Fairfield, California-based Copart has seemingly found gold in the auto junkyard - to the tune of $400 million per year.

Copart generates revenue by acting as a middleman between insurance companies and used part dealers, rebuilders, etc.

Like most middlemen, Copart prospers by taking a bit from both sides–registration and administrative fees from the buyers, for example–and sometimes a flat rate–typically $50 to $175 a vehicle. More frequently, it receives an incentive-based piece of the action from such major customers as State Farm Insurance’.

Who’d of thought there was so much cash to be made in other people’s junk?

Oh yeah, Pierre Omidyar thought of that a while ago, when he created eBay. But Copart’s future is certainly looking bright.