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The idea of making money from used auto parts conjures up images of thugs in chop shops tearing apart fancy stolen cars. But auto salvage is a perfectly respectable business, and Chicago-based LKQ (LKQX, $16) has turned scavenging into a science. Since 1998 a group of former Waste Management executives have been revolutionizing a mom-and-pop industry by rolling up dozens of scrap yards that turn junkers into usable parts, and convincing insurance companies and body shops that recycled parts are just as good as ones straight from the manufacturer. After the company went public in 2003 the stock returned better than 500% through its peak early last year, landing LKQ (the name stands for Like Kind and Quality) at No. 58 on our 2008 Fastest-Growing Companies list.