CPRT
Copart
Platform / Network
★ Quality 75/100Price today
$33.72
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
Copart is the global junkyard where the dead car your insurance totaled gets auctioned.
Copart auctions wrecked vehicles online, connecting insurers settling total losses with global buyers —dismantlers, repair shops, exporters. It charges fees on both sides of every transaction on its VB3 platform, plus fees for storage, transport, and processing. It moves more than 3 million cars a year with $4.6B in revenue.
Two-sided network effect: more vehicles attract more bidders, and more bidders drive up the prices insurers receive, which then brings more vehicles. On top of that, it owns hundreds of physical lots near urban areas —impossible to replicate due to permits and land. Insurers integrate their systems with Copart; switching providers is a headache nobody wants.
Revenue history
From $2.7B to $4.6B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $4.6B · FY2025
Of every $100 in sales, $67 goes to costs and operations; $33 is left as net profit (33% margin).
Catalysts and risks
International expansion: Germany, UK, and Middle East still with low penetration of the digital auction model.
More cars declared total losses: with vehicles loaded with electronics, repairing costs more than settling —drives structural volume.
$4.6B in FY2025 revenue with operating margin above 35% and net cash: capacity to buy land counter-cyclically.
Insurer concentration: a few large clients move a lot of volume; losing one hurts.
Sensitivity to steel and used car prices —if auction values fall, fees fall.
Demanding valuation: the market already pays for future growth, leaving little room to disappoint.
Charlie's note
“A toll-booth business disguised as a scrapyard. The network strengthens itself and the net cash provides staying power; the problem is paying a fair price for something everyone knows is good.”
Analysis · June 2026
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