Chris Bottiglieri

Adair said the ACV deal does not preclude further auction-space acquisitions given ample remaining cash.

Leah explained hurricane-dedicated land has lower utilization, skewing the ratio. Areas needing capacity over next 5-10 years is a shorter list than five years ago. Logistics cost optimization another factor in land decisions.

Leah clarified international buyers favor lighter damage, higher value vehicles. Jeff added freight economics mean only worthwhile vehicles get shipped overseas. International buyers are price-setters in roughly half of U.S. auctions.

Jeff confirmed Copart's 5.7% U.S. insurance ASP increase far exceeds competitor disclosures. Chris probed on ARPU and GPU gap versus closest peer, with Jeff affirming superior auction returns.

Leah clarified assignment decline was low single digit, not low double digit. CAT did not play a material role in either period's assignments.

Leah explained the massive affordability gap in emerging markets means international buyers have significant spread. Jeff added it varies by vehicle type from local scrap to globally-traded drivable cars.

Jeff attributed differential growth to relative growth of individual insurance carriers served. Emphasized focus on delivering best returns and investing in platform rather than tracking share metrics.

Jeff described pilot-to-full adoption pattern. Virtually every Title Express client has migrated all titles. The service builds trust for further workflow outsourcing.

Jeff explained Copart is net short the dollar. Diversified international buyer base mitigates FX risk as some countries strengthen when others weaken.

Jeff acknowledged contradictory potential effects from tariffs but said last time around there was not a meaningful disruption to the business.

Jeff said the data is too aggregated to isolate hurricane-specific effects on insurance participation. No attributable change was visible from Hurricane Harvey in 2017.

Confirmed Q4 other GPU will step down to Q4 2024 levels as fundamental gains are shared with customers through lower interest rates.

Confirmed clear speed-conversion relationship. Positioned same-day delivery as tremendously differentiating and strategically important. Plans to roll out after nailing Phoenix.

Attributed ASP increase to algorithms tracking real-time supply/demand. Expected further ASP increase in Q3 but could decline after. Focus on units and profitability, not ASP.

Identified three inventory growth drivers: sales/selection growth, contract structure change with marketplace partner, and higher average vehicle costs.

10-year path requires ~90 units/week production growth, 5-year requires ~180 units/week. Currently averaging 80 across 23 sites, expanding to ~60.

Acknowledged franchise dealership acquisition but declined to elaborate. Described as experimenting and learning stage.

Confirmed continuation of diversified loan monetization across whole loan sales and securitization. Strong demand for loans.

Explained $9M thank you bonus spread across cost-of-sales, operations, and overhead. Not backed out of EBITDA consistent with policy on small non-recurring items.

Mike said they would reinvest refunds in the business but provided no timing or amount, noting nothing is in the outlook.

Mike confirmed trade-in customers skewing higher-income; Stewart said the low-income consumer is pressured but all income cohorts comped positive.

Brent confirmed ongoing diversification to India, Vietnam, Thailand with proprietary brands enabling multi-supplier sourcing. Jeremy cautioned against moving too fast, wanting strategic clarity on long-term tariff regime before major shifts.

Brent described a mixed bag of shared and exclusive suppliers. Confirmed confidence in supply chain nimbleness and ability to source as good or better than anyone in the industry based on positioning.