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On the Line: Copart CEO Willis Johnson
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In keeping with his Green Week theme, Cramer took time on Wednesday’s show to speak to the CEO of Copart [CPRT
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], a company that recycles autoparts by way of Internet auctions. Sound a little far fetched for a green play? It’s actually not.
CEO Willis Johnson said that up to four million cars a year are totaled in the U.S. and most of their parts are salvageable. Without Copart, it would be up to local buyers to strip the vehicles and sell the salvaged parts. But through its web auctions, the company allows for a much larger market.
And you might be surprised just how big that market for scrap parts is. Johnson said that demand for everything from aluminum to catalytic converters to navigation chips is soaring, especially from overseas. It’s no wonder then that Copart stock is up 12% since Cramer first recommended it last October.
The only issue that Cramer wondered about was the company’s disappointing last quarter. But Johnson pointed to an expansion into Europe that took more time to integrate than was anticipated. That problem is in the past now, Johnson said. It was nothing more than a “hiccup.”
Auto recycling is part of a broader secular trend that Cramer thinks is going to become more widely recognized as both a play on green as well as a tie in on the surging global demand for metals. Copart is a buy, he said.
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