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Copart

Company Description

Copart is a leading global provider of online auctions and vehicle remarketing services, operating across multiple countries including the U.S., Canada, the U.K., Brazil, several countries in the Middle East, and Europe. It specializes in selling vehicles primarily over the Internet using its advanced Virtual Bidding Third Generation (VB3) technology. The company's primary clients are insurance companies, but it also services banks, finance companies, fleet operators, dealers, and individual sellers, selling mostly to licensed dismantlers, rebuilders, and used vehicle dealers.

Copart's VB3 technology supports a two-step bidding process that enhances the auction experience by allowing bids during a preview period and a real-time virtual auction subsequently. This system includes features like BID4U, which automatically bids up to a member’s maximum bid, enhancing bidding effectiveness and maximizing sale prices.

Financially, the company earns revenue mainly through auction and related transaction fees, and in some regions like the U.K., Germany, and Spain, it also operates as a direct buyer and seller of vehicles. Copart's virtual platform not only increases buyer competition, leading to higher vehicle prices, but also reduces operational costs compared to traditional live auctions, enhancing overall efficiency.

 

For fiscal 2023, sales of U.S. vehicles, on a unit basis, to members registered outside the state where the vehicle was located accounted for 66.2% of total vehicles sold; of which 32.2% of vehicles were sold to out of state members within the U.S. and 34.0% were sold to International members, based on the IP address utilized during the auction process.  

Source: Company 10K

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