Copart

Leadership continuity and alignment are strengths. The 2025 10‑K identifies Jeffrey Liaw as CEO, with A. Jayson Adair as Executive Chairman and founder Willis J. Johnson as Chairman of the Board, signaling a founder‑influenced ownership and governance culture focused on long‑term value creation.

Management commentary and actions reflect operational discipline, conservative financing, and steady international expansion. No single customer accounted for more than 10% of revenue in FY2025, and 81% of vehicles came from insurance sellers, indicating resilient franchise relationships.