision for market disruption. Willis J. Johnson's initial investment and leadership were pivotal in shaping the company's trajectory. The company's expansion was not only organic but also bolstered by key acquisitions, such as North Texas Salvage Pool. This period laid the groundwork for Copart's transformation into a publicly traded entity, enabling further capital infusion for its ambitious expansion plans. Understanding the Marketing Strategy of Copart during these formative years provides insight into its enduring success.

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Since its initial public offering in March 1994, Copart's ownership landscape has transformed from a founder-centric model to one heavily influenced by institutional investors. This evolution reflects the company's substantial growth and market presence, now boasting a market capitalization of approximately $44.03 billion as of August 2025.

The current ownership structure of Copart shows a dominant presence of institutional investors, holding a substantial 85.20% of the company's stock as of June 2025. This figure remained consistent from the previous reporting period. Within this broad category, mutual funds represent a significant portion, with their holdings increasing slightly to 79.44% in June 2025, up from 79.18%. Insiders, which include key management and the company's founder, collectively own 1.52% of the shares as of the same date. Willis J. Johnson, the founder and Chairman of the Board, held approximately 55,614,676 shares of Copart Inc. (CPRT) as of December 1, 2023, a stake valued at over $2.5 billion, representing about 6% of the total stock. This distribution highlights the significant influence of large investment entities while still acknowledging the foundational stake held by those closely associated with the company's operations and strategic direction, aligning with the Mission, Vision & Core Values of Copart.

Key Stakeholders and Ownership Trends

Institutional investors are the primary holders of Copart stock, demonstrating strong confidence in the company's market position and future prospects.

• Institutional investors collectively own 85.20% of Copart as of June 2025.
• Mutual funds have seen a slight increase in their stake, reaching 79.44% in June 2025.
• Insider ownership, including the founder, stands at 1.52% as of June 2025.
• Willis J. Johnson, the founder, held approximately 6% of the company's stock in late 2023.
• Strategic acquisitions and technological innovations have supported Copart's ownership evolution.

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The current Board of Directors at Copart, Inc. is instrumental in guiding the company's strategic direction and governance. As of December 6, 2024, all twelve nominees for the board were re-elected, ensuring continuity in leadership until the 2025 annual meeting. This board includes a mix of founders, key executives, and independent members, reflecting a commitment to diverse perspectives in decision-making.

Willis J. Johnson, the founder of Copart, continues to serve as the Chairman of the Board, providing a deep well of institutional history and industry insight. A. Jayson Adair, who previously held CEO and Co-CEO roles, has transitioned to Executive Chairman, remaining an integral part of the executive leadership. Jeffrey Liaw, who joined the company in 2016 and served as CFO and later Co-CEO, is now the sole Chief Executive Officer. The shareholders' advisory vote on executive compensation for the fiscal year ending July 31, 2024, was overwhelmingly approved, indicating confidence in the management team's remuneration structure. Copart operates under a standard one-share-one-vote system, with no publicly disclosed dual-class shares or special voting rights, meaning each share of common stock carries equal voting power. This structure is fundamental to understanding Copart ownership and how decisions are made within the company.

Understanding Copart's Governance and Voting Power

Copart's board structure and voting power are key elements for understanding its ownership. The company's governance emphasizes continuity and experienced leadership.

• The board comprises 12 directors, all re-elected in December 2024.
• Willis J. Johnson, the founder, remains Chairman, contributing significant industry experience.
• Jeffrey Liaw holds the position of CEO, overseeing daily operations and strategic execution.
• Copart utilizes a one-share-one-vote system, ensuring equitable voting rights for all shareholders.
• The company's executive leadership team, including the CEO, plays a vital role in its strategic direction, as detailed in the Growth Strategy of Copart.

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Recent developments at Copart have reshaped its executive leadership and highlighted ongoing trends in its ownership structure. As of April 1, 2024, Jeff Liaw assumed the role of sole Chief Executive Officer and joined the Board of Directors, while Jay Adair transitioned to Executive Chairman. The company's founder, Willis Johnson, continues his role as Chairman of the Board.

Institutional investors maintain a significant majority of Copart's stock, collectively holding 85.78% as of July 2025. This period has seen notable shifts, with Versant Capital Management Inc. substantially increasing its stake by 1,567.9% in the first quarter of 2025. Conversely, some institutional holders, such as Navellier & Associates Inc., have reduced their positions. Insider ownership remained stable at 1.52% in June 2025. CEO Jeffrey Liaw sold 24,088 shares in July 2025, a reduction of 43.31% in his holdings, leaving him with 31,527 shares. The founder, Willis J. Johnson, divested 100,765 shares in December 2023.

Institutional Ownership Dominance

Institutional investors collectively own a substantial 85.78% of Copart's stock as of July 2025. This indicates a strong reliance on large investment firms for the company's capital structure.

Executive Leadership Transition

Jeff Liaw is now the sole CEO, and Jay Adair serves as Executive Chairman. This leadership evolution is a key recent development in the company's governance.

Insider Trading Activity

CEO Jeffrey Liaw reduced his stake by 43.31% in July 2025. Founder Willis Johnson also sold shares in December 2023, reflecting typical insider portfolio adjustments.

Share Buyback and Financial Position

Copart has not engaged in significant share repurchases since 2019, yet maintains a strong liquidity position with approximately $4.385 billion in cash as of Q3 2025. Analysts project an EPS of $1.56 for fiscal 2025, a 11.4% increase.

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