Copart

Pricing power shows up in high and rising service revenues per vehicle, very strong gross and operating margins, and the ability to adjust fee structures over time. FY2025 service revenues grew 11.4% to ~$3.97B, with U.S. up 10.4% and International up 18.9%. Operating margin for FY2025 was ~36.5%.

While insurers can push back on fee increases and competitive dynamics with IAA remain, Copart’s marketplace liquidity and service bundle create room to monetize value.

Customer‑facing reviews highlight pain points around fees and vehicle disclosures, which is a reputational consideration, but these have not prevented sustained growth and retention of major sellers.