Copart's Comprehensive Life Insurance: What You Need To Know

Copart, Inc. is a company that provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology. Copart's services are used by vehicle sellers, insurance companies, banks and finance firms, charities, fleet operators and dealers, as well as individual owners. In terms of life insurance, The Manufacturers Life Insurance Company and Dai-ichi Life Insurance Company Ltd. have both acquired shares of Copart, Inc.

Copart's business services

Copart, Inc. is a global provider of online vehicle auction and remarketing services. It operates in 11 countries, including the US, Canada, the UK, Germany, and Brazil, with more than 200 physical locations worldwide. The company was founded in 1982 by Willis J. Johnson and has since expanded its business model to include a focus on damaged vehicles deemed a total loss or not economically repairable, as well as recovered stolen cars.

In addition to its auction platform, Copart provides a range of other services to vehicle sellers. These include providing sale pricing estimates for salvage vehicles, arranging transport to and from storage lots for vehicles being sold on its platforms, and assisting with vehicle title processing. The company also derives revenue from the sale of vehicles it takes ownership of and then resells.

Copart's revenue

For the twelve months ending April 30, 2024, Copart's revenue was $4.165 billion, representing a 10.92% increase year-over-year. Another source reports Copart's revenue for the fiscal year ending July 31, 2024, to be $4.24 billion, with a 9.49% growth rate. This slight discrepancy in figures may be due to different reporting periods.

Copart's share price

The company's share price performance has been positively received by investors, with several hedge funds and institutional investors increasing their stakes in Copart. The Manufacturers Life Insurance Company, for example, raised its stake in Copart by 96.1% during the third quarter, acquiring 296,392 shares worth $26,065,000 as of its most recent SEC filing.

Copart's strong share price performance can be attributed to its business model, which involves providing online auctions and vehicle remarketing services. The company offers a range of services for processing and selling vehicles online through its Virtual Bidding Third Generation Internet auction-style sales technology. Copart's clients include insurance companies, banks, finance companies, charities, fleet operators, dealers, and individual owners.

Analysts' ratings for Copart's stock have been mostly positive, with an average rating of "Hold" and a price target of $50.00. The company's strong financial performance and growth prospects have likely contributed to the positive outlook for its share price.

Copart's ownership

Copart, Inc. is a publicly-traded company on the NASDAQ under the ticker symbol CPRT. It was founded in 1982 by then 34-year-old Willis J. Johnson in Vallejo, California. Johnson is the largest individual shareholder, owning 74.38 million shares, or 7.73% of the company. The company's stock is also owned by institutional shareholders (81.23%), Copart insiders (13.83%), and retail investors (4.94%).

Copart has grown significantly since its founding, now operating in 11 countries, including the US, Canada, the UK, Germany, Ireland, Brazil, Spain, the UAE, Bahrain, Oman, and Finland. It has over 200 physical locations worldwide, housing more than 10,000 acres of vehicle inventory.

The company provides online vehicle auction and remarketing services to various automotive resellers, including insurance companies, rental car companies, fleet operators, and finance companies. Copart's services include online seller access, salvage estimation, vehicle inspection, transportation services, and vehicle processing programs.

Copart's rapid expansion began in 1995 with the acquisition of NER Auction Group, doubling its facilities across the US. This was followed by further acquisitions and the establishment of new locations, leading to a nationwide presence.

In 2003, Copart became the first company to launch a completely online auction model, discontinuing all live auctions by 2004 in North America and 2008 in the UK. The company has continued to develop its online auction platform, VB3, which has contributed to its success in selling more than one million vehicles annually.

Copart's customers

Copart, Inc. provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology. The company works with vehicle sellers, insurance companies, banks and finance companies, charities, fleet operators and dealers, as well as individual owners.

Copart is a leading auction platform for salvage and insurance cars. When an insurance company takes possession of a car after a claim, it’s typically because the cost of repairs exceeds the vehicle’s value, classifying it as a total loss. Insurers then look to recoup some of these costs by selling the damaged vehicle through auction platforms like Copart.

Copart customers can be anyone from vehicle sellers to insurance companies, banks, finance companies, charities, fleet operators, dealers, and individual owners. The platform is particularly useful for insurance companies looking to sell totalled vehicles.

Copart customers can also be buyers. Buying a car from Copart can be a gamble, as the condition reports can be miles away from reality and they almost never speak to mechanical condition. It is recommended that customers view the car in person before bidding, if possible. Additionally, buy fees can be a large percentage of the overall purchase price, so customers should be aware that they owe more money after the bidding stops.

Copart customers can also be investors. Several hedge funds and institutional investors have recently modified their holdings of Copart stock. For example, The Manufacturers Life Insurance Company raised its stake in Copart by 96.1% during the third quarter, with holdings worth $26,065,000 as of its most recent SEC filing.

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