On this special episode of Stock Spotlight, Michael is joined by Shivam Kashan to shine the spotlight on Copart — the global leader in online salvage vehicle auctions and one of the most quietly dominant marketplaces in the United States. Think of Copart as a vertically integrated marketplace: like eBay economically, but with Amazon-like logistics infrastructure and a scale advantage that’s incredibly hard to replicate.
Michael’s Quality Checklist gives Copart a strong 78% Quality Score, placing it among the highest-ranked industrials he’s analyzed. Together, they explore why Copart is at a 52-week low, its fee-driven revenue model, duopoly position with IAA and how its land ownership strategy underpins its moat.
If you’re drawn to durable business models, network-effect marketplaces or understanding what gives Copart its Amazon-like scale and moat, this is an episode you won’t want to miss.
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00:00 Intro
01:45 Shivam’s Background & Why Copart
06:21 Copart's Business Model
12:07 Industry Dynamics
16:46 Industry & Business Trends
20:51 Financials
23:31 KPIs to Track
25:32 Risk Factors
30:58 Valuation
33:33 Outro
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Intro Music: Andrey Rossi – Seize the Day
Outro Music: Ra – Prospect
*Music provided by Uppbeat Premium
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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.