Sector: Industrials|Industry: Specialty Business Services|Market Cap: $56.82B|Employees: 11.7K
Copart, Inc. is a leading global provider of online auctions and vehicle remarketing services. The company's core business model revolves around facilitating the sale of vehicles, primarily from insurance companies, to a diverse buyer base through its Virtual Bidding Third Generation (VB3) internet auction platform. Copart has established a strong market position through its global network of facilities, technology-driven processes, and comprehensive service offerings.
Total service revenues reached $3.56 billion, a 11.3% increase year-over-year, with the U.S. segment contributing $3.13 billion. This growth was primarily driven by an increase in volume and an increase in revenue per car due to fee optimization.
Vehicle sales revenue increased slightly by 0.7% year-over-year to $675.8 million. While U.S. vehicle sales decreased by 2.7%, International vehicle sales increased by 4.3%.
Operating income increased to $1.57 billion, up from $1.49 billion in the prior year, driven by the increase in total service revenues. Operating expenses increased year-over-year, but at a lower rate than revenue growth.