Copart, Inc. (NASDAQ:CPRT) Q1 2024 Earnings Call Transcript

Jeff Liaw: Yeah, the fees, as you know from having followed us for a while, are something we evaluate on an ongoing basis. We don’t adhere to a regular schedule, so to speak, because there’s not an annual schedule change of any kind. We evaluate the market, we evaluate competitors, and we evaluate our own value proposition and what we think we’re bringing to the ecosystem broadly. So we have not in the past commented on this matter specifically. I don’t expect that we will any time soon.

Unidentified Participant: Got it. That’s helpful, color. And then as a follow-up, the broader wholesale industry environment seems to be getting more supportive of the Blue Car and Dealer wholesale initiative. And while growth is already very solid there, just wondering, given the backdrop, what would you be considering to accelerate the growth in those segments into 2024?

Jeff Liaw: No step function changes. I think it’s a matter of further execution on our part. We continue to invest very aggressively in our international buyer base. And there are, as I noted, a host of different competitors that we encounter in this space. We think that our value proposition is principally that we are very efficient at retrieving vehicles, and we are very effective at finding the highest and best use of that vehicle wherever that is in the world. That international buyer base is powerful for that business segment as well. And our online platform, Digital First Sales, I think ultimately identifies the right buyer for that car wherever that person is in the world. So there’s no step function change. You’ll see, or our sellers will see additional enhancements, additional capabilities, but I wouldn’t characterize any of them as being a meaningful step function change.

Unidentified Participant: Great. Thanks for taking my question, and good luck.

Jeff Liaw: Thank you.

Leah Stearns: Thank you.

Operator: Thank you. We’ve reached the end of our question-and-answer session. I’d like to turn the floor back over to Jeff for any further closing comments.

Jeff Liaw : Nope. Thank you everybody. We’ll talk to you after the second quarter.

Operator: Thank you. That does conclude today’s teleconference and webcast. Please disconnect your line at this time and have a wonderful day. We thank you for your participation today.