Copart, Inc. (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada and the United Kingdom. The Company operates in two segments: North American and UK regions. In United States and Canada, or North America, the Company sells vehicles primarily as an agent and derives revenue primarily from fees paid by vehicle sellers and vehicle buyers, as well as related fees for services, such as towing and storage. In the United Kingdom, Copart operates primarily on a principal basis, purchasing the salvage vehicle outright from the insurance companies and reselling the vehicle for its own account. The Company provides vehicle sellers with a range of services to process and sell vehicles over the Internet through its Virtual Bidding Second Generation Internet auction-style sales technology, which it refers to as VB2.