CPRT · CIK 0000900075
What Copart, Inc. told the SEC could break it.
Copart's auction inventory rests on a narrow set of suppliers: about 81% of the vehicles it processed in fiscal 2025 came from insurance-company sellers, and while no single customer tops 10% of revenue, a limited number of vehicle sellers collectively account for a substantial portion of it — and sellers have terminated agreements in particular markets before, hurting revenue there. On the demand side, its international buyer base imports salvage vehicles across borders, so disputes over import duties, tariffs or vehicle valuation, and import restrictions such as Mexico's on U.S. vehicles, could raise costs and limit buyers' ability to import. Its international segment (17% of fiscal 2025 revenue) also incurs expenses in local currencies — pounds, Canadian dollars, Brazilian reais, euros and Gulf currencies — leaving results exposed to exchange-rate swings.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- cross-border vehicle import/export duties, tariffs, and restrictionsmedium
Copart's international buyer base imports salvage vehicles across borders; disputes over import duties, tariffs, or vehicle valuation, and import restrictions (e.g., Mexico's restrictions on U.S. vehicle imports), could raise costs and impair buyers' ability to import vehicles, hurting Copart's business.
“In addition, any disputes or disagreements with foreign agencies or officials over import duties, tariffs, or similar matters, including disagreements over the value assigned to imported vehicles, could adversely affect our costs and the ability and costs of our buyers to import vehicles into foreign countries.”
SEC filing →As of 2025
Supplier concentration
- vehicle-supply dependence on insurance-company sellers (81% of volume) and a limited number of sellersmedium
Copart's auction inventory depends heavily on its sellers: ~81% of vehicles processed in fiscal 2025 came from insurance-company sellers, and although no single customer is >10% of revenue, a limited number of vehicle sellers collectively account for a substantial portion of revenue — and sellers have terminated agreements in particular markets, hurting revenue there.
“Although no single customer accounted for more than 10% of our consolidated revenues for fiscal 2025, 2024, or 2023, a limited number of vehicle sellers historically have collectively accounted for a substantial portion of our revenues. Vehicle sellers have terminated agreements with us in the past in particular markets, which has affected revenues in those markets.”
SEC filing →As of 2025
Currency (FX)
- foreign exchange volatility (GBP, CAD, BRL, EUR, AED, OMR, BHD)low
Copart's international segment (17% of fiscal 2025 revenue) incurs most expenses in local currencies (Pounds Sterling, Canadian dollar, Brazilian real, euro, UAE dirham, Omani rial, Bahraini dinar), exposing results to exchange-rate volatility; a hypothetical 10% adverse USD move could materially affect results.
“Our international operations are subject to risks associated with foreign exchange rate volatility, which could have a material and adverse impact on our future results of operations. A hypothetical 10% adverse change in the value of the U.S. dollar relative to Pounds Sterling, Canadian dollar, Brazilian real, European Union euro, U.A.E.”
SEC filing →As of 2025
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch