MIDDLETOWN, Delaware – Copart, Inc. announced their fourth quarter fiscal 2024 earnings call on September 4, 2024. During the call, Jeff Liaw, the Chief Executive Officer, highlighted the company’s success in the insurance industry, showcasing a 6% year-over-year growth with insurance sellers. This growth can be attributed to the company’s service offerings and auction liquidity. Despite the recent decline in used vehicle values, Copart’s insurance company’s selling prices outperformed the broader used vehicle market.

In addition to the insurance sector, Copart also saw positive results in their non-insurance sellers division. With a 20% volume growth in fleet rental and finance units and a 10% increase in dealer sales volume, Copart continues to expand its buyer base. This growth among non-insurance sellers not only benefits Copart economically but also contributes to sustaining and extending the liquidity advantage of their auctions.

One of the key innovations highlighted during the earnings call was Copart’s Title Express service offering. This service streamlines the title procurement process for insurance companies, saving them time and costs associated with title acquisition. By handling this function in-house, Copart is deepening its relationships with insurance company clients and attracting more business in that sector.

Leah Stearns, the Chief Financial Officer, provided insights into the financial results of the fourth quarter. Global unit sales increased by 10% in fiscal year 2024, driven by an increase in total loss frequency and share gain. The company’s revenue increased by over $71 million in the fourth quarter, primarily due to increased volume in the international segment.

Looking ahead, Copart remains committed to organic product development, expanding marketplace businesses, and prioritizing investments that drive long-term value creation. With a focus on creating scalable and efficient business processes, Copart expects to continue its growth trajectory in the coming years.

Overall, Copart’s fourth quarter fiscal 2024 earnings call showcased the company’s strong performance in both the insurance and non-insurance sectors, with strategic innovations like Title Express contributing to their success. As the company continues to prioritize customer service and operational efficiency, they are well-positioned for sustained growth in the future.