Transcript
Introduction
Matt
This is Matt Reustle and today, we are breaking down the vehicle auction giant Copart. You may be unfamiliar with Copart. But at the time of this recording, the company has a $40 billion market cap. They operate in over 200 locations across the globe, and they sell north of 3 million cars per year on behalf of their unique customer base.
Copart is a unique story in a very concentrated industry, where they likely have 50% market share. It's a story defined by evolution. Its founder, Willis Johnson didn't merely adopt a junkyard mentality. He was born into it, molded by it. To break down Copart, I'm joined by Adam Mead, Head of Mead Capital Management. We cover all the angles of this unique industry giant. Please enjoy this breakdown of Copart.
What Copart Does
Matt
All right, Adam. Copart is not a household name. So we're going to start this breakdown a little bit differently than some others. We have Lululemon out today. I think pretty much every one of our listeners is familiar with Lululemon. Copart, not so much the case. It's something, as I was doing my research, I read claims such as the monopoly you've never heard of. It's the deepest moat I've ever come across. Maybe just start out with the actual business of Copart and what they do.