He Started in a Trailer. His Junkyard Does $4.6B.

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Willis Johnson came home from Vietnam with a Purple Heart and no college degree. His father ran a junkyard. Willis knew how to take a car apart and sell the pieces for more than the whole. In 1982, he opened a single salvage yard in Vallejo, California. He and his wife lived in a trailer on the lot to save money. The yard handled wrecked cars that insurance companies didn't want. Johnson's insight was simple: the insurers were bad at selling these cars. He could do it better, faster, and for a higher price. That one yard became Copart. Today, Copart sells more than 4 million wrecked vehicles a year to buyers in over 190 countries.

I backed into a parking bollard last year. Barely a tap — the bumper cracked, the paint chipped, the backup camera housing broke. The body shop quoted $4,800. My car was eight years old. The insurer almost totaled it. A dent that would have cost $600 to fix in 2005 now costs five times that — because behind the bumper sit a camera, a sensor, and wiring that didn't exist 20 years ago. You don't think about it until the estimate arrives.

That's the counter-intuitive truth behind Copart. Cars are getting safer. They crash less often. But when they do, the repair bill is so high that the insurer writes the car off. AAA found that advanced driver-assistance systems can add up to 37.6% to the cost of repairing a crash. A single front radar sensor can cost $1,540 to replace. If you drive a modern car, it carries 1,000 to 3,000 semiconductors. Every one of them makes the next fender-bender more likely to end up at Copart.

Johnson founded Copart in 1982 in Vallejo. His son-in-law, Jayson Adair, joined at 19 and eventually became CEO. Adair takes a salary of one dollar a year. I find that detail telling. Jeff Liaw, who joined as CFO in 2016, is the current CEO. In 43 years, the company has had exactly three leaders. Since its 1994 IPO, Copart has returned more than 30,000% to shareholders.

The fiscal year ended July 2025 tells you how the model works. Revenue was $4.6 billion — up 9.7%. Net income was $1.6 billion — up 13.9%. The company sat on $2.7 billion in cash. It operates more than 250 locations across 11 countries, on over 10,000 acres of land it owns outright. Copart doesn't lease its yards. It buys them. That land — purchased decades ago before zoning made new salvage yards nearly impossible to permit — is the physical moat.

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That 250-plus figure is the lock. You can't open a salvage yard next to someone's neighborhood. Zoning and environmental rules make new permits nearly impossible. Copart bought its land decades ago, before suburbs expanded around it. The yards are the moat.

The pricing power comes from the auction itself. I find it elegant. Copart collects fees from both sides — the seller (usually an insurer) and the buyer (a dismantler, rebuilder, or exporter). More buyers mean higher auction prices. Higher prices mean insurers recover more from their totaled vehicles. That recovery keeps them coming back. And Copart has been steadily raising service fees as the platform grows. The insurers pay because no one else can match the buyer network.

I keep thinking about Willis Johnson in that trailer. He didn't see a junkyard. He saw a toll booth. Every time an insurer totals a car, someone has to tow it, store it, photograph it, title it, and auction it. Copart does all of that. The company moved its entire auction system online in 2003, years before competitors. Its VB3 platform now reaches buyers in 190 countries. A wrecked Honda in Dallas can sell to a rebuilder in Nigeria or a parts dealer in Poland. "Willis Johnson started with a junkyard, a trailer, and a conviction that most people were thinking about the business wrong," one industry observer noted. The wrecks kept coming.

The flywheel runs on vehicle complexity. Every year, cars get more electronic. More cameras, more sensors, more software. Each new feature raises the cost of repair — and the likelihood that your next accident produces a total loss. When the car is totaled, the insurer sends it to Copart. Copart auctions it to a global buyer network. The more complex the car, the more valuable the parts. The more valuable the parts, the higher the auction price.

WHY THIS WORKS

What most people miss: Copart's biggest growth driver isn't accidents — it's technology. Every camera, sensor, and computer chip added to a new car raises the cost of repair. A single front radar sensor costs $1,540 to replace. That's why total losses keep rising even as crash rates fall. The cars are getting better. The wrecks are getting more expensive. And one company — started by a Vietnam vet in a trailer — processes most of them.