Copart, Inc. (CPRT, Financial) (CPRT - $105.16 – NASDAQ) is the global leader in online vehicle auctions. During the third quarter, Copart reported a very strong earnings release, with especially robust pro tability. Copart enjoyed record growth in average selling prices and strong vehicle sales growth overseas and also held the line on costs. In addition, the used car market was especially strong during the pandemic, as new car manufacturing ground to a halt. at sent used car prices up 12% in July. Copart's online auction platform is stronger than ever, and the company is well positioned to perform well whether there are further shutdowns or not. If there are more shutdowns, used vehicle demand should continue to be strong and more vehicles will be totaled from faster and more distracted driving. If the gradual recovery continues, miles driven should continue to rise, which means more collisions as well.
From Keeley Asset Management Corp (Trades, Portfolio)'s Small-Mid Cap Value Fund third-quarter 2020 shareholder commentary.
Also check out:
