Copart Inc was incorporated under the laws of the State of California in 1982. The company is a provider of online auctions and vehicle remarketing services. It provides vehicle sellers with services to process and sell vehicles mainly over the Internet through its Virtual Bidding Second Generation Internet auction-style sales technology, which it refers to as VB2. Vehicle sellers consist mainly of insurance companies, but also include banks and financial institutions, charities, car dealerships, fleet operators and vehicle rental companies. The Company sells the vehicles mainly to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters and, at certain locations, to the general public. The majority of the vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. It offer vehicle sellers services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price. In the U.S. and Canada, Brazil and the U.A.E. it sells vehicles mainly as an agent and derive revenue mainly from fees paid by vehicle sellers and vehicle buyers as well as related fees for services such as towing and storage. In the U.K., it operates both on a principal basis, purchasing the salvage vehicles outright from the insurance companies and reselling the vehicles for its own account, and as an agent. In Germany and Spain, it derives revenue from sales listing fees for listing vehicles on behalf of many insurance companies. The Company's main competitors include KAR Auction Services, Inc., Auction Broadcasting Company, LLC, and Manheim, Inc., LKQ Corporation, Inc., American Recycling Association, and the United Recyclers Group, LLC. The Company's operations are subject to regulation, supervision and licensing under various federal, national, international, provincial, state and local statutes, ordinances and regulations.