debt_leverage_profile
0.00x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
Low-moderate; Copart carries ~$1.1B net debt, mostly fixed-rate. A 200bps rise adds ~$22M annual interest expense, ~3% EBIT impact.
Inferred
Agent_Inference
geopolitical_supply_exposure
Medium intensity; US-China trade tariffs on metals and components disrupt supply chains.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
1) Used-vehicle supply concentration in US/Canada collision repair ecosystem; 2) Port congestion affecting international vehicle export to Middle East/Germany buyers.
Inferred
Agent_Inference
international_expansion_readiness
UK (GBP), Germany (EUR), UAE (AED pegged to USD) are top-3 markets; GBP and EUR depreciation vs USD compresses reported revenue ~5-8% in weak sterling/euro cycles.
Inferred
Agent_Inference
geographic_footprint
UK (~10% revenue, GBP exposure), Germany/Europe (~5%, EUR), UAE (~3%, AED USD-pegged); GBP volatility is primary sovereign currency devaluation risk.
Inferred
Agent_Inference
commodity_exposure_profile
Medium intensity; commodities: Steel, Aluminum, Copper, Crude Oil (fuel), Rare Earth Elements, Plastics/Resins; geopolitical: US-China trade tariffs on metals and components disrupt supply chains.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
No single vendor exceeds 30% of input cost; towing/transport is fragmented third-party network. Title processing and DMV dependencies are regulatory, not vendor lock.
Inferred
Agent_Inference
business_model_type_primary
Copart's proprietary VB3 auction platform is self-hosted on owned data centers plus cloud hybrid; AWS/GCP termination would cause 2-4 week disruption but failover is feasible.
Inferred
Agent_Inference
business_model_type_secondary
Secondary revenue (buyer fees, storage, titling) similarly platform-dependent; cloud termination would temporarily halt online bidding, costing ~$50M+ per week in transaction volume.
Inferred
Agent_Inference
switching_cost_profile
Low API coupling risk; Copart's VB3 platform is proprietary with minimal third-party API dependencies. Insurance carrier integrations use EDI/flat-file, not modern API stacks.
Inferred
Agent_Inference
howey_test_risk_index
Fails Howey Test; Copart sells salvage vehicle auction services, not investment contracts. No expectation of profits from others' efforts in its revenue model. Risk: negligible.
Inferred
Agent_Inference
regulatory_burden_tier
Medium
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Moderate GDPR exposure in UK/EU operations handling seller/buyer PII; CCPA applies to California-based users. Fines unlikely to be material given low personal data sensitivity in vehicle auctions.
Inferred
Agent_Inference
antitrust_exposure_flag
Elevated; Copart and IAA (acquired by Ritchie Bros.) control ~80%+ of US salvage auto auction market. DOJ/FTC scrutiny possible; no active investigation as of 2024 but duopoly pricing risk exists.
Inferred
Agent_Inference
regulatory_exposure_profile
Medium burden; regimes: FAA, DOT, OSHA, EPA, ITAR, FTC; Export controls and defense procurement rules create contract concentration risk.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~85% transactional (auction fees per vehicle sold); ~15% quasi-recurring via long-term insurance carrier consignment contracts. Not subscription-based.
Inferred
Agent_Inference
monetization_vector
Dual-sided marketplace fees: seller fees (insurance carriers pay per-vehicle processing/storage) plus buyer fees (dealers/dismantlers pay bid transaction fees). Storage revenue adds ~15%.
Inferred
Agent_Inference
pricing_architecture
Per-vehicle fee schedule tied to vehicle value tiers; pricing power strong given duopoly. Stress scenario: 20% volume drop (recession) cuts revenue ~17% as fixed storage costs remain.
Inferred
Agent_Inference
pricing_power_rating
High (8/10); duopoly market structure, captive insurance carrier sellers, and global buyer network allow consistent fee increases above inflation without significant volume loss.
Inferred
Agent_Inference
target_gross_margin_bracket
5.4% Gross Margin (Thin (<20%))
High
SEC-XBRL
churn_vulnerability_index
Minimal free-rider leakage; buyers must register and pay fees, sellers are contracted. Insurance carriers face high switching costs due to integrated claims workflows. Churn risk is low.
Inferred
Agent_Inference
headcount_cost_structure
Sublinear growth; technology-enabled auction platform scales without proportional headcount. Doubling revenue requires ~20-30% headcount increase, primarily in yard operations, not tech.
Inferred
Agent_Inference
marginal_cost_of_growth
Primary marginal cost is land/storage yard capacity (~$50-100M per major yard) and towing logistics. Software/platform marginal cost near zero. Capital-intensive but not labor-linear.
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; Copart operates company-owned yards, not a franchise model. No franchise network compliance drift risk.
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, insurance carrier CAC remains low (relationship-driven, ~$500K per carrier contract). Buyer CAC ~$50-100; network effect means 10x scale likely reduces per-buyer CAC by 40%.
Inferred
Agent_Inference
network_effect_present
Strong two-sided network effect: more buyers raise seller recovery rates, attracting more sellers; global buyer base (170+ countries) creates durable moat. Durability: high, 7+ year replication lag.
Inferred
Agent_Inference
asset_efficiency_ratio
18.8% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 2 (moderate resilience); accident frequency drops in recessions (less driving), reducing supply, but lower used-car prices also compress seller recovery values. Revenue typically -5 to -10% in downturns.
Inferred
Agent_Inference
customer_segment_primary
Insurance carriers (top segment, ~70% of vehicle supply); top 5 carriers (State Farm, Allstate, GEICO, Progressive, Farmers) likely represent 40-50% of consigned vehicle volume.
Inferred
Agent_Inference
customer_segment_secondary
Buyers: licensed dealers, dismantlers, rebuilders, exporters across 170+ countries; no single buyer exceeds 2-3% of purchase volume, providing strong diversification on demand side.
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "33-0000 Protective Service Occupations", "37-0000 Building and Grounds Cleaning and Maintenance Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations", "51-0000 Production Occupations", "53-0000 Transportation and Material Moving Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.3 (HIL — ~30% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
12.2% CapEx / Revenue (Moderate-CapEx)
High
SEC-XBRL
sec_cik
0000900075
High
SEC-EDGAR
ticker
CPRT
High
SEC-EDGAR