We Expect Copart's Moat to Remain Wide for a Long Time

Since its inception in 1982, Copart has grown into the largest online salvage vehicle auction operator in the United States, connecting buyers and sellers from around the world. The company has grown its top line nearly five-fold since 2009 due to a combination of significant land expansion and robust service quality to drive higher salvage vehicle volume. Copart receives the majority of its vehicle volume through contracts with large auto insurers and sells them on consignment for high margins. Therefore, the company prioritizes maintaining amicable insurance relationships which are fostered by having adequate storage capacity and being a flexible service provider. All auctions have been online since 2003.