Jay Adair

Last updated

Jay Adair
Born
Aaron Jayson Adair

1969or1970(age 54–55) [1]
NationalityAmerican
OccupationBusinessman
TitleExecutive Chairman, Copart
TermApril 2024 - present
Predecessor Willis Johnson
SpouseTammi Johnson
Children2
Relatives Willis Johnson (father-in-law)

Jay Adair (born 1969/1970) is an American billionaire businessman, the former Chief Executive Officer (CEO) and current Executive Chairman of Copart, a publicly traded company specializing in vehicle salvage and online auctions. [2] [3] He is known for his role in advancing Copart's business model, particularly its transition to online auctions.

Contents

Personal life

Adair grew up in Orangevale in California. [4] He is married to Tammi Adair, daughter of Copart founder Willis Johnson. Together, they have two children. [1] In 1993, the family relocated to Suisun Valley in Fairfield, California where they planted a vineyard and began producing wine. [5] [4] Their first wine was bottled in 2004 under the Tammi's Vineyard Cabernet Sauvignon label. [5]

Career

Copart

Adair began his career at Copart in 1989 as a manager at the age of 19. [1] [6] By 1990, he was promoted to Manager of Operations and Vice President of Sales and Operations. [3] In 1992, he was appointed to the company's Board of Directors. [7]

In 1998, Adair oversaw Copart's development of an online auction platform. [6] The move allowed the company to evolve from a salvage vehicle auction business into a technology platform connecting buyers and sellers around the world. [3]

In 2003, Adair introduced Copart's patented Virtual Bidding Second Generation (VB2) technology, transitioning its auctions from physical locations to an entirely online format, becoming one of the first auto auction company to adopt a fully online model. [3] [6] In 2013, the VB2 platform was replaced with VB3, which is currently used by over 750,000 members across more than 170 countries. [3]

Adair succeeded Willis Johnson as CEO in February 2010. [7] During his tenure, Copart expanded into international markets, including Brazil, Europe and the Middle East. [8] In 2012, Adair initiated the relocation of the company's headquarters from Vallejo, California to Dallas, Texas. [9] The company also expanded its operations in Texas with acquisitions in Wilmer and Temple, bringing its total number of car auction sites in the state to 14. [10] By 2020, Copart's net income had grown to $726 million, a 400% increase since Adair became CEO, and the company's shares rose by approximately 1,100% over a decade. [3] By 2021, Copart operated at 243 locations across 11 countries. [6]

By 2019, Adair owned shares in the company worth more than $800 million. [2] In 2020, he was ranked as the highest-paid leader among public company executives in North Texas by The Dallas Morning News . [11] In February 2022, Adair served as Co-CEO alongside Jeff Liaw before stepping down in March 2024 to allow Liaw to become sole CEO. [12] He was subsequently appointed Executive Chairman in April 2024. [12]

Adair Family Wines

Adair and his wife own Adair Winery in Suisun Valley, where they have long produced Tammi's Vineyard Cabernet Sauvignon. In 2021, they expanded their operations with the acquisition of a neighboring property to turn Adair Winery into an estate winery open to the public. [5]

In October 2024, Adair purchased five wineries from Vintage Wine Estates for $85 million during bankruptcy proceedings. [13] Tere made through Adair Family Wines, a newly established entity, included Clos Pegase, Girard Wineries, B.R. Cohn, Kunde, and Viansa, along with 120 acres of vineyards and five tasting rooms. [14] [13]

Clos Pegase is known for its distinctive architecture and an art collection located nearby. [15] B.R. Cohn, founded by Bruce Cohn, gained recognition for hosting outdoor rock concerts. Girard Winery, situated across from Clos Pegase, shares water rights with its neighbor, a factor influencing Adair's decision to acquire both properties. [13] Kunde, established by Arthur and Fred Kunde in 1990, produces estate-grown wines on land where the Kunde family has cultivated grapes for over a century. [16] Viansa is recognized for conducting outdoor wine tastings in open-air cabanas with views of California's wine country. [17]

Adair retained the existing staff of 120 employees, began hiring additional personnel, and launched significant restoration efforts. [13] [4]

Political contributions

Together with his wife, Adair contributed $200,000 to Donald Trump's 2020 presidential campaign. [18]

Related Research Articles

The Paris Wine Tasting of 1976, also known as the Judgment of Paris, was a wine competition, to commemorate the United States Bicentennial, organized in Paris on 24 May 1976 by Steven Spurrier, a British wine merchant, and his American colleague, Patricia Gallagher, in which French oenophiles participated in two blind tasting comparisons: one of top-quality Chardonnays and another of red wines. A Napa County wine rated best in each category, which caused surprise as France was generally regarded as being the foremost producer of the world's best wines. By the early 1970s, the quality of some California wines was outstanding but few took notice as the market favored French brands. Spurrier sold predominately French wines and believed the California wines would not be favored by the judges.

<span class="mw-page-title-main">Ridge Vineyards</span> Northern California winery

Ridge Vineyards is a California winery specializing in Cabernet Sauvignon, Zinfandel, and Chardonnay wines. Ridge produces wine at two winery locations in northern California. The original winery facilities are located at an elevation of 2,300 feet on Monte Bello Ridge in unincorporated Santa Clara County in the Santa Cruz Mountains AVA, south of Los Altos, California and west of Cupertino, California. The other Ridge winery facilities are at Lytton Springs in the Dry Creek Valley AVA of Sonoma County. Ridge Vineyard's 1971 Monte Bello Cabernet Sauvignon gained prominence for its fifth-place finish in the 1976 "Judgment of Paris" wine tasting.

Mayacamas Vineyards is a California wine producer located in the Mt. Veeder AVA in the Mayacamas Mountains within the Napa Valley AVA, bordering the Sonoma Valley AVA. The estate is known for producing wine of a more traditional style than the Napa trends of recent years that emphasizes power, weight, high levels of alcohol and extravagance.

<span class="mw-page-title-main">Heitz Wine Cellars</span> Winery in California

Heitz Cellar is a California wine producer located within Napa Valley east of the town of St. Helena. An early modern era Napa Valley presence and pioneering exponent of French oak, the estate enjoys a historical renown with the success of its Martha's Vineyard Cabernet Sauvignon, and has also been described as a "master of Grignolino".

Clos du Val is a winery located in the Stags Leap District of Napa Valley, California. Founded in 1972, it earned global recognition in 1976 with its involvement in the famed Judgement of Paris in 1976. Clos du Val is French for “small vineyard estate of a small valley."

<span class="mw-page-title-main">B.R. Cohn Winery</span>

B.R. Cohn Winery is a winery in Sonoma Valley, California in the United States.

<span class="mw-page-title-main">Fantesca Estate & Winery</span>

Fantesca Estate & Winery is a family-owned boutique winery in the Spring Mountain District AVA of Napa Valley. The proprietors – Susan Schulze Hoff and Duane Hoff – are former executives of Best Buy Company. Since April 2008, Heidi Barrett has been the estate's winemaker.

<span class="mw-page-title-main">The Duckhorn Portfolio</span>

The Duckhorn Portfolio Inc. is an American wine company producing varietal labelled and blended red, white, rosé, and sparkling wines from California and Washington State. The main winery, Duckhorn Vineyards, is outside St. Helena, California.

<span class="mw-page-title-main">J. Lohr Vineyards & Wines</span> American winery located in California

J. Lohr Vineyards & Wines is a winemaking company headquartered in San Jose, California, with over 4,000 acres of estate vineyards in the Paso Robles AVA in San Luis Obispo County, Arroyo Seco and Santa Lucia Highlands AVAs in Monterey County, and the St. Helena AVA in Napa Valley, California. The family-owned and operated company was founded by Jerry Lohr in 1974. The company operates wineries in San Jose, Paso Robles, and Greenfield, California. In 2013, Steve Lohr was appointed CEO of the company. J. Lohr Vineyards & Wines’ product portfolio includes eight tiers of wine: J. Lohr Signature, J. Lohr Cuvée Series, J. Lohr Vineyard Series, J. Lohr Gesture, J. Lohr Pure Paso Proprietary Red Wine, J. Lohr Monterey Roots, J. Lohr Estates and ARIEL Vineyards. The portfolio also includes specialty brands Cypress Vineyards and Painter Bridge. J. Lohr ranks among the top 25 wine producers in the United States, with annual US sales exceeding 1.8 million cases.

<span class="mw-page-title-main">Sonoma County wine</span> Wine made in Sonoma County, California

Sonoma County wine refers to the viticulture and winemaking in Sonoma County, California, United States. County names in the United States automatically qualify as legal appellations of origin for wine produced from grapes grown in that county and do not require registration with the United States Department of the Treasury, Alcohol and Tobacco Tax and Trade Bureau.

<span class="mw-page-title-main">Stags Leap District AVA</span> American Viticultural Area in California

The Stags Leap District AVA is an American Viticultural Area located within the Napa Valley AVA 6 miles (9.7 km) north of the city of Napa, California. The Stags Leap District was the first appellation to be designated an AVA based on the unique terroir characteristics of its soil. The soil of this region include loam and clay sediments from the Napa River and volcanic soil deposits left over from erosion of the Vaca Mountains. Like many Napa Valley AVAs, Stags Leap District is particularly known for its Cabernet Sauvignon. In 1976 at the Judgment of Paris wine tasting, the 1973 Stag's Leap Wine Cellars Cabernet from the area that would become this AVA won first place in the red wine category, beating out classified Bordeaux estates. Today, the Stags Leap District is home to twenty different wineries.

<span class="mw-page-title-main">PlumpJack Winery</span> Winery in Oakville, California, US

PlumpJack Winery is a boutique winery in Oakville, California, specializing in premium Cabernet Sauvignon wines. PlumpJack was the first winery in Napa Valley to use screwcaps as a wine closure on fine wines. The winery is one of several businesses operated by the PlumpJack Group. The name of the company is inspired by "the roguish spirit of Shakespeare's Sir John Falstaff, dubbed Plump Jack by Queen Elizabeth."

<span class="mw-page-title-main">Stony Hill Vineyard</span>

Stony Hill Vineyard is a Napa Valley winery in Saint Helena, California, USA, within the Spring Mountain District AVA. Unusually for Napa Valley, it formerly produced almost exclusively white wine, chiefly Chardonnay. The winery was founded in 1952 and was family-owned until 2018; it is now part of Lawrence Wine Estates, owned by Gaylon Lawrence Jr. and master sommelier Carlton McCoy Jr.

Valley View Winery is a winery in the Applegate Valley AVA in Southern Oregon, United States, founded in 1972.

Scarecrow, historically the J.J. Cohn Estate, is a California wine producer. The estate is located in Rutherford, CA, within the Rutherford AVA in the Napa Valley AVA zone.

<span class="mw-page-title-main">Cecil O. De Loach Jr.</span> American grape-grower and winemaker

Cecil O. De Loach Jr. is a California grape-grower and winemaker in the Russian River Valley AVA who has contributed to the reputation and notoriety of Sonoma County viticulture.

<span class="mw-page-title-main">Copart</span> American automotive auction company

Copart, Inc. is a global provider of online vehicle auction and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies in 11 countries; the US, Canada, the UK, Germany, Ireland, Brazil, Spain, UAE, Bahrain, Oman and Finland. Headquartered in Dallas, Texas, Copart has more than 200 physical locations around the world, where it houses more than 10,000 acres of vehicle inventory. Copart sells used, wholesale and repairable vehicles in weekly and bi-weekly online auctions to buyers ranging from consumers to automotive businesses around the world. Copart provides vehicle sellers with a range of services to process and sell repairable and clean title vehicles over the internet, using its patented virtual auction technology, named VB3, as well as others of its auction-related brands.

<span class="mw-page-title-main">Justin Meyer</span> American winemaker (1938–2002)

Justin Meyer was an American vintner, enologist, and member of the Christian Brothers. He was the founder along with Raymond Twomey Duncan of Silver Oak Cellars in 1972, a successful winery based in the Napa Valley and Alexander Valley. Today Duncan's sons David Duncan and Tim Duncan run Silver Oak Cellars, as well as Twomey Cellars, established in 1999. Meyer sold his share of the company to Duncan in 2001. One of California's top wine experts, he was president of the American Vineyard Foundation in the 1990s and also held numerous other positions in the wine industry. The San Francisco Chronicle cites Meyer as "one of the legends of the Napa Valley".

<span class="mw-page-title-main">Jean-Charles Boisset</span> French vintner and winery owner

Jean-Charles Boisset is a French vintner and the proprietor of the Boisset Collection, which operates 28 wineries in California, France, and Canada.

Willis J. Johnson is an American billionaire businessman. He is the founder and former chief executive of Copart, a vehicle salvage and auction company, founded in 1982.

References

  1. 1 2 3 "Lunch with Jay Adair, CEO of Copart in Texas". Charity Buzz. Retrieved November 21, 2019.
  2. 1 2 Vickers, Emma (November 19, 2019). "This man is a junkyard billionaire". Bloomberg. Retrieved November 19, 2019.
  3. 1 2 3 4 5 6 Much, Marilyn (February 6, 2020). "How Jay Adair Drove Copart On The Road To Success". Investor's Business Daily. Retrieved August 26, 2023.
  4. 1 2 3 Lander, Jess (October 25, 2024). "How a car auction billionaire plans to resuscitate these tarnished California wineries". San Francisco Chronicle. Archived from the original on October 25, 2024.
  5. 1 2 3 Boone, Virginie (October 2, 2024). "Jay Adair Buys B.R. Cohn, Kunde and Viansa Wineries in Sonoma County". Sonoma County Winegrowers.
  6. 1 2 3 4 "A. Jayson Adair". Forbes. Retrieved July 1, 2021.
  7. 1 2 "Jay Adair, Chief Executive Officer, Copart Inc". Bloomberg LP. Retrieved November 21, 2019.
  8. ↑ Tognini, Giacomo. "How Copart Is Making A Billion Dollars From A Junkyard". Forbes.
  9. ↑ "Internet auto sales company moving to Dallas area". Dallas News. February 17, 2012.
  10. ↑ Box, Terry (April 22, 2016). "Copart Inc. acquires two more auction sites". Dallas News.
  11. ↑ Lieberman, Grace (August 15, 2021). "From pandemic chaos, a new leader emerges as Dallas-Fort Worth's highest paid CEO". Dallas News. Archived from the original on August 15, 2021.
  12. 1 2 Murray, Lance (March 15, 2024). "Copart Names Sole Chief Executive Officer in Leadership Changes". Dallas Innovates.
  13. 1 2 3 4 Strayer, Pam (October 24, 2024). "Texas Billionaire Jay Adair's Buying Spree Nets Five VWE Wineries in Napa and Sonoma for $85 Million". www.winebusiness.com.
  14. ↑ Quackenbush, Jeff (August 29, 2024). "B.R. Cohn, Viansa, Kunde among brands included in latest bid for Vintage Wine Estates assets". The North Bay Business Journal.
  15. ↑ Miller, Alicia; Draven, James (September 19, 2024). "21 of the best Napa Valley vineyards to visit". www.thetimes.com.
  16. ↑ Worobiec, Mary Ann (July 23, 2008). "Sonoma Pioneer Bob Kunde Dies". WineSpectator.
  17. ↑ Fordham, Krisanne (May 23, 2017). "The world's most unusual wineries". CNN.
  18. ↑ Tindera, Michela (February 19, 2021). "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Archived from the original on February 19, 2021. Retrieved June 13, 2023.

Adair Family Wines website

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