Auto wrecking parts: Junkyard Billionaire Built Fortune on Spare Parts

Copart dominates the salvage auction market, with a market value 250% greater than its closest competitor, IAA Inc. One of Copart’s strengths is its relationship with insurers, including a recent agreement with Geico to sell more of the cars they deem too pricey to fix. The company has been able to win more business from insurers because of its ability to handle large volumes of damaged cars following natural disasters such as Hurricane Harvey, according to an October Guggenheim report, which estimated Copart gained an additional 130,000 cars a year under the Geico deal.

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