Copart (CPRT)
Runs online vehicle auctions and the physical logistics behind salvage remarketing.
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Copart runs online auctions for cars that other people own — mostly wrecks that insurers have written off — and charges a fee to the seller and to the buyer on every one. That engine has stopped growing: fewer crashes, fewer insured drivers, one big carrier lost. The founder is back in the chief executive's chair, and the company is pushing into ordinary used cars from dealers and fleets.
Item facts: FY2026 · year ended July 31, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 8 more below
U.S. Insurance Auctions (VB3)
Roughly 55% of revenue and the reason the rest of the company exists. U.S. insurance volumes fell 8% in FY2026, and in the final quarter one lost carrier caused most of the drop — even though no single customer has topped a tenth of revenue in recent years.
Competes with IAA salvage auctions (RB Global) · In-house and direct-to-dismantler disposal (Insurance carriers)
In plain English
When a car is smashed badly enough, the insurer decides paying the owner off is cheaper than repairing it — and is left holding a broken car it has no use for. Copart clears that car off the street within hours, parks it on land it owns, photographs it, sorts out the ownership paperwork, and puts it in front of roughly a million registered buyers around the world: dismantlers, rebuilders and exporters.
Copart never owns the car. It bills the insurer for handling it and bills the winning bidder for taking it, so the same vehicle pays twice. The more the car fetches, the more those fees are worth.
TitleExpress
Copart chases the ownership paperwork for insurers — well over a million titles a year — and bills per car. It lifts what Copart earns per vehicle, and management named it among the costs squeezing margins in the final quarter.
Competes with Title software (DDI Technology) · Title and registration software (Vitu) · In-house title departments (Insurance carriers)
In plain English
Every car carries an ownership document, and when one is written off somebody has to chase that piece of paper, pay off whatever loan is still attached to it, and get a clean one issued before the wreck can legally be sold. Insurers used to keep rooms of people doing exactly this.
Copart does the job for them and bills per vehicle. It is dull work, and that is the appeal: Copart says no carrier that has handed the task over has taken it back in-house. The fee rides on top of the auction fee for the same car, which is why the amount earned per vehicle keeps drifting upward.
International (U.K., Europe, Brazil, Canada, Gulf)
Ten countries — Britain, Germany, Brazil, Canada, Spain, Finland, Ireland, the Gulf — worth $858.8M, and the only part of Copart that grew in FY2026: units up 10% in the final quarter, at a 25.6% operating margin.
Competes with IAA UK / SYNETIQ salvage (RB Global) · Total-loss vehicle network (e2e Total Loss Vehicle Management) · Regional salvage agents (ASM Autos)
In plain English
Same trade, different flags. Insurers abroad hand over written-off cars, Copart's yards take them in, and the same online bidding screen sells them. It is the one part of the company still growing, and Copart says every international market it operates in makes money.
Britain works differently. There Copart usually buys the wreck from the insurer outright rather than selling it on the insurer's behalf, so the whole sale price counts as revenue and a bad sale is Copart's own loss. That is roughly a third of the international total. The U.K. competition watchdog, the CMA, has put Copart's share of salvage services there above sixty percent.
Copart Dealer Services & Dedicated Wholesale Facilities
Whole running cars, not wrecks: trade-ins and aged stock from dealers. Volumes grew 3.9% in FY2026, one of the few U.S. lines that grew, and Copart first disclosed 25 dedicated wholesale sites in big metros in September 2026.
Competes with Manheim wholesale auctions (Cox Automotive) · OPENLANE dealer marketplace (OPENLANE)
In plain English
A dealer takes in a trade-in it does not want on its own forecourt — wrong brand, too many miles, too old — and needs somewhere to sell it to another dealer. These are ordinary running cars, not wrecks.
Copart already owns the land and the tow trucks, so adding this channel mostly means fencing off a corner of an existing yard for clean cars and running them through the same bidding screen. Twenty-five such corners now exist in the largest American cities, which management says reaches most of the wholesale market it is going after. The extra cost of each new site is little more than a fence.
BluCar
Cars banks take back from borrowers, cars coming off three-year leases, retired rental fleets. Volumes rose nearly 20% in the final quarter but only 2.4% for the year, with rental firms holding cars longer. It runs on credit, not crashes.
Competes with Manheim commercial and repossession auctions (Cox Automotive) · ADESA fleet and lease-return auctions (Carvana) · Regional fleet auctions (America's Auto Auction)
In plain English
Banks end up with cars too. A borrower stops paying and the car is taken back; a three-year lease runs out; a rental company retires its fleet. Each of those owners needs the car gone quickly and at a price they can defend to someone else.
BluCar is the lane Copart built for them, with its own receiving, inspection and condition reports and a dispute process for when a buyer says the car was not as described, guided by an advisory board of industry executives. The appeal for Copart: this supply does not wait on accidents, and the buyers are already standing there, so every extra car makes the auction busier for free.
ACV
Copart's biggest acquisition ever, agreed in September 2026 and expected to close by year end: a dealer-to-dealer marketplace with $759.6M of sales and a $66.1M loss in calendar 2025. It keeps its own name and runs separately.
Competes with Manheim dealer marketplace (Cox Automotive) · ADESA auctions (Carvana) · OPENLANE digital marketplace (OPENLANE)
In plain English
ACV Auctions is an online marketplace where car dealers buy and sell used cars from one another, wrapped in businesses that inspect the cars, haul them and lend against them. It owns almost no land of its own.
That gap is the fit Copart is paying for. ACV brings relationships with franchise dealers — more of them than Copart has — and the technology for inspecting a car so a distant buyer will bid on it; Copart brings 275-plus yards, its own trucks and a worldwide pool of buyers. The price is about $1.9 billion in cash, from a company sitting on roughly $4.5 billion of it.
Cash For Cars (and Direct Buy)
Cars Copart buys outright from consumers and resells, so the whole sale price counts as revenue — 9.0% of it, but only about 1.4% of the profit left once the cars are paid for. Copart is shrinking it on purpose: units fell 34.5% in FY2026.
Competes with Instant offer for damaged cars (Peddle) · Instant cash offer (Carvana) · Buying direct from consumers (Local scrap yards and dismantlers)
In plain English
Picture the adverts offering cash for a car that no longer runs. Someone with a wrecked or worn-out car no dealer would take as a trade-in calls Copart, Copart buys it, tows it away and sells it in its own auction — this time as the owner, so the entire sale price lands in revenue.
It is the thinnest money on the map: about nine dollars of revenue in every hundred, and barely more than one dollar in every hundred of the profit left once the cars are paid for. So Copart is deliberately keeping only the higher-value cars and handing the cheap ones to a junk buyer for a referral fee instead — no truck, no storage, no risk.
U.S. Insurance Auctions (VB3)Roughly 55% of revenue and the reason the rest of the company exists. U.S. insurance volumes fell 8% in FY2026, and in the final quarter one lost carrier caused most of the drop — even though no single customer has topped a tenth of revenue in recent years.Roughly 55% of revenue and the reason the rest of the company exists. U.S. insurance volumes fell 8% in FY2026, and in the final quarter one lost carrier caused most of the drop — even though no single customer has topped a tenth of revenue in recent years.
In plain English
When a car is smashed badly enough, the insurer decides paying the owner off is cheaper than repairing it — and is left holding a broken car it has no use for. Copart clears that car off the street within hours, parks it on land it owns, photographs it, sorts out the ownership paperwork, and puts it in front of roughly a million registered buyers around the world: dismantlers, rebuilders and exporters.
Copart never owns the car. It bills the insurer for handling it and bills the winning bidder for taking it, so the same vehicle pays twice. The more the car fetches, the more those fees are worth.
Competes with IAA salvage auctions (RB Global) · In-house and direct-to-dismantler disposal (Insurance carriers)
TitleExpressCopart chases the ownership paperwork for insurers — well over a million titles a year — and bills per car. It lifts what Copart earns per vehicle, and management named it among the costs squeezing margins in the final quarter.Copart chases the ownership paperwork for insurers — well over a million titles a year — and bills per car. It lifts what Copart earns per vehicle, and management named it among the costs squeezing margins in the final quarter.
In plain English
Every car carries an ownership document, and when one is written off somebody has to chase that piece of paper, pay off whatever loan is still attached to it, and get a clean one issued before the wreck can legally be sold. Insurers used to keep rooms of people doing exactly this.
Copart does the job for them and bills per vehicle. It is dull work, and that is the appeal: Copart says no carrier that has handed the task over has taken it back in-house. The fee rides on top of the auction fee for the same car, which is why the amount earned per vehicle keeps drifting upward.
Competes with Title software (DDI Technology) · Title and registration software (Vitu) · In-house title departments (Insurance carriers)
International (U.K., Europe, Brazil, Canada, Gulf)Ten countries — Britain, Germany, Brazil, Canada, Spain, Finland, Ireland, the Gulf — worth $858.8M, and the only part of Copart that grew in FY2026: units up 10% in the final quarter, at a 25.6% operating margin.Ten countries — Britain, Germany, Brazil, Canada, Spain, Finland, Ireland, the Gulf — worth $858.8M, and the only part of Copart that grew in FY2026: units up 10% in the final quarter, at a 25.6% operating margin.
In plain English
Same trade, different flags. Insurers abroad hand over written-off cars, Copart's yards take them in, and the same online bidding screen sells them. It is the one part of the company still growing, and Copart says every international market it operates in makes money.
Britain works differently. There Copart usually buys the wreck from the insurer outright rather than selling it on the insurer's behalf, so the whole sale price counts as revenue and a bad sale is Copart's own loss. That is roughly a third of the international total. The U.K. competition watchdog, the CMA, has put Copart's share of salvage services there above sixty percent.
Competes with IAA UK / SYNETIQ salvage (RB Global) · Total-loss vehicle network (e2e Total Loss Vehicle Management) · Regional salvage agents (ASM Autos)
Copart Dealer Services & Dedicated Wholesale FacilitiesWhole running cars, not wrecks: trade-ins and aged stock from dealers. Volumes grew 3.9% in FY2026, one of the few U.S. lines that grew, and Copart first disclosed 25 dedicated wholesale sites in big metros in September 2026.Whole running cars, not wrecks: trade-ins and aged stock from dealers. Volumes grew 3.9% in FY2026, one of the few U.S. lines that grew, and Copart first disclosed 25 dedicated wholesale sites in big metros in September 2026.
In plain English
A dealer takes in a trade-in it does not want on its own forecourt — wrong brand, too many miles, too old — and needs somewhere to sell it to another dealer. These are ordinary running cars, not wrecks.
Copart already owns the land and the tow trucks, so adding this channel mostly means fencing off a corner of an existing yard for clean cars and running them through the same bidding screen. Twenty-five such corners now exist in the largest American cities, which management says reaches most of the wholesale market it is going after. The extra cost of each new site is little more than a fence.
Competes with Manheim wholesale auctions (Cox Automotive) · OPENLANE dealer marketplace (OPENLANE)
BluCarCars banks take back from borrowers, cars coming off three-year leases, retired rental fleets. Volumes rose nearly 20% in the final quarter but only 2.4% for the year, with rental firms holding cars longer. It runs on credit, not crashes.Cars banks take back from borrowers, cars coming off three-year leases, retired rental fleets. Volumes rose nearly 20% in the final quarter but only 2.4% for the year, with rental firms holding cars longer. It runs on credit, not crashes.
In plain English
Banks end up with cars too. A borrower stops paying and the car is taken back; a three-year lease runs out; a rental company retires its fleet. Each of those owners needs the car gone quickly and at a price they can defend to someone else.
BluCar is the lane Copart built for them, with its own receiving, inspection and condition reports and a dispute process for when a buyer says the car was not as described, guided by an advisory board of industry executives. The appeal for Copart: this supply does not wait on accidents, and the buyers are already standing there, so every extra car makes the auction busier for free.
Competes with Manheim commercial and repossession auctions (Cox Automotive) · ADESA fleet and lease-return auctions (Carvana) · Regional fleet auctions (America's Auto Auction)
ACVCopart's biggest acquisition ever, agreed in September 2026 and expected to close by year end: a dealer-to-dealer marketplace with $759.6M of sales and a $66.1M loss in calendar 2025. It keeps its own name and runs separately.Copart's biggest acquisition ever, agreed in September 2026 and expected to close by year end: a dealer-to-dealer marketplace with $759.6M of sales and a $66.1M loss in calendar 2025. It keeps its own name and runs separately.
In plain English
ACV Auctions is an online marketplace where car dealers buy and sell used cars from one another, wrapped in businesses that inspect the cars, haul them and lend against them. It owns almost no land of its own.
That gap is the fit Copart is paying for. ACV brings relationships with franchise dealers — more of them than Copart has — and the technology for inspecting a car so a distant buyer will bid on it; Copart brings 275-plus yards, its own trucks and a worldwide pool of buyers. The price is about $1.9 billion in cash, from a company sitting on roughly $4.5 billion of it.
Competes with Manheim dealer marketplace (Cox Automotive) · ADESA auctions (Carvana) · OPENLANE digital marketplace (OPENLANE)
Cash For Cars (and Direct Buy)Cars Copart buys outright from consumers and resells, so the whole sale price counts as revenue — 9.0% of it, but only about 1.4% of the profit left once the cars are paid for. Copart is shrinking it on purpose: units fell 34.5% in FY2026.Cars Copart buys outright from consumers and resells, so the whole sale price counts as revenue — 9.0% of it, but only about 1.4% of the profit left once the cars are paid for. Copart is shrinking it on purpose: units fell 34.5% in FY2026.
In plain English
Picture the adverts offering cash for a car that no longer runs. Someone with a wrecked or worn-out car no dealer would take as a trade-in calls Copart, Copart buys it, tows it away and sells it in its own auction — this time as the owner, so the entire sale price lands in revenue.
It is the thinnest money on the map: about nine dollars of revenue in every hundred, and barely more than one dollar in every hundred of the profit left once the cars are paid for. So Copart is deliberately keeping only the higher-value cars and handing the cheap ones to a junk buyer for a referral fee instead — no truck, no storage, no risk.
Competes with Instant offer for damaged cars (Peddle) · Instant cash offer (Carvana) · Buying direct from consumers (Local scrap yards and dismantlers)
Named in filings, launches and programs
- Purple WaveBrandMajority-owned online auctions of used construction, farm and fleet equipment, sold from the seller's own site. Growing fast, but unmentioned on the September 2026 call.
- National Powersport AuctionsServiceAuctions for motorcycles and other powersports vehicles, counted together with dealer volumes; that combined line grew about 14% in the first half of FY2025.
- Copart 360ProductPhotographs a car from every angle so a buyer in another country will bid on its condition without ever standing next to it.
- Co.ai salvage estimationProductA tool sold to insurers that estimates what a damaged car would fetch, helping them decide whether to write it off or repair it.
- Copart RecyclingServiceStrips usable parts from British salvage and runs pull-your-own-part yards, keeping value inside the company after the auction.
- Green Parts Specialist / Hills MotorsBrandRecycled British car parts, acquired in 2022; the U.K. competition regulator cleared the deal unconditionally in July 2023 after a full investigation.
- Long-haul deliveryService · RampingCross-country transport offered to buyers — convenient for them, and named as one of the costs that squeezed FY2026 margins.
- Loan payoff servicesService · AnnouncedAn extension of the title business: settling the loan still owed on a written-off car on the insurer's behalf.
Purple WaveBrand
Majority-owned online auctions of used construction, farm and fleet equipment, sold from the seller's own site. Growing fast, but unmentioned on the September 2026 call.
National Powersport AuctionsService
Auctions for motorcycles and other powersports vehicles, counted together with dealer volumes; that combined line grew about 14% in the first half of FY2025.
Copart 360Product
Photographs a car from every angle so a buyer in another country will bid on its condition without ever standing next to it.
Co.ai salvage estimationProduct
A tool sold to insurers that estimates what a damaged car would fetch, helping them decide whether to write it off or repair it.
Copart RecyclingService
Strips usable parts from British salvage and runs pull-your-own-part yards, keeping value inside the company after the auction.
Green Parts Specialist / Hills MotorsBrand
Recycled British car parts, acquired in 2022; the U.K. competition regulator cleared the deal unconditionally in July 2023 after a full investigation.
Long-haul deliveryService · Ramping
Cross-country transport offered to buyers — convenient for them, and named as one of the costs that squeezed FY2026 margins.
Loan payoff servicesService · Announced
An extension of the title business: settling the loan still owed on a written-off car on the insurer's behalf.