Q3 2025 Copart Inc Earnings Call Transcript
Key Points
- Copart Inc (CPRT) reported a global revenue increase to $1.2 billion, with global service revenue rising over 9% from the previous year.
- The company observed a 1% increase in global unit sales, with a more than 2% increase on a per business day basis.
- Copart Inc (CPRT) continues to invest in real estate, infrastructure, technology, and operational readiness, exemplified by the acquisition of Hall Ranch in South Florida for vehicle storage.
- The company's Blue Car service, which caters to bank, rental, and fleet partners, showed strong year-over-year growth of almost 14%.
- International segment unit sales grew by 6%, with fee units increasing by 9%, indicating strong performance outside the US market.
- Global insurance volume remained relatively flat year-over-year, with a nominal decline of 0.3% globally and 0.9% in the United States.
- US insurance unit volume decreased close to 1% year-over-year, reflecting challenges in the domestic insurance market.
- The company observed softness in the heavy equipment auction space due to uncertainty regarding infrastructure spending and tariffs.
- Global purchased vehicle sales for the third quarter decreased by approximately 2%, with a decrease in global purchased vehicle gross profit.
- The company faces cyclical challenges with an increasing rate of uninsured and underinsured drivers, impacting insurance volumes.
Please stand by. Good day, everyone, and welcome to the Copart, Inc third quarter fiscal 2025 earnings call. Just a reminder, today's conference is being recorded. Before turning the call over to management, I will share Copart's Safe Harbor statement.
The company's comments today include forward-looking statements within the meaning of federal securities laws, including management's current views with respect to trends, opportunities, and uncertainties in the company's markets. These forward-looking statements involve substantial risks and uncertainties.
For more detail on the risks associated with the company's business, we refer you to the section titled Risk Factors in the company's annual report on Form 10-K for the year ended July 31, 2024, and in each of the company's subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today, and the company has no obligation to update or revise any forward-looking statements.
I will now turn the call over to the company's CEO, Jeff Liaw.
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