Copart

“industry-wide vehicle values have normalized somewhat from the elevated levels we observed during supply constrained -- supply chain constrained period of 2021 and 2022 as evidenced by Manheim indices and otherwise.”

Copart cites the Manheim indices as the industry benchmark evidencing that used-vehicle values have normalized from their 2021-2022 highs.

“There certainly have been some long-term secular gainers as well, progressive being one of them.”

Copart cites Progressive as a long-term secular share gainer among auto insurers; because Progressive routes salvage elsewhere, its share gains are a headwind to Copart's insurance volumes — a positive read-through on Progressive's market-share trajectory.

“Turning to Purple Wave. Their GTV grew 9.4% for the fiscal year 2025.”

Copart's stake in heavy-equipment auction platform Purple Wave grew GTV 9.4%, outpacing an industry seeing cautious seller behavior.

“our ASPs grew at a rate that eclipsed that of used vehicle value indices like the Manheim Used Vehicle Value Index”

Copart benchmarks its salvage ASP growth as outpacing the Manheim Used Vehicle Value Index, indicating salvage values rising faster than the broader used-vehicle market.

“you're seeing obviously Progressive continuing to take share.”

An analyst notes Progressive continuing to gain auto-insurance market share; management affirms more aggressive carrier behavior, a share read-through for PGR among Copart's insurance clients.

“Our partner in the equipment space, Purple Wave, nevertheless maintained flat GTV year over year for the trailing twelve months ending April 30th.”

Purple Wave, the heavy-equipment auction platform Copart holds a stake in, held GTV flat amid tariff- and infrastructure-spending-related uncertainty weighing on the heavy equipment market.

“our partner in the equipment space, Purple Wave has driven 8% GTV growth year-over-year for the trailing 12 months ended January 31st”

Copart highlights strong growth (8% GTV) at its equipment-marketplace partner Purple Wave, which continues to outpace industry trends despite broader macro caution among sellers.

“Total loss frequency was certainly one of the major catalysts we experienced, with the total loss frequency for the calendar quarter ending September 30, reported by CCC of 21.7%, an increase of almost 2% year-over-year.”

Copart cites CCC Intelligent Solutions' industry total-loss-frequency data as the source for the 21.7% benchmark figure driving its insurance volume growth.

“On a final note, our partner in the specialty equipment space Purple Wave, has driven double-digit gross transaction value growth year-over-year for the trailing 12-month period ending October 31, which significantly outpaces industry growth in the equipment auction marketplaces they serve.”

Copart's specialty-equipment auction partner Purple Wave posted double-digit gross transaction value growth, outpacing the broader equipment auction industry.