The Intrinsic Value Podcast - The Investor’s Podcast Network

TIVP042: Copart (CPRT): The 100-Bagger Junk Yard w/ Daniel Mahncke & Shawn O’Malley

69 snips
Oct 19, 2025
Daniel Mahncke and Shawn O'Malley explore the rise of Copart, from a single junkyard to a global powerhouse in vehicle auctions. They discuss the unique culture fostered by its founder and highlight Copart's robust business model driven by online auctions. The duo delves into competitive advantages, including land ownership and market trust, while also addressing risks posed by autonomous vehicles and market shifts. Insights into management, profitability, and growth potential make for a fascinating deep dive into this impressive stock.
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ANECDOTE

Founder Story And Early Expansion

  • Willis Johnson started Copart from a single salvage yard in 1982 and built a family-driven culture.
  • The company expanded via strategic acquisitions and IPO capital to become a national leader.
INSIGHT

Online Auctions Created A Liquidity Flywheel

  • Copart's early internet push created a powerful liquidity flywheel for auctions.
  • More bidders raised prices, which attracted more sellers and improved inventory quality.
INSIGHT

Marketplace Scale And Volume

  • Copart operates a two-sided marketplace connecting insurers with global buyers and stores cars in its yards.
  • It sells over three million vehicles a year and lists ~250k vehicles daily.
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