Copart, Inc. (CPRT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du remarketing automobile, Copart, Inc. (CPRT) a révolutionné le marché des véhicules de sauvetage avec sa plate-forme numérique innovante, transformant comment les compagnies d'assurance, les reconstructions et les amateurs d'automobile achètent et vendent des véhicules endommagés. En tirant parti de la technologie de pointe et d'un réseau mondial d'installations d'enchères, Copart a créé un écosystème transparent et transparent qui relie les vendeurs et les acheteurs à travers les continents, transformant ce qui était autrefois un marché fragmenté en un marché numérique rationalisé et efficace qui génère des millions dans les revenus annuels grâce à des stratégies de remarketing de véhicules intelligents.

Copart, Inc. (CPRT) - Modèle d'entreprise: partenariats clés

Les compagnies d'assurance fournissent des véhicules de sauvetage

Copart s'associe aux grandes compagnies d'assurance pour acquérir des véhicules de récupération. En 2023, la société travaille avec environ 20+ assureurs nationaux et régionaux.

Top partenaires d'assurance	Volume annuel du véhicule
Ferme d'État	Environ 250 000 véhicules
Allstate	Environ 150 000 véhicules
USA	Environ 100 000 véhicules

Fabricants et concessionnaires automobiles

Copart collabore avec plusieurs constructeurs automobiles et réseaux de concessionnaires pour le remarketing de véhicules et l'élimination de la récupération.

• Ford Motor Company
• General Motors
• Toyota Motor Corporation
• Stelllantis

Fournisseurs de services de remorquage et de transport

La société maintient des partenariats stratégiques avec les réseaux de remorquage nationaux.

Partenaire de transport	Couverture géographique
Transporteurs fiables	50 États
Transport central	48 États

Technologie et partenaires de plate-forme numérique

Copart investit dans la transformation numérique par le biais de partenariats technologiques.

• Services cloud Microsoft Azure
• Plateforme Salesforce CRM
• SAP Enterprise Software

Réseaux de remarketing de véhicules mondiaux

Copart opère sur plusieurs marchés internationaux grâce à des partenariats mondiaux stratégiques.

Marché international	Nombre de sites d'enchères
États-Unis	Plus de 200 emplacements
Royaume-Uni	15 emplacements
Canada	10 emplacements
Allemagne	5 emplacements

Copart, Inc. (CPRT) - Modèle d'entreprise: activités clés

Gestion de la plate-forme d'enchères en ligne des véhicules

Copart gère une plate-forme numérique avec 226 emplacements dans 11 pays en 2023. La plate-forme d'enchères en ligne a traité 2,16 millions de véhicules au cours de l'exercice 2023. Les enchères en ligne quotidiennes moyennes dépassent 8 000 véhicules.

Métrique de la plate-forme	2023 données
Emplacements totaux en ligne	226
Les pays ont opéré	11
Total des véhicules traités	2,16 millions
Auctions quotidiennes en ligne	8,000+

Inspection des véhicules et évaluation des dommages

Copart effectue des évaluations complètes des dommages aux véhicules en utilisant une technologie d'imagerie numérique avancée. Couvertures du processus d'inspection:

• Évaluation des dommages extérieurs
• Évaluation des conditions mécaniques
• Analyse de l'intégrité structurelle
• Documentation photographique

Logistique et transport de véhicules

La flotte de transport comprend plus de 3 500 unités de transport. Le volume annuel du transport des véhicules atteint environ 2,5 millions de véhicules à travers l'Amérique du Nord.

Métrique logistique	2023 données
Unités de transport	3,500+
Volume de transport annuel	2,5 millions de véhicules

Développement du marché numérique

Prise en charge de la plate-forme numérique 180+ pays avec la participation des acheteurs. Le marché en ligne génère 3,9 milliards de dollars de revenus de service pour l'exercice 2023.

Acquisition et ventes mondiales d'inventaire

L'approvisionnement en stock de Copart comprend:

• Partenariats des compagnies d'assurance
• Acquisitions de véhicules de flotte
• Ventes de véhicules gouvernementaux et municipaux
• Soumissions de véhicules directs des consommateurs

Source d'acquisition des stocks	Pourcentage
Compagnies d'assurance	65%
Véhicules de flotte	20%
Gouvernement / municipal	10%
Consommateur direct	5%

Copart, Inc. (CPRT) - Modèle d'entreprise: Ressources clés

Inventaire étendu des véhicules de récupération

Depuis 2023, Copart gère approximativement 2 millions de véhicules dans son inventaire sur plusieurs emplacements. L'entreprise traite 1,5 million de véhicules par an via sa plateforme d'enchères en ligne.

Catégorie de véhicules	Volume approximatif
Total des véhicules en inventaire	2,000,000
Traitement annuel des véhicules	1,500,000
État moyen du véhicule	Récupération / endommagé

Technologie avancée des enchères en ligne

Prise en charge de la plate-forme numérique de Copart Plus de 750 000 acheteurs enregistrés globalement, avec un Taux de participation aux enchères à 99,5% en ligne.

• Capacités d'enchères en temps réel
• Interface d'enchères adaptée aux mobiles
• Système de rapports sur l'état des véhicules avancés

Installations de vente aux enchères physiques à l'échelle nationale

Copart fonctionne 222 Installations de stockage de véhicules à travers 11 pays, avec 199 emplacements aux États-Unis.

Type d'emplacement	Nombre d'installations
Installations mondiales totales	222
Installations américaines	199
Installations internationales	23

Forte infrastructure numérique

Processus de plate-forme numérique de Copart Environ 8,5 milliards de dollars de ventes annuelles de véhicules avec Fiabilité de 99,7% des transactions.

• Système de gestion des enchères basé sur le cloud
• Protocoles de cybersécurité
• Centres de données hautes performances

Réseau mondial de centres de stockage et de traitement

La société maintient un vaste réseau avec Capacité de stockage totale dépassant 8 millions de pieds carrés à travers ses installations.

Métrique de stockage	Mesures
Espace de stockage total	8 000 000 pieds carrés
Taille moyenne de l'installation	36 036 pieds carrés
Capacité de traitement des véhicules	125 000 véhicules / mois

Copart, Inc. (CPRT) - Modèle d'entreprise: propositions de valeur

Plateforme de remarketing de véhicule en ligne efficace

Copart exploite un marché numérique avec 222 emplacements physiques dans 11 pays en 2023. La plate-forme a traité 2,1 millions de véhicules au cours de l'exercice 2023, avec un chiffre d'affaires total de 3,85 milliards de dollars.

Métrique de la plate-forme	Valeur 2023
Total des véhicules traités	2,1 millions
Revenus totaux	3,85 milliards de dollars
Emplacements physiques	222
Pays d'opération	11

Solutions rentables pour les ventes de véhicules de récupération

Copart fournit des solutions de remarketing rentables avec les avantages financiers suivants:

• Taux de commission moyen des vendeurs: 8-12%
• Réduction des frais généraux via la plate-forme numérique
• Pas de frais de conservation des stocks directs

Large gamme de types de véhicules et de conditions

Répartition des stocks de véhicules pour 2023:

Catégorie de véhicules	Pourcentage d'inventaire
Véhicules de sauvetage	65%
Véhicules de titre propre	25%
Véhicules spécialisés	10%

Processus d'enchères transparent et rationalisé

Métriques de performance aux enchères numériques:

• Durée des enchères moyennes: 7-10 jours
• Participation d'appel d'offres en temps réel: 185 000 acheteurs enregistrés
• Taux d'achèvement des enchères en ligne: 92%

Accessibilité du marché mondial

Les statistiques du marché international pour 2023:

Région	Nombre d'emplacements	Pourcentage du total des revenus
Amérique du Nord	180	78%
Europe	25	15%
Autres internationaux	17	7%

Copart, Inc. (CPRT) - Modèle d'entreprise: relations avec les clients

Plateforme d'enchères en ligne en libre-service

Copart exploite un marché numérique avec 222 emplacements physiques dans 11 pays. En 2023, la plate-forme a traité chaque année 2,1 millions de listes de véhicules. La plateforme en ligne permet:

• Accès aux enchères de véhicules 24/7
• Capacités d'enchères en temps réel
• Rapports complets de l'état des véhicules

Métrique de la plate-forme	2023 données
Total des utilisateurs enregistrés	765,000
Volume de transaction annuel	1,4 million de véhicules
Participation moyenne des enchères en ligne	87% du total des transactions

Équipes de support client dédiées

Copart maintient 182 représentants du service à la clientèle à travers les emplacements mondiaux. Les canaux de support comprennent:

• Support téléphonique
• Assistance par e-mail
• Services de chat en direct

Canaux de communication numérique en temps réel

L'infrastructure de communication numérique comprend:

• Application mobile avec des notifications instantanées
• Intégration de l'API pour les clients commerciaux
• Mises à jour automatisées des e-mails

Canal numérique	Utilisateurs actifs mensuels
Application mobile	412,000
Plate-forme Web	653,000

Suivi des performances de l'acheteur et du vendeur

Les métriques de performance suivies incluent:

• Taux d'achèvement de l'acheteur
• Qualité du véhicule du vendeur
• Vitesse de transaction

Systèmes automatisés d'appel d'offres et de transaction

Processus de systèmes automatisés 98,6% des transactions avec une intervention humaine minimale. Les caractéristiques clés comprennent:

• Enchèrent
• Traitement des paiements automatiques
• Confirmatives de transaction instantanée

Métrique de transaction	Performance de 2023
Taux de transaction automatisé	98.6%
Temps de transaction moyen	37 minutes

Copart, Inc. (CPRT) - Modèle d'entreprise: canaux

Site Web d'enchères en ligne

Copart exploite www.copart.com, qui a traité 1,9 million de listes de véhicules en 2022. Le site Web gère plus de 125 000 véhicules de sauvetage et de titre propre par semaine. La plate-forme d'enchères en ligne génère environ 2,8 milliards de dollars de revenus annuels de ventes de véhicules.

Métrique de la plate-forme	2022 statistiques
Listes totales de véhicules	1,9 million
Listes de véhicules hebdomadaires	125,000
Revenus de vente en ligne annuels	2,8 milliards de dollars

Plates-formes d'application mobile

Les applications mobiles de Copart disponibles sur les plates-formes iOS et Android prennent en charge plus de 750 000 utilisateurs enregistrés. Les téléchargements d'applications mobiles ont dépassé 500 000 en 2022.

• Évaluation iOS de l'App Store: 4.7 / 5
• Android Google Play Rating: 4.5 / 5
• Total des utilisateurs d'applications mobiles: 750 000+

Campagnes de marketing numérique

Copart a investi 42,3 millions de dollars en marketing numérique en 2022, ciblant les professionnels de l'industrie automobile et les acheteurs internationaux dans 11 pays.

Représentants des ventes directes

Copart maintient 1 200 représentants des ventes directes à travers l'Amérique du Nord. Le représentant des ventes moyens génère 3,2 millions de dollars de ventes annuelles de véhicules.

Métrique de l'équipe de vente	2022 données
Représentants des ventes totales	1,200
Ventes moyennes par représentant	3,2 millions de dollars

Marchés automobiles tiers

Copart s'intègre à 87 marchés automobiles tiers dans le monde. Ces partenariats génèrent 620 millions de dollars supplémentaires de revenus annuels.

• Partenariats totaux sur le marché: 87
• Revenus sur le marché mondial: 620 millions de dollars
• Reach du marché international: 11 pays

Copart, Inc. (CPRT) - Modèle d'entreprise: segments de clientèle

Compagnies d'assurance

En 2023, Copart travaille avec environ 460 compagnies d'assurance à l'échelle nationale. Les meilleurs clients de l'assurance comprennent:

Compagnie d'assurance	Volume annuel du véhicule
Ferme d'État	92 000 véhicules
Allstate	67 500 véhicules
Progressif	55 300 véhicules

Ateliers de réparation automobile

Copart dessert environ 8 500 ateliers de réparation automobile indépendants et de franchise à travers les États-Unis.

• Procure de pièces annuelles moyennes: 1,2 million de dollars par atelier de réparation
• Valeur marchande totale des pièces automobiles d'origine: 10,2 milliards de dollars

Reconstructions de véhicules

Copart prend en charge environ 12 000 reconstructions de véhicules à l'échelle nationale.

Catégorie de reconstruction	Nombre de reconstructions	Acquisition moyenne annuelle de véhicules
Reconstructions indépendantes	9,200	45 véhicules
Entreprises de reconstruction professionnelle	2,800	180 véhicules

Marchands de véhicules internationaux

Copart opère dans 11 pays, desservant des concessionnaires internationaux de véhicules.

• Réseau total des concessionnaires internationaux: 6 500 concessionnaires
• Top Marchés internationaux: Moyen-Orient, Afrique, Caraïbes
• Ventes annuelles de véhicules internationaux: 340 000 véhicules

Antariens automobiles individuels

La plate-forme en ligne de Copart dessert environ 750 000 acheteurs individuels enregistrés.

Catégorie des acheteurs	Nombre d'utilisateurs enregistrés	Achats annuels moyens
Passionnés	450,000	2-3 véhicules
Amateurs professionnels	300,000	8-10 véhicules

Copart, Inc. (CPRT) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour Copart en 2023: 78,3 millions de dollars

Catégorie de technologie	Coût annuel
Maintenance des systèmes informatiques	42,1 millions de dollars
Services de cloud computing	21,5 millions de dollars
Infrastructure de cybersécurité	14,7 millions de dollars

Frais opérationnels de l'installation

Total des dépenses opérationnelles de l'installation en 2023: 195,6 millions de dollars

Catégorie de dépenses	Coût annuel
Entretien d'installation	87,3 millions de dollars
Services publics	53,2 millions de dollars
Baux immobiliers	55,1 millions de dollars

Transport et logistique des véhicules

Coût de la logistique et du transport pour 2023: 263,9 millions de dollars

• Dépenses de remorquage des véhicules: 112,4 millions de dollars
• Entretien de la flotte de transport: 84,5 millions de dollars
• Coûts de carburant: 67,0 millions de dollars

Salaires et formation des employés

Total des dépenses liées aux employés en 2023: 412,7 millions de dollars

Catégorie de dépenses	Coût annuel
Salaires de base	329,6 millions de dollars
Programmes de formation des employés	18,3 millions de dollars
Avantages et compensation	64,8 millions de dollars

Coûts de marketing et d'acquisition des clients

Frais de marketing pour 2023: 45,2 millions de dollars

• Marketing numérique: 22,7 millions de dollars
• Publicité traditionnelle: 12,5 millions de dollars
• Gestion de la relation client: 10,0 millions de dollars

Copart, Inc. (CPRT) - Modèle d'entreprise: Strots de revenus

Commission des ventes de véhicules

Copart a généré 2,93 milliards de dollars de revenus totaux pour l'exercice 2023. La Commission des ventes de véhicules représentait environ 70% des revenus totaux, équivalant à environ 2,05 milliards de dollars.

Source de revenus	Montant (2023)	Pourcentage
Commission des ventes de véhicules	2,05 milliards de dollars	70%

Frais de transaction d'enchères en ligne

Les frais de transaction d'enchères en ligne ont contribué environ 350 millions de dollars aux revenus de Copart au cours de l'exercice 2023.

• Frais de transaction moyens par véhicule: 185 $
• Total des transactions d'enchères en ligne: 1,89 million de véhicules

Frais d'adhésion et d'accès à la plate-forme

Les frais d'accès et d'adhésion à la plate-forme ont généré environ 175 millions de dollars en 2023.

Catégorie d'adhésion	Frais annuels	Revenus estimés
Abonnement standard	$99	75 millions de dollars
Abonnement professionnel	$299	100 millions de dollars

Frais de stockage et de traitement des véhicules

Les frais de stockage et de traitement des véhicules ont représenté 220 millions de dollars de revenus pour l'exercice 2023.

• Frais de stockage quotidiens moyens: 12,50 $ par véhicule
• Frais de traitement moyen: 175 $ par véhicule

Revenus d'expansion du marché international

Les revenus internationaux du marché ont contribué 100 millions de dollars au chiffre d'affaires total de Copart en 2023.

Région géographique	Contribution des revenus	Nombre de transactions
Canada	45 millions de dollars	215 000 véhicules
Royaume-Uni	35 millions de dollars	185 000 véhicules
Autres marchés internationaux	20 millions de dollars	95 000 véhicules

Copart, Inc. (CPRT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Copart, Inc. commands its market position as of late 2025. It's not just about moving metal; it's about the financial outcomes they deliver to both sides of the transaction.

Maximizing recovery value for sellers through global buyer liquidity

For sellers, primarily insurance carriers, the value proposition centers on achieving the highest possible net return, which is directly tied to buyer competition. Copart, Inc. supports this with a massive global reach, connecting inventory to members in over 185 countries.

This global liquidity translates directly into better pricing. For instance, in the first quarter of fiscal 2026, management noted that international buyers purchased vehicles valued 38% higher than comparable U.S. buyers. The success in driving up realized prices is evident in the reported figures; for the fourth quarter of fiscal 2025, global Average Selling Prices (ASPs) for all insurance vehicles increased by 5.4% year-over-year. Even more impressive, U.S. insurance ASPs grew by 5.7% year-over-year in that same quarter, materially outpacing used car indices.

The overall financial strength derived from this liquidity is clear:

Metric	FY 2025 Full Year Value	Q4 FY 2025 Value
Total Revenue	$4.65 billion	$1.13 billion
Net Income	$1.55 billion	$396.4 million
Gross Profit	$2.1 billion	$510 million
Net Margin	33.41%	45.3% (Gross Margin Q4)

Providing a comprehensive, end-to-end vehicle remarketing service

Copart, Inc. manages the entire disposition process, which is why they can grow their non-insurance segments so effectively. Their Blue Car service, which handles vehicles from banks, rental car companies, and fleets, showed year-over-year growth exceeding 27% in the second quarter of fiscal 2025. This demonstrates success in moving beyond the core insurance channel.

The scale of this end-to-end operation is supported by a vast physical footprint, operating over 250 locations worldwide. They sold over 4 million units last year. This comprehensive service includes:

• Vehicle pick-up and debris removal.
• Safe, compliant storage across numerous facilities.
• Processing and preparation for auction.
• Sale via patented online auction technology.

Offering buyers a cost-effective, diverse source of salvage and used inventory

For buyers-dismantlers, rebuilders, and dealers-Copart, Inc. provides access to inventory that is both diverse and, relative to market conditions, cost-effective. While overall global unit sales saw a slight decline of 0.9% in the fourth quarter of fiscal 2025, the company managed inventory tightly. Global inventory decreased by 13.1% year-over-year, partly due to faster sales cycles.

The diversity of inventory is key, spanning cars, trucks, SUVs, motorcycles, boats, ATVs, and heavy equipment. Furthermore, the company's focus on operational efficiency helps keep the cost structure favorable for buyers, even as ASPs rise for sellers. For the full fiscal year 2025, revenue grew by 9.7% to approximately $4.65 billion.

Delivering a transparent, secure, and efficient digital auction experience

Efficiency is a major component of the value delivered to buyers, as faster processing means inventory is available to sell sooner. Copart, Inc. actively invests in technology to compress vehicle cycle times. In the first quarter of fiscal 2026, cycle times in the U.S. decreased by 9%. This efficiency is driven by their patented online auction platform, which sees over 1 million web visits per week.

The platform's security and transparency are implied by the financial results, showing sustained profitability and growth in service revenue. For the full fiscal year 2025, service revenues grew by 11.4%. The company's liquidity position, standing at $6 billion as of the end of July 2025, supports continued investment in these digital assets.

Operational resilience during natural disasters (CAT events)

The ability to rapidly deploy and process vehicles after catastrophic (CAT) events is a critical, non-cyclical value proposition for insurance partners. Copart, Inc.'s CAT Special Operations Command deploys to remove damaged vehicles within 24 to 48 hours after a storm. The company successfully managed processing for Hurricanes Helene and Milton, selling about a quarter of all assigned vehicles by the end of October following those events.

The underlying driver for this business-the frequency of total losses-remained high, with the total loss frequency reaching 22.6% for the calendar year 2025 through September. While CAT work itself is noted as not being inherently profitable long-term, it drives significant activity and timing effects across quarters. The company's U.S. insurance unit volume grew by approximately 9% year-over-year in Q2 2025.

Copart, Inc. (CPRT) - Canvas Business Model: Customer Relationships

Copart, Inc. connects vehicle consignors to approximately 1 million members across over 185 countries through its digital platform. The company sold more than 4 million units in the last year. This massive scale is supported by operations at over 250 physical locations in 11 countries as of May 2025.

The relationship structure is tiered, balancing high-touch service for key partners with broad automation for the majority of the user base. Here's a quick look at the scale and segment focus:

Metric/Segment	Data Point (As of Late 2025/Latest Reported)
Total Platform Members	Approximately 1 million
Countries of Operation	Over 185 (Members) / 11 (Physical Locations)
Annual Unit Volume (Trailing)	More than 4 million units
Non-Insurance Seller Volume (Historical Benchmark)	More than 20% of vehicles sold (FY 2021)
Blue Car Business Growth (Q2 FY2025 YoY)	Over 27% growth

Dedicated account management is the foundation for major B2B sellers, specifically insurance companies, which are central to the core business. These relationships prioritize efficient vehicle disposition and high recovery rates for total-loss inventory.

For buyers, the platform uses technology to tailor the experience. Predictive analytics power a Recommendations Engine that suggests similar makes and models based on user behavior. This targeted approach helps refine the auction experience for the broad membership base.

High-touch service is reserved for specific, high-value B2B relationships. The "Blue Car service," which covers bank, finance, and rental segments, demonstrated significant traction, showing over 27% year-over-year growth in Q2 fiscal year 2025. Furthermore, the Title Express service, which manages title retrieval, processes approximately 1 million vehicles annually, indicating a high-volume, specialized service for key partners.

The relationship for the majority of buyers is largely automated and self-service. This is the default mode for the massive volume of transactions occurring daily. The U.S. volume is heavily weighted toward consignment or fee units, which rely on the platform's automated listing and bidding infrastructure. The platform supports this scale with:

• Mobile apps for searching and bidding.
• Online payments via ePay, credit cards, or financing.
• Flexible purchase options like Buy It Now.

Finance: draft 13-week cash view by Friday.

Copart, Inc. (CPRT) - Canvas Business Model: Channels

You're looking at how Copart, Inc. gets its value proposition-the efficient remarketing of vehicles-to its customers. It's a multi-pronged approach, heavily weighted toward digital but still reliant on physical assets. Honestly, the scale of their physical footprint is what underpins the digital promise.

Primary: Proprietary online auction platform (Copart.com)

The core channel is the VB3 (Virtual Bidding, Version 3) online auction platform, accessible via Copart.com. This digital marketplace is where the majority of transactions happen. As of October 2025, the website maintained a strong digital presence, holding a Global Rank of #2,558 and ranking #5 in the Automotive Industry category in the United States. Engagement metrics show users spend an average of 00:07:33 per visit, looking at 10.85 pages, with a bounce rate of 31.97%. This platform connects consignors to approximately 1 million members in over 185 countries.

The reach and scale of this primary channel are best summarized by the overall transaction volume and buyer base:

• Facilitates over 3.5 million transactions annually.
• Connects sellers to over 750,000 registered buyers globally.
• Holds a 20.52% global market share in vehicle remarketing as of Q1 2025.

Global network of physical auction and storage facilities

While the auction is online, the physical infrastructure is critical for intake, storage, and processing. Copart, Inc. operates in 11 countries across North America, Europe, and the Middle East. This network includes over 200 auction yards worldwide. These facilities handle the logistics that feed the online channel. For instance, management highlighted investments in physical storage, such as the acquisition of Hall Ranch in South Florida, adding nearly 400 usable acres of vehicle storage capacity to handle large storm events. The company has 11,600 total employees to manage this physical network.

Here's a look at the scale of the physical and digital infrastructure supporting the business:

Metric	Value	Date/Period	Source Context
Total Employees	11,600	As of late 2025
Global Auction Yards	Over 200	As of fiscal 2025 start
Countries of Operation	11	As of late 2025
South Florida Storage Acres Added	Nearly 400	Q3 2025 reporting
TTM Revenue	$4.66B	Ending October 31, 2025

Mobile applications for bidding and inventory management

The mobile channel is essential, given that mobile phones accounted for about 59.7% of global website traffic as of April 2025. Copart, Inc. supports this with mobile applications that allow members to bid and manage inventory on the go. While specific app usage numbers aren't public, the general market trend shows that mobile is the default way people connect digitally. You have to assume a significant portion of those 1 million members are using the app for real-time bidding.

Copart Direct/Direct Buy channels for non-insurance sellers

This channel focuses on sellers outside the primary insurance segment, which management noted they are actively growing. This includes direct sales to specific partner segments:

• Blue Car Business: Serves bank, finance, fleet, and rental partners, showing year-over-year growth of over 20% in Q1 2025.
• Dealer Sales Volume: This is a combination of the Copart Dealer Services division and National Powersport Auctions.

Consignment or fee units still make up the vast majority of U.S. unit volume, but the growth in these non-insurance channels diversifies the supply base. Finance: draft the Q1 2026 cash flow projection by next Wednesday.

Copart, Inc. (CPRT) - Canvas Business Model: Customer Segments

You're looking at the core of Copart, Inc.'s business: who brings the cars and who buys them. This segment definition is what drives their massive platform volume, which for the year ended July 31, 2025, resulted in total revenue of $4.6 billion.

The seller side is heavily concentrated, which is a key characteristic of the Copart, Inc. model. Insurance companies are the bedrock of the inventory supply.

Seller Segment	Inventory Share/Metric	Latest Data Point
Insurance Companies	Largest segment by inventory	Supplied 81% of inventory in fiscal year 2024
Non-Insurance Sellers	Diversification focus	Exceeded 20% year-over-year growth in Q1 fiscal year 2025 for the 'Blue Car' business
Total Global Reach	Platform scale	Connects consignors to approximately 1 million members in over 185 countries

Still, the growth in non-insurance sources shows a strategic push to broaden the supply base beyond the primary source. For the three months ended July 31, 2025, total revenue was $1.1 billion, showing the scale of transactions across all segments.

The other key sellers feeding the platform include:

• Financial institutions
• Fleet operators
• Rental car companies
• Government entities
• Charities (Low Value Units)

On the buying side, Copart, Inc. serves a wide array of professional and individual customers globally. The B2B buyers are the volume drivers for most vehicle types, especially salvage and repairable units.

The primary B2B customer types are:

• Licensed dismantlers
• Rebuilders
• Used car dealers
• Exporters

To be fair, the B2C segment is also important, particularly for specific inventory types. This group primarily consists of individual buyers looking for clean-titled or low-value vehicles that don't require a dealer or dismantler license to purchase.

The platform's ability to attract and serve these diverse buyers is evident in its operational scale; for the nine months ended April 30, 2025, revenue reached $3.5 billion.

Copart, Inc. (CPRT) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Copart, Inc.'s operations, which is smart because this business runs on physical assets and technology integration. Here's the quick math on where the money goes for the fiscal year ending July 31, 2025.

Significant capital expenditure on real estate and yard expansion.

Copart, Inc. treats land as core infrastructure, continually purchasing property and expanding existing yards. The last 12-month Capital Expenditure (CapEx), based on the financial report for July 30, 2025, was ($569.0M). This represented a year-over-year growth rate of 11.4% in CapEx.

Operating expenses for vehicle processing, storage, and logistics.

These costs, primarily categorized under Yard Operations, are substantial and scale with unit volume. For the full fiscal year ended July 31, 2025, total Yard operations expenses were $1,744,436 thousand. Yard depreciation and amortization for the same period was $191,775 thousand. Global yard operations cost, excluding stock-based compensation and depreciation expense, increased by about $59 million, or about 17%, compared to the prior year period.

Here's a breakdown of key facility-related costs for the full fiscal year 2025:

Cost Component	Amount (in thousands)
Total Yard Operations Expenses	1,744,436
Yard Depreciation and Amortization	191,775
Yard Stock-Based Compensation	8,107

Technology development and maintenance costs for the VB3 platform.

While a specific line item for VB3 development isn't always isolated, system maintenance and enhancements fall under General and Administrative Expenses. For the fiscal year ended July 31, 2025, General and administrative expenses, excluding stock-based compensation and depreciation expense, totaled about $288 million. This figure reflected an increase of about $88 million over the prior year.

Cost of vehicle sales for purchase units (a smaller segment).

This cost relates to vehicles Copart, Inc. buys and sells for its own account, not on consignment. For the full year ended July 31, 2025, the Cost of vehicle sales was $602,997 thousand. This was a decrease of 2.7% from the prior fiscal year's $619,487 thousand.

The segment's performance showed some quarterly variation:

• Purchase vehicle revenue increased over 4% for the full year.
• Purchase vehicle gross profit decreased over 12% for the full year.

High gross margin of 45.2% for fiscal year 2025 reflects low variable costs.

The high profitability of the core service business is evident in the gross margin. For the fiscal year ending July 31, 2025, Copart, Inc.'s Gross Margin was 45.2%. This compares to a reported 45% in the same period. The latest twelve months gross profit margin was reported as 47.2%.

The gross profit for the full year ended July 31, 2025, was $2.1 billion, representing a 10.1% increase from the prior year.

Finance: draft 13-week cash view by Friday.

Copart, Inc. (CPRT) - Canvas Business Model: Revenue Streams

You're looking at how Copart, Inc. actually brings in the money, which is key for any financial model you're building. Honestly, their model is built on transaction volume, not just holding inventory.

Service Revenue (fees from sellers/buyers) is the primary stream, and it's the engine of the business. For the full fiscal year ending July 31, 2025, this segment grew by 11.4%. This stream is where the majority of the company's top line comes from, reflecting the fees charged to consignors (like insurance companies) and buyers for facilitating the auction of vehicles.

To give you the big picture, Total Revenue for Fiscal Year 2025 was $4.6 billion. That's a solid number, showing consistent growth in their core business. On the bottom line, Net Income for Fiscal Year 2025 was $1.6 billion. That margin tells you they manage their variable costs well, which is important when you consider the capital intensity of their operations.

The revenue streams are clearly segmented, which helps you see where the leverage is. Here's a quick look at the breakdown for the year ended July 31, 2025, based on the reported figures (note: amounts below are in thousands USD as reported in the detailed filing segment):

Revenue Component	FY2025 Amount (in thousands)	FY2024 Amount (in thousands)	Annual Growth
Service revenues	$3,968,662	$3,561,002	11.4%
Vehicle sales	$678,296	$675,821	0.4%
Total service revenues and vehicle sales	$4,646,958	$4,236,823	9.7%

See how service revenues dwarf the vehicle sales? That's the whole point of their asset-light approach, relatively speaking.

Beyond the main auction fees, Copart, Inc. captures revenue through several ancillary services. These are the necessary add-ons that keep the machine running smoothly for both sides of the transaction. You should be tracking these closely as they often carry higher margins.

• Ancillary fees for vehicle storage, which is critical when processing large volumes of total losses.
• Fees related to transportation services, moving vehicles to the appropriate auction yard.
• Revenue generated from title processing and documentation handling.

Then you have Vehicle Sales Revenue from purchased inventory. This is the smaller, capital-intensive stream where Copart, Inc. buys vehicles outright, usually for specific reasons or markets. For the full fiscal year 2025, this stream saw only a marginal increase of 0.4%, confirming that their core strategy remains focused on earning fees on other people's inventory rather than taking on significant vehicle holding risk.

If you're assessing risk, remember that the growth in the core service revenue stream at 11.4% is what drove the overall 9.7% total revenue growth for the year. Finance: draft 13-week cash view by Friday.