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What Makes Copart (CPRT) an Interesting Stock?

Andvari Associates, an investment management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. For the full year of 2022, the fund was down 33.8% net of fees compared to the SPDR S&P 500 ETF, which was down 18.2%. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Andvari Associates highlighted stocks like Copart, Inc. (NASDAQ:CPRT) in its Q4 2022 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auctions and vehicle remarketing services company. On January 31, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $66.61 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was 7.47%, and its shares gained 1.03% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $31.726 billion.

Andvari Associates made the following comment about Copart, Inc. (NASDAQ:CPRT) in its Q4 2022 investor letter:

“Willis Johnson founded Copart, Inc. (NASDAQ:CPRT) as an auto salvage business in 1982 and the company is now the largest auctioneer of damaged and totaled vehicles in the world. It sells more than 3.5 million vehicles per year and operates more than 250 locations in 11 countries. It lists 250,000 vehicles for auction every day.

Copart’s primary customers are auto insurance companies. This would be the GEICOs, the Progressives, the State Farms, and many others around the world. When a policy holder’s car is damaged, the insurance company makes a determination of whether to repair the car or to consider it totaled and pay the owner the value of the car. The insurance company will total the car if repair costs outweigh the preaccident value of the car. If they total the car, the insurance company writes a check for the pre-accident value of the car and then uses Copart to auction the car to salvage any remaining value...” (Click here to read the full text)

Used cars, used car, selling a used car
Used cars, used car, selling a used car

Copyright: sonyae / 123RF Stock Photo

Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the third quarter, which was 50 in the previous quarter.

We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared the list of most valuable e-commerce companies in the World. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.