Copart runs a global online auction platform for salvage and damaged vehicles. Insurance companies, who represent roughly 81% of vehicle volume, send Copart their total loss vehicles — cars deemed too expensive to repair — and Copart sells them on the insurers' behalf to a global buyer base of dismantlers, rebuilders, dealers, and exporters. Copart picks up vehicles, stores them at its facilities, processes titles through state DMVs, and auctions vehicles through its proprietary VB3 online platform. Buyers from virtually every country can bid in real time, with international buyers accounting for roughly 40% of vehicles sold at U.S. auctions. Beyond insurance, Copart also sells vehicles for banks, rental car companies, fleets, and individual consumers. Copart earns money through service fees charged to both sellers and buyers — listing fees, selling fees, transport, storage, and title processing — and recognizes only its net fees as revenue. Revenue scales with unit volume, average selling prices, and total loss frequency, which has trended upward for decades as vehicles become more complex and expensive to repair. Copart's buyer depth creates a flywheel: more sellers attract more buyers, which drives higher auction returns, which attracts more sellers. Copart also majority-owns Purple Wave (heavy equipment auctions) and NPA (powersports auctions), which leverage the same virtual auction model in adjacent categories. The U.S. is roughly 83% of revenue, with international operations spanning the U.K., Germany, Canada, Brazil, and several other markets.