Copart

Copart helps insurance companies and other vehicle owners sell cars through an online auction platform. The company connects sellers with a global network of buyers who dismantle, rebuild, or export vehicles. These services make it easier for businesses to recover value from damaged or end-of-life cars.

What Copart Sells

• Service Revenues: Online auction fees and vehicle remarketing services for insurance companies, dealers, and fleet operators; accounted for 85% of revenue in Q2 2026.
• Vehicle Sales: Direct sales of vehicles the company owns, often purchased for resale or processed through internal channels; accounted for 15% of revenue in Q2 2026.
• Technology Solutions: Proprietary tools like VB3, an internet auction-style sales technology, and Copart 360, which provides high-quality interior and exterior vehicle views.
• Specialty Remarketing: No-reserve online auctions for the construction and agriculture industries through the Purple Wave brand.

Growth and Expansion

• Acquired Hills Motors in 2022 to expand into the used or green parts recycling market in the United Kingdom.
• Purchased Purple Wave in 2024 to enter the offsite heavy equipment auction market.
• Entered a new Senior Revolving Credit Agreement in January 2026 providing up to $1.25 billion in unsecured credit to support future operations.
• Expanded the global footprint in 2025 by opening three new facilities in the United States, two in Spain, and one in the United Kingdom.

What Makes the Business Stand Out

Copart operates a global network across 11 countries, including the United States, United Kingdom, Germany, and Brazil. Its Virtual Bidding Third Generation technology allows a diverse buyer base of licensed dismantlers and exporters to compete for inventory from any location.

The Recent Financial Scorecard

• Total revenue was $1.1 billion in Q2 2026, down 3.6% from the same period in 2025.
• Net income hit $350.7 million in Q2 2026, a 9.5% decrease compared to $387.4 million a year earlier.
• Operating income reached $388.7 million in Q2 2026, down 8.8% from $426.2 million in Q2 2025.
• Free cash flow hit $57.9 million in Q2 2026, a 5.9% decline from $61.5 million in the previous year.
• The company repurchased $218.2 million of its own common stock during the six months ended January 31, 2026.

Bottom Line

Copart has shifted from a regional physical auctioneer to a global technology-driven remarketing platform. By diversifying into heavy equipment and parts recycling, the company continues to expand its role in the global vehicle lifecycle.