Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice of Warren Buffett and Charlie Munger. We rely only on regulatory filings, earnings calls, and the current market price. We reach our own conclusions and reference no other investor's holdings. Charlie likes to say that if you can't explain a business on the back of an envelope, you probably shouldn't own it. Copart passes that test handsomely. When you total your car — the repair bill exceeds what the car is worth — your insurance company writes you a check and is left holding a wrecked vehicle it does not want. Copart takes that vehicle, photographs it, lists it, and sells it through an online auction (its "VB3" virtual bidding platform) to a global pool of dismantlers, rebuilders, used-car dealers, exporters, and the public. Copart charges fees on both sides of the transaction.
Recent filings analysed: 8-K (2026-07-08), 8-K (2026-06-29), 10-Q (2026-05-29), 8-K (2026-05-21).
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