What smart money is saying about Copart
4 funds in our archive have pitched Copart — most recently Alluvium AM Conventum in June 2026.
Copart, Inc. stands as a prominent global provider of online vehicle auctions and comprehensive vehicle remarketing services. The company extends its operations across numerous international markets, including the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland, and Bahrain. At its core, Copart enables the buying and selling of vehicles over the internet through its sophisticated "virtual bidding" online auction platform. Its extensive range of services supports the entire vehicle disposition process, encompassing aspects such as direct online access for sellers, expert salvage and general vehicle valuation, end-of-life vehicle handling, logistics and transportation management, and dedicated vehicle inspection facilities. Additional offerings include on-demand reporting, efficient title processing and express services, loan payoff assistance, adaptable vehicle processing programs, and direct "Buy It Now" purchase options, alongside specialized services for dealerships. Beyond its primary auction site, Copart manages several direct vehicle acquisition and sales platforms, such as BluCar, CashForCars.com, CashForCars.ca, CashForCars.de, CashForCars.co.uk, and Cash-for-cars.ie. Furthermore, its Copart Recycling service offers the public an avenue to procure individual parts from salvaged and end-of-life automobiles. The company is also at the forefront of technological innovation within its field. Its proprietary Copart 360 system generates detailed, 360-degree interactive views of both the interiors and exteriors of cars, trucks, and vans. Another key tool, IntelliSeller, is an automated platform that leverages Copart's vast vehicle and sales data to assist sellers in making informed decisions about their auction strategies. Expanding its scope, Copart also provides remarketing services for wholesale construction, agricultural, and fleet equipment through its Purple Wave Inc. subsidiary, which conducts no-reserve online auctions. Additionally, it handles the remarketing of wholesale powersport vehicles via both live and online auction formats. Copart serves a diverse client base, including licensed vehicle dismantlers, rebuilders, repair professionals, used vehicle dealers, exporters, and members of the general public. Established in 1982, Copart, Inc. is headquartered in Dallas, Texas.
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Position history
Between Q1 2025 and Q2 2026, 4 fund letters reported a position in Copart — 2 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 4 | 0 | 2 | 1 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Fund activity · 4 positions · 2 moves
- HoldsSVN Capital FundJune 2026
“Aside from KKR, which I discuss in detail below, the detractors in the first half were Hermès, Dino Polska, and Copart—three names I remain content to own.”
Copart - June 2026
“During the quarter, we initiated positions in two quality companies, TJX Companies (TJX) and Amphenol Corporation (APH). We believe these investments serve to broaden portfolio diversification and increase exposure to businesses with exposure to resilient end markets, attractive reinvestment opportunities, and long runways for compounding growth across various market environments, with each offering a compelling entry point from a quality, growth, and valuation perspective. To fund these new positions, we exited two positions where rapid technological change has increased uncertainty regarding the long- term competitive environment. These changes included the full sale of Broadridge (BR) and Equifax (EFX). Although these companies have continued to post strong financial results, our ongoing competitive advantage assessments have flagged rising competitive threats and less resilient long-term moats than the new Portfolio additions profiled above and existing Portfolio holdings. Specifically, we’ve taken advantage of largely indiscriminate selling within software and business services sectors to upgrade the quality, growth and long-term competitive advantage profiles within the Portfolio. We also exited Copart (CPRT), a position we’ve been decreasing over time due to deteriorating competitive advantages.”
Copart - June 2026
“Other notable detractors from quarterly performance included Genpact Limited (G) and Copart, Inc. (CPRT). Genpact provides business process outsourcing (BPO) and IT services to customers in the banking, financial services, insurance, manufacturing, and healthcare industries. We believe its stock underperformed due primarily to investor concerns about potential AI disintermediation. In our opinion, these fears are unfounded. Instead of being disrupted by AI, we believe the company is leveraging it to enhance its value proposition and deepen client relationships. The company has developed a proprietary AI-enabled platform and delivery model that is already delivering cost reductions and automation gains for its clients. Copart is a global leader in online salvaged vehicle auctions. The stock’s weakness appears to be driven by a slowdown in auctioned vehicle volumes brought about by share shifts among auto insurance providers and increasing insurance rates, which are causing consumers to drop comprehensive coverage, switch to discount carriers or to drop automobile insurance altogether. We continue to hold CPRT due to the company’s strong market position, solid balance sheet, meaningful entry barriers, attractive stock valuation, and the expectation that its strategy of expanding into the international salvage car and the U.S. non-salvage car auction businesses may drive results going forward.”
Copart - TrimmedWeybosset Research & ManagementJune 2026
“And all of this transpired as our strongest stock for the past 10 or 15 years, Copart, moved dramatically against us in 2026. I explained in our last letter why we at WRM do not sell proven winners unless we perceive a change in the business fundamentals of the company in question.”
Copart
Fund coverage · 4 theses
- Alluvium AM ConventumJune 2026
Copart is a duopoly car auction platform with strong historical growth, negligible debt, high ROIC, and what the managers see as an attractive entry point after a large share price decline.
Read the full thesis - SVN CapitalDecember 2025
Copart is the leading salvage vehicle marketplace with irreplicable land, insurer relationships, and auction technology, benefiting from secular tailwinds and supported by a fortress balance sheet.
Read the full thesis - SVN CapitalJune 2025
Copart is the dominant player in the auto salvage duopoly, benefiting from industry trends that favor increased vehicle total loss, despite recent stock declines attributed to slowing growth and competition for insurance contracts.
Read the full thesis - AorisMarch 2025
Copart is the world's leading online auction marketplace for used and damaged vehicles, benefiting from rising total loss frequency and a strong competitive position driven by scale, land ownership, technology, and customer-centric culture.
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