Copart Inc (CPRT) 2026 Q3 法說會逐字稿

Please stand by. Good day, everyone, and welcome to the Copart Incorporated third quarter fiscal 2026 earnings call. Just a reminder, today's conference is being recorded.

請稍候。各位大家好，歡迎參加 Copart Incorporated 2026 會計年度第三季財報電話會議。提醒各位，今天的會議將被錄音。

Before turning the call over to management, I will share Copart's Safe Harbor statement. The company's comments today may include forward-looking statements within the meaning of the federal securities laws, including management's current views with respect to trends, opportunities, and uncertainties in the company's industry. These forward-looking statements involve substantial risks and uncertainties. For more detail on the risks associated with the company's business, we refer you to the section titled risk factors in the company's annual report on Form 10-K for the year ended July 31, 2025, and each of the company's subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today, and the company has no obligation to update or revise any forward-looking statements.

在將電話交給管理團隊之前，我將宣讀 Copart 的安全港聲明。公司今天的評論可能包含符合聯邦證券法意義之下的前瞻性陳述，包括管理層對公司所處產業之趨勢、機會與不確定性的當前看法。這些前瞻性陳述涉及重大風險與不確定性。關於與公司業務相關風險的更多細節，請參閱公司截至 2025 年 7 月 31 日止年度之 Form 10-K 年報中「風險因素」章節，以及公司其後各期 Form 10-Q 季報。任何前瞻性陳述均以今日為準，公司不負有更新或修訂任何前瞻性陳述之義務。

I will now turn the call over to the company's CEO, Jeff Liaw.

現在我將把電話交給公司執行長 Jeff Liaw。

Welcome, and thank you for joining us for our call today. We're pleased to report the results of our third quarter fiscal year 2026. I'll begin with some brief remarks on our insurance business before passing the call to Leah to provide a summary of our financial results. We'll then take your questions.

歡迎各位，感謝今天加入我們的電話會議。我們很高興報告 2026 會計年度第三季的業績。我將先就我們的保險業務做一些簡短說明，接著把電話交給 Leah，請她總結我們的財務結果。之後我們將回答各位的提問。

On our insurance business, first, for the third quarter 2026, our global insurance unit sales declined 2.7% or 1.9%, excluding the effect of catastrophic volumes from a year ago. Our US Insurance unit volume for the same period declined 4.2% or just over 3%, excluding the effect of those same catastrophic units.

關於我們的保險業務，首先，在 2026 年第三季，我們全球保險單位銷售量下降 2.7%；若排除去年災難性事件帶來的量，則下降 1.9%。同期間，我們美國保險單位量下降 4.2%；若排除同樣的災難性單位影響，則下降略高於 3%。

We believe the long-term growth algorithm for our insurance business remains very much intact. That over many years we've observed modest gradual declines in accident frequency, which are then more than offset by increases in total loss frequency. Total loss frequency is in turn a function of ever rising repair costs, but more importantly, the differentiated returns that Copart generates by finding the highest and best use for a car globally, which if often full restoration back to roadworthiness.

我們相信，我們保險業務的長期成長模式仍然非常完整。多年來我們觀察到事故發生頻率呈現溫和、逐步下降，但這一影響被全損（total loss）發生頻率的上升所大幅抵銷。全損發生頻率又取決於持續上升的維修成本，但更重要的是，Copart 透過在全球範圍內為車輛找到最高且最佳用途所創造的差異化回報，而這往往是將車輛完全修復至可重新上路。

Nevertheless, the underlying drivers of near-term volume trends remain consistent with those we've discussed with you in prior quarters. A portion of this volume variance reflects shifts in policy and force mix among insurance carriers. And as we indicated previously, these trends tend to have been cyclical historically, and we have observed moderation in some of these trends among large US insurance carriers in recent quarters.

儘管如此，短期量能趨勢的根本驅動因素仍與我們在前幾季與各位討論的一致。其中一部分的量差異反映了保險公司之間在保單與在保（in-force）組合上的變化。正如我們先前所指出，這些趨勢在歷史上往往具有週期性，而近幾季我們也觀察到部分大型美國保險公司在這些趨勢上出現趨緩。

Claims activity also remains somewhat softer as consumers continue adjusting their insurance purchasing behavior in response to rising premiums. As one indicator of this trend from a macro level, earned car years, according to ISS Fast Track have declined 4% year over year in the fourth calendar quarter of 2025, while vehicles in operation grew 1.4%. We believe this divergence, declining insurance coverage against a growing vehicle fleet, is clear evidence of the consumer pullback on insurance coverage.

理賠活動也仍偏弱，因為消費者持續因應保費上升而調整其保險購買行為。從宏觀層面來看，作為此趨勢的一項指標，根據 ISS Fast Track 的數據，2025 年曆年第四季的已賺取車年（earned car years）年減 4%，而在用車輛（vehicles in operation）則成長 1.4%。我們認為，保險覆蓋下降而車隊規模增加之間的背離，清楚顯示消費者正在縮減保險保障。

As one other strong indication of consumers absorbing ever more of the financial burdens of their claims, CCC has published data indicating that 25% of repairs are now self-pay and that in response, they've actually created a buy now, pay later product to support those consumers.

另一項強烈跡象顯示消費者正承擔越來越多理賠的財務負擔：CCC 發布的數據指出，目前有 25% 的維修為自費（self-pay）；並且為了因應此情況，他們甚至推出了「先買後付」（buy now, pay later）產品來支援這些消費者。

Long-term historical data, though, indicates that this consumer retrenchment phenomenon regarding insurance is cyclical and likely counter inflationary. When consumers feel pocketbook pressure, especially on a lagged basis regarding their auto insurance rates, they dial back their coverage. The same has been true in reverse. This softness in claims activity has been partially offset by continued increases in total loss frequency, consistent with the very long-term industry trend. The underlying forces here have been remarkably consistent; rising repair costs on the one hand, and on the other, increasing auction returns.

不過，長期歷史數據顯示，這種與保險相關的消費者緊縮現象具有週期性，且可能具反通膨特性。當消費者感受到荷包壓力，尤其是在汽車保險費率上調一段時間後的滯後影響，他們會降低保障範圍；反向情況亦然。理賠活動的疲弱部分被全損發生頻率的持續上升所抵銷，這與產業的超長期趨勢一致。其背後力量一直相當一致：一方面是維修成本上升，另一方面是拍賣回收價（auction returns）提高。

Total loss frequency for the first calendar quarter 2026 reached 23.6%, an increase of almost 5 full percentage points over the past four years. Although we always report this metric, it sounds like we describe it as an industry metric. We are very much not passive beneficiaries of an increase in total loss frequency. We have helped to drive it upwards, and we view it as our ongoing responsibility to drive ever better auction returns, which then increases the attractiveness of the total loss pathway to insurance carriers who are considering various possibilities for resolving their claims.

2026 年曆年第一季的全損發生頻率達到 23.6%，較過去四年提高了將近 5 個完整百分點。雖然我們一向報告這項指標，但聽起來我們像是在把它描述為產業指標。我們絕非被動受益於全損發生頻率的上升；我們協助推動其上升，並且我們視持續推動更佳拍賣回收價為我們的責任，因為這會提升全損處理路徑對保險公司的吸引力，讓他們在考量各種理賠結案方式時更傾向選擇全損。

We are focused as always on delivering superior outcomes for our clients first and foremost through auction returns, but also, of course, through our differentiated service offerings from vehicle retrieval to title processing. We continue to invest heavily in our technology platforms, our physical infrastructure, and our global buyer network to enable those outcomes, representing absolute investment levels that substantially exceed the balance of the industry collectively. We do so proudly as stewards of the industry.

我們一如既往專注於為客戶提供卓越成果，首要是透過拍賣回收價，當然也包括我們差異化的服務內容，從車輛拖運取回到權狀（title）處理。我們持續大力投資於技術平台、實體基礎設施與全球買家網路，以實現上述成果；其絕對投資水準大幅超過整個產業合計。我們以產業管理者（stewards）的角色為此感到自豪。

On returns specifically, despite the logistical and economic disruptions of global conflict, US insurance ASPs increased 4.1% year over year for the quarter, reaching a seasonally adjusted all-time record high for Copart insurance ASPs in the third quarter. Consistent with our prior discussions, international buyers are a critical driver of these auction returns and today represent more than a third of the volumes sold at US Copart auctions and nearly half of our auction proceeds.

就回收價而言，儘管全球衝突造成物流與經濟干擾，本季美國保險 ASP（平均售價）仍年增 4.1%，並在第三季達到 Copart 保險 ASP 經季節調整後的歷史新高。與我們先前的討論一致，國際買家是推動這些拍賣回收價的關鍵驅動力；目前其占美國 Copart 拍賣成交量的三分之一以上，並貢獻近一半的拍賣收入。

In any given month or quarter, the precise mix of participating countries can surely vary. For example, given recent conflicts, direct participation in US auctions from certain Middle Eastern markets has declined year over year. What has sustained overall demand has been the breadth and diversification of this buyer base. As certain corridors moderated, others expanded to fill the gap, including parts of Central Europe, West Africa, Central America, and the Caribbean.

在任何一個月份或季度，參與國家的精確組合當然可能有所變動。例如，鑑於近期衝突，來自某些中東市場的買家直接參與美國拍賣的程度較去年下降。支撐整體需求的是買家基礎的廣度與多元化。當某些交易走廊（corridors）趨緩時，其他地區擴張以填補缺口，包括中歐部分地區、西非、中美洲與加勒比海地區。

The virtue of robust auction liquidity is that no single seller or buyer, and in fact no single region, country or currency unduly influences the auction outcomes we deliver to our sellers. The resilience of our marketplace comes from the depth and diversity of a buyer network we have spent decades cultivating, now spanning more than 160 countries worldwide.

強健的拍賣流動性（auction liquidity）的優點在於，沒有任何單一賣方或買方，甚至沒有任何單一地區、國家或貨幣，會對我們為賣方帶來的拍賣結果造成不當影響。我們市場的韌性來自於我們花了數十年培育的買家網路之深度與多樣性，如今已遍及全球 160 多個國家。

That network breadth is a meaningful driver of returns for our insurance clients. Our analysis also shows that international buyers, finance to buyers, new buyers, and particularly crossover buyers, which I'll describe in greater detail, are critical enablers of higher auction returns that we generate for our sellers. We call crossover buyers, those members who first discovered Copart and engaged in search of a vehicle sold by rental car companies, financial institutions, dealers, and the like who then discover the wealth of products available from insurance sellers and then engage as buyers there as well.

這樣的網路廣度，是我們為保險客戶帶來回收價的重要驅動因素。我們的分析也顯示，國際買家、買家融資（finance to buyers）、新買家，尤其是「跨界買家」（crossover buyers，稍後我會更詳細說明），都是我們為賣方創造更高拍賣回收價的關鍵推動者。我們所稱的跨界買家，是指那些最初因尋找租車公司、金融機構、經銷商等非保險賣方所出售的車輛而認識 Copart 並開始參與的會員；之後他們發現保險賣方提供的豐富產品，並也在該領域成為買家。

Looking back over the past three years of the more than 30,000 buyers who first entered the Copart ecosystem by virtue of those non-insurance vehicles, a strong majority would bid on an insurance vehicle within the first 90 days of their engagement.

回顧過去三年，超過 30,000 名因上述非保險車輛而首次進入 Copart 生態系的買家中，絕大多數會在參與後的前 90 天內對一輛保險車輛出價。

Whatever we or anyone else asserts about their auction liquidity, the best testimony for auction liquidity is your seller participation. Our sellers vote with their feet by entrusting ever more of their volumes to us on a pure sale basis. They know that by virtue of Copart's buyer recruitment, product discovery, and auction management practices that we will yield the highest and best value the first time through our auction. And in fact, today, for US insurance sellers at Copart, the mix of pure sale units is at all-time highs. We estimate that our pure sale insurance volume is literally an order of magnitude higher than what is available at other similar platforms.

無論我們或其他人如何宣稱其拍賣流動性，對拍賣流動性最好的證明就是賣方的參與度。我們的賣方用行動投票，將越來越多的量以純售（pure sale）方式交由我們處理。他們知道，憑藉 Copart 的買家招募、產品發掘與拍賣管理作法，我們能在第一次拍賣就為其帶來最高且最佳的價值。事實上，今天在 Copart 的美國保險賣方中，純售單位的占比已達歷史新高。我們估計，我們的純售保險量，確實比其他類似平台可提供的量高出一個數量級（order of magnitude）。

We recently completed our 2026 Insurance Advisory Board meeting, a gathering of our largest US insurance clients together to discuss current and future catalysts of change in our industry, including, of course, very notably artificial intelligence deployment. It marks though just one visible moment in our ongoing day-to-day engagement with our clients to extend and expand our commercial relationships as we handle ever more of the claims processes for them, including providing them the AI-enabled tools to make front-end total loss decisions more quickly and more accurately through to title procurement, loan settlement, and ultimately auction as well.

我們近期完成了 2026 年保險諮詢委員會（Insurance Advisory Board）會議，召集我們最大的美國保險客戶共同討論本產業當前與未來的變革催化因素，其中當然包括非常重要的人工智慧部署。不過，這只是我們與客戶持續日常互動中的一個可見時刻；我們在為其處理越來越多理賠流程的同時，也持續延伸並擴大商業合作關係，包括提供 AI 賦能工具，協助他們在前端更快速、更精準地做出全損決策，並一路延伸至權狀取得、貸款結清，以及最終的拍賣。

With that, I'll turn the call over to Leah Stearns.

接下來，我把電話交給 Leah Stearns。

Thank you, Jeff, and good afternoon to everyone on the call. I'll begin by walking through our financial results for the quarter, beginning with our consolidated performance, followed by a review of our US and international segments.

謝謝你，Jeff，也向所有參與電話會議的各位致上下午好。我將先帶大家回顧本季的財務結果，先從合併表現開始，接著檢視我們美國與國際事業部門的表現。

For the third quarter, consolidated revenue grew to $1.24 billion, up 2.1% year over year, driven by strength in both service and purchase vehicle sales. During the quarter, we continued to see expansion in average selling prices, which rose 4.6%, and more than offset a modest decline in unit volumes of 2.4%.

第三季合併營收成長至12.4億美元，年增2.1%，主要受惠於服務收入與購入車輛銷售的雙雙走強。本季我們持續看到平均售價擴張，平均售價上升4.6%，足以抵銷單位銷量小幅下滑2.4%的影響。

On the insurance side, global units were down 2.7%, consistent with the industry dynamics Jeff outlined, while global non-insurance units decreased 1.4%. Notably, while global inventory was down 2% from the prior year, global assignment volumes grew at a low single-digit pace.

在保險端，全球單位數下滑2.7%，與Jeff先前所提到的產業動態一致；全球非保險單位數則下降1.4%。值得注意的是，雖然全球庫存較去年同期下降2%，但全球指派量（assignment volumes）仍以低個位數的速度成長。

From a profitability standpoint, the quarter was strong. Global gross profit increased 3.7% to $572.6 million, with global gross margins increasing 71 basis points to 46.3%.

從獲利角度來看，本季表現強勁。全球毛利成長3.7%至5.726億美元，全球毛利率提升71個基點至46.3%。

During the quarter, we continued to invest across our platform to enhance the products and services we offer to participants across our global marketplace. This includes the recent launch of our domestic long haul delivery services in the US. Operating income grew 2.8% to $464.3 million. Net income was $402.4 million, and earnings per diluted share increased 2.4% to $0.43, benefiting in part from our ongoing share of purchase activity.

本季我們持續在平台各面向投資，以強化我們為全球市場參與者所提供的產品與服務。其中包括近期在美國推出的國內長途運輸配送服務。營業利益成長2.8%至4.643億美元。淨利為4.024億美元，稀釋後每股盈餘成長2.4%至0.43美元，部分受惠於我們持續進行的股票回購活動。

Turning to our US segment. Total units declined 4.2%, or 3.3%, excluding Copart direct units. Insurance volumes decrease 4.2%, which are consistent with the claims frequency trends Jeff described a few moments ago.

接著看美國事業部門。總單位數下滑4.2%；若排除Copart direct單位數，則下滑3.3%。保險量下降4.2%，與Jeff稍早描述的理賠頻率趨勢一致。

Beyond insurance, we are seeing encouraging momentum across our diversified seller base. Our dealer services and powersports businesses units by 1%, and our Blue Car commercial consignment channel expanded by over 4% over the prior year. Combined fleet and finance seller volume grew at a healthy double-digit pace, which was partially offset by the continued impact of higher repair activity we've seen among our rental customers.

在保險以外的領域，我們在多元化賣方基礎上看到令人鼓舞的動能。我們的經銷商服務與動力運動（powersports）業務單位數成長1%，Blue Car商用寄售通路較去年同期擴張超過4%。合併車隊與金融賣方量以健康的雙位數速度成長，但部分被我們在租賃客戶中所見較高維修活動的持續影響所抵銷。

Our Copart direct unit volume declined 26.3% as we have continued to strategically shift lower value units to our direct by channel. On the inventory side, US inventory was down 4.7% year over year, and US assignments declined at a low single-digit pace during the quarter.

我們的Copart direct單位量下滑26.3%，因為我們持續策略性地將較低價值的單位轉移至我們的direct by通路。在庫存方面，美國庫存年減4.7%，而美國指派量在本季以低個位數的速度下降。

Shifting to Purple Wave, our focus on organic territory sales expansion continues to yield strong gross transaction value growth, which was more than 25% for the last 12 months. The momentum we are experiencing is being fueled by strong traction in our expansion markets and deepening relationships with select enterprise accounts, which is a real testament to the progress our team is making to scale their platform.

轉到Purple Wave，我們持續聚焦於有機的區域銷售擴張，並持續帶來強勁的總交易價值（gross transaction value）成長，過去12個月成長超過25%。我們所見的動能來自於擴張市場的強勁進展，以及與部分企業級客戶關係的深化，這也充分證明團隊在擴大其平台規模方面所取得的進展。

On revenue, the US segment was essentially flat, down 0.4%, as higher revenue per unit largely was offset by volume headwinds. Insurance ASPs increased 4.1%, non-insurance ASPs increased 3.7%, and purchased unit ASPs increased 23%. US gross profit grew to $484.1 million, up 0.9%; and gross profit margin was 48.3%. Operating income was $390.4 million, reflecting a 38.9% operating margin.

在營收方面，美國事業部門基本持平，下降0.4%，因單位營收提升大致被量的逆風所抵銷。保險ASP上升4.1%，非保險ASP上升3.7%，購入單位ASP上升23%。美國毛利成長至4.841億美元，年增0.9%；毛利率為48.3%。營業利益為3.904億美元，對應38.9%的營業利益率。

Internationally, this story is one of continued momentum. Total units sold increased 5.9%, with insurance units up 4.6%, and non-insurance units growing at an impressive 11.2% in the quarter. Inventory in our international segment increased over 10% from a year-ago period, and international assignments increased at a low-teens' pace. These trends reflect the broad-based growth that we are seeing across our diversified international footprint, with particularly strong contributions from the UK, Germany, and Canada.

在國際方面，故事是動能持續。總售出單位數成長5.9%，其中保險單位數成長4.6%，非保險單位數在本季更以令人印象深刻的11.2%成長。國際事業部門庫存較去年同期增加超過10%，國際指派量以低十位數的速度成長。這些趨勢反映我們在多元化國際版圖上所見的廣泛成長，尤其英國、德國與加拿大貢獻突出。

For the quarter, international revenue grew 14.1%, or 7.9%, excluding the positive impact of foreign currency fluctuations to $234.2 million. The primary source of growth internationally came from service revenues, which were up 17.9%, which was driven by 10.5% increase in fee revenue per unit and strong volume growth.

本季國際營收成長14.1%；若排除外匯波動帶來的正面影響，則成長7.9%，至2.342億美元。國際成長的主要來源為服務收入，年增17.9%，主要由單位費用收入成長10.5%以及強勁的量成長所帶動。

Revenue per unit was positively impacted by strong ASP growth, with insurance ASPs increasing 8.4% and non-insurance ASPs growing 16.7%. The profit picture was equally compelling, with gross profit increasing 21.9% and operating income reaching $73.8 million, representing a 31.5% operating margin.

單位營收亦受惠於強勁的ASP成長，其中保險ASP上升8.4%，非保險ASP成長16.7%。獲利表現同樣亮眼，毛利成長21.9%，營業利益達7,380萬美元，對應31.5%的營業利益率。

Finally, turning to our capital structure and liquidity. Copart remains in an exceptionally strong financial position. We ended the quarter with liquidity of approximately $5.5 billion, which includes $4.2 billion in cash and equivalence in healthy maturity securities and no debt. Our balance sheet gives us tremendous flexibility to be opportunistic investors throughout business and credit cycles.

最後，談到資本結構與流動性。Copart仍維持極為強健的財務狀況。本季末我們的流動性約為55億美元，其中包括42億美元的現金及等同現金的健康到期之有價證券，且無負債。我們的資產負債表賦予我們在景氣與信用循環中把握機會進行投資的高度彈性。

We continue to generate robust free cash flow, which has increased 12% year-to-date, supported by disciplined capital allocation into land, facilities, and technology, which positions us to efficiently serve both insurance and non-insurance clients while delivering strong operating efficiency.

我們持續產生強勁的自由現金流，年初至今增加12%，並在土地、設施與科技方面進行有紀律的資本配置，讓我們能有效服務保險與非保險客戶，同時維持優異的營運效率。

On the capital return front, we continue to repurchase shares during the third quarter through a combination of 10b5-1 and open-market transactions. Fiscal year-to-date, we have repurchased over 43.4 million shares for an aggregate amount of over $1.6 billion, underscoring our confidence in the future growth prospects for Copart and the long-term value of our business.

在資本回饋方面，我們於第三季持續透過10b5-1計畫與公開市場交易的組合進行庫藏股回購。會計年度年初至今，我們已回購超過4,340萬股，總金額超過16億美元，凸顯我們對Copart未來成長前景以及本公司長期價值的信心。

Thank you. And with that, we'll open up the call for questions.

謝謝。接下來我們開放提問。

(Operator Instructions) Bob Labick, CJS Securities.

（接線員指示）Bob Labick，CJS Securities。

Hi. So I wanted to start on fuel. Fuel prices, transportation costs are up across the economy and talked about a lot in general. And I was wondering if you could remind us how it flows through for Copart now. I think years ago, it was all company fleet. Then you outsourced your fleet. I think you kind of have a hybrid towing fleet now.

嗨。我想先從燃油談起。燃油價格、運輸成本在整體經濟中都在上升，也常被廣泛討論。我想請你們提醒一下，現在這些成本在Copart這邊是如何傳導的。我記得多年前你們是全公司自有車隊，之後把車隊外包。我想你們現在有點像是混合式的拖吊車隊。

So if you could give us color on the impact. And do you charge surcharges pricing to your customers? Or how do you mitigate fuel as well?

所以如果可以的話，請提供一些影響面的說明。你們會向客戶收取燃油附加費（surcharges）嗎？或是你們如何因應燃油成本？

The fuel, we are, as you noted, a hybrid. We do manage our own in-house truck fleet. We do have a substantial program that we call Truck in a Box, in which we help contractors and help support their businesses with a structured lease program and a structured tow program with us as well. So we have cultivated liquidity on the towing side with some mix of our owned assets as well as the supported third parties as well.

燃油方面，如你所說，我們是混合模式。我們確實管理自有的內部卡車車隊。同時我們也有一個相當規模的計畫，稱為Truck in a Box，我們透過結構化的租賃方案與結構化的拖吊合作方案，協助承包商並支持其業務。因此在拖吊端，我們以自有資產與受支持的第三方相結合，建立了相當的運能與彈性。

And then as you know, for many years, we have leveraged a large third-party subcontractor network as well. So all three of the above. And not surprisingly, fuel is very relevant to all of them. And so, we have been thoughtfully responsive with them as necessary to adjust rates to ensure ongoing service and to ensure that they also can long-term prosperously support us, our business as well as the business of our clients.

另外，如你所知，多年來我們也運用龐大的第三方分包商網路。所以三者皆有。燃油對這三者當然都非常重要。因此，我們會在必要時審慎且即時地回應，調整費率以確保服務能持續，也確保他們能在長期上以健康獲利的方式支持我們、我們的業務以及我們客戶的業務。

So it’s a microeconomic decision market by market, but we do have to account, of course, for that input cost in our business.

因此這是一個依市場、逐一市場的微觀經濟決策，但我們當然必須把這項投入成本納入我們的營運考量。

And then I guess one bigger picture question in terms of the decline in new car sales and SAR kind of started in 2020 from COVID. How do you see that? Is there an impact on expected salvage volumes in 2027 and beyond as those cohorts start hitting the sweet spot for total loss frequency? I know there’s lots of other variables. You talked about insurance affordability claims, earned car years, et cetera, which can be offsetting.

接著我想問一個較宏觀的問題：新車銷售下滑與SAR（季節調整後年率）自2020年COVID以來就開始走弱。你們怎麼看這件事？當這些車齡族群在2027年及之後開始進入全損頻率的甜蜜點時，是否會對預期的報廢（salvage）量造成影響？我知道還有很多其他變數。你們也談到保險可負擔性、理賠、earned car years等等，可能會形成抵銷。

So I guess if I drive it down to one thing, you talk about the kind of the macro drivers, and that one in particular, the decline in SAR. And then more so, just the biggest Copart specific growth drivers over the next five years, noting that macro is a little bit tough.

所以如果我把問題聚焦到一點：你們談到一些宏觀驅動因素，其中一個就是SAR下滑。再更進一步，就Copart本身而言，未來五年最大的成長驅動因素是什麼？畢竟宏觀環境有點難判斷。

Yeah. That’s a very good question. And Bob, just conjecture on my part, I think in your mind, you may be thinking there are some auction houses, for example, who sell vehicles on behalf of OEMs at the end of a lease. And so, if in one year there are very few lease originations, then three, five, seven years hence, perhaps there are fewer vehicles to sell then.

是的。這是個非常好的問題。Bob，這只是我個人的推測，我想你心裡可能在想，例如有些拍賣行會在租賃期結束時，代表 OEM 出售車輛。因此，如果某一年租賃起租量非常少，那麼在三年、五年、七年之後，或許可供出售的車輛就會變少。

For us, the catalyst is much less when the cars enter the ecosystem in the first place. So whether the car was sold originally in '18, '19, '20 or '21, it's not especially of consequence to us. What really matters to us is that the vehicles are on the road, period. That there are cars being driven, miles being traversed in the cars themselves, and then of course, collision rates, total loss rates as well.

對我們而言，催化因素更多是在車輛一開始進入生態系的那一刻就已經決定了。因此，車子最初是在 2018、2019、2020 或 2021 年售出，對我們並沒有特別重大的影響。對我們真正重要的是：車輛在路上行駛，就這麼簡單。也就是有車在開、有里程在累積，當然還包括碰撞率、全損率等。

So at least in theory, even at the extremes, if you completely eliminated all new cars sold in 2021 altogether, which is not that far from the truth, given what we now know of the semiconductor crisis at the time, that doesn’t have any real pronounced effects given the way our supply is a layered cake of more than a decade’s worth of new car shipments. So any given one or two or three years of disruption, so long as it doesn’t coincide with a dramatic decline in miles driven, which in turn would really be the independent variable of consequence, not the new cars to begin with.

因此，至少在理論上，即便在極端情況下，假設你把 2021 年所有新車銷售完全消除——考量到我們現在對當時半導體危機的了解，這其實離事實並不遠——依照我們的供給結構（像分層蛋糕一樣，疊加了超過十年的新車出貨量），也不會產生特別明顯的影響。所以任何一到兩年或三年的干擾，只要沒有同時伴隨行駛里程的劇烈下滑——而行駛里程才是真正關鍵的自變數——那麼新車銷量本身並不是最重要的。

And then just the primary drivers, that I guess will be my last one, I’ll get back in queue, for your growth over the next five years.

然後再問一個主要驅動因素——我想這會是我最後一個問題——關於你們未來五年的成長。

Sure. I think you heard me walk through principally the insurance side of the house, which is to say that the insurance industry has been a strong growth lever for us for decades, even on a same client basis, so to speak, as accident frequency has historically been very much more than offset by rising total loss frequency. The catalysts for that phenomenon, we think, largely remain true. So that’s the insurance business part one in all the markets in which we already do business today.

當然。我想你剛才聽我主要從保險端來說明，也就是說，保險業多年來一直是我們強勁的成長槓桿，即使以「同一客戶」的基礎來看也是如此；因為歷史上事故發生頻率的下降，往往被全損發生頻率的上升所大幅抵消。我們認為，促成這種現象的催化因素大多仍然成立。所以，這是保險業務的第一部分，涵蓋我們目前已經經營的所有市場。

Lever number two, you heard Leah and I both talk about some, which is the liquidity that we are pursuing and succeeding in obtaining in non-insurance markets. These are the rental car companies, dealers, corporate fleets, and financial institutions who are increasingly entrusting us with their vehicles as well.

第二個槓桿，你也聽到 Leah 和我都提到一些，就是我們在非保險市場追求並且成功取得的流動性。這些包括租車公司、經銷商、企業車隊，以及金融機構；他們也越來越把車輛交由我們處理。

As you know from our prior discussions, Bob, the nature of rising total loss frequency means that we are ever more selling actual cars and not selling baskets of parts or not selling baskets of raw materials. And to the extent that we’re selling vehicles that are drivable, that are worth $5,000, $10,000, $15,000, $20,000-plus, we become, with each passing day and year, the more appropriate forum for a growing variety of vehicles, including those vehicles from the aforementioned institutions.

如同我們先前討論過的，Bob，全損頻率上升的本質意味著，我們越來越多是在賣「整台車」，而不是賣一籃子的零件或一籃子的原材料。當我們出售的是可行駛、價值 5,000、10,000、15,000、20,000 美元以上的車輛時，隨著每一天、每一年過去，我們就越成為一個更合適的平台，能承接越來越多樣化的車輛來源，包括前述那些機構的車輛。

So that's a big headwind and meaningful growth lever for the past five years. And with the confluence of total loss frequency and the natural flywheel effect of earning more of those cars, we expect more liquidity to come from those sources as well.

所以這在過去五年是一股很大的順風，也是重要的成長槓桿。隨著全損頻率的匯聚效應，以及我們取得更多這類車輛所帶來的自然飛輪效應，我們也預期會有更多流動性來自這些來源。

We have expanded globally, as you know, perhaps most notably in 2007, so almost 20 years ago. We’re approaching the anniversary soon of our entry into the United Kingdom. We now also operate and operate profitably in Spain and Germany, Finland, the Middle East, Canada, Brazil, et cetera. So international expansion has historically been a part of our playbook as well.

如你所知，我們已經在全球擴張，最值得一提的大概是在 2007 年，也就是將近 20 年前。我們很快就要迎來進入英國市場的周年紀念。我們現在也在西班牙、德國、芬蘭、中東、加拿大、巴西等地營運，而且都能獲利。因此，國際擴張歷來也是我們策略手冊的一部分。

There are some countries that still share many of the characteristics that make total loss so compelling in the markets I just mentioned. There are other markets that will no doubt emerge over the course of the next 20 years -- 10 or 20 years as well. So international expansion, also relevant.

仍有一些國家具備許多特徵，使得全損在我剛提到的那些市場中如此具有吸引力。未來 20 年——或 10 到 20 年——也毫無疑問還會出現其他市場。因此，國際擴張同樣相關。

The one thing I skipped over, I glossed over briefly, is the total loss frequency. When I mentioned at the outset that we view it as our responsibility to help drive total loss frequency upwards. Insofar, as we play an affirmative role in enhancing the economics of total loss, we can help insurance carriers literally save money, right? Every time they choose to tow a car instead of repairing it,

我略過的一點、剛才只是帶過的，是全損頻率。我一開始提到，我們認為推動全損頻率上升是我們的責任。只要我們在提升全損經濟性方面扮演積極角色，我們就能幫助保險公司實際省錢，對吧？每當他們選擇把車拖走而不是修理時，

because we could generate a better return by selling the car to Poland or to Central America. We are helping them. We’re helping preserve their P&Ls. We’re helping them keep their rates lower to their policyholders as well. So that sounds esoteric, but it’s a very real part of what we do day to day is to build the tools to enable them to make that decision, partner with them to incorporate it more and more upstream. The earlier, the better.

因為我們可以透過把車賣到波蘭或中美洲來創造更好的回報。我們是在幫助他們。我們在幫助維護他們的損益表（P&L）。我們也在幫助他們把費率維持得更低，回饋給保戶。所以這聽起來有點玄，但它確實是我們日常工作非常真實的一部分：打造工具讓他們能做出那個決策，並與他們合作，把這個流程越來越往上游整合。越早越好。

As you know, in the United States, at the scene of the accident, those tows typically are directed not by the insurance carriers or even by the policyholders. Those typically happen on police rotation. So that’s a difficult moment at which to intercept the vehicle. But we are moving upstream. The closer to that moment, the better in terms of arresting depreciation, arresting the accumulation of advanced charges, and equipping the insurance carriers to make a better and faster total loss decision.

如你所知，在美國，事故現場的拖吊通常不是由保險公司，甚至也不是由保戶來指派；多半是依警方輪值制度來安排。因此，那是一個很難攔截車輛的時點。但我們正在往上游移動。越接近那個時刻越好，因為可以抑制折舊、抑制各種墊付費用的累積，並讓保險公司能做出更好、更快的全損判定。

So those are the big levers. You’ve heard us also talk about the ecosystem that we serve. You heard Leah talk today some about logistics and long-haul towing. We are pursuing those initiatives both because they can be profit streams for us, but also because they reduce friction, right? The better that logistics and financing and warranty and so forth can be for our buyers, the greater the breadth of buyers who can reasonably participate on any given car that is sold at a Copart auction.

所以這些就是主要槓桿。你也聽我們談到我們所服務的生態系。Leah 今天也提到一些物流與長途拖運。我們推動這些計畫，一方面因為它們可以成為我們的獲利來源，另一方面也因為它們能降低摩擦，對吧？物流、融資、保固等等對買家越友善，就會有越廣泛的買家能夠合理地參與 Copart 拍賣中任何一台車的競標。

Craig Kennison, Baird.

Craig Kennison，Baird。

Jeff, it sounds like you hosted a forum for your insurance partners. I’m just curious, first, what are those insurance partners saying about the outlook for claims in 2026, 2027? And then you had also mentioned some catalysts for change in the industry, and I wondered if you would elaborate some of those catalysts.

Jeff，聽起來你為保險合作夥伴舉辦了一個論壇。我想先請教，第一，你們的保險合作夥伴對 2026、2027 年理賠前景怎麼看？第二，你也提到一些促使產業改變的催化因素，我想請你再多談談那些催化因素。

Sure. Appreciate the question, Craig. This is an annual gathering we have of our major insurance clients here in the US. In some respects, it’s a big deal because we’re gathered face-to-face for several days in a row and talking about some really meaty matters together. And then on the other hand, it’s also overstating it a bit because we talk to these clients all the time, day to day, week to week. But it does become a forum to tackle issues beyond the day-to-day, beyond resolving individual claims, beyond figuring out how to succeed in X geography or Y geography.

當然。謝謝你的問題，Craig。這是我們在美國每年為主要保險客戶舉辦的年度聚會。某種程度上，這很重要，因為我們連續好幾天面對面聚在一起，討論一些非常有份量的議題。但另一方面，把它說得太重大也有點誇張，因為我們平常就一直和這些客戶保持聯繫，日復一日、週復一週。不過，這確實成為一個平台，讓我們能處理超越日常事務的議題——不只是解決單一理賠案件，不只是研究如何在 X 地區或 Y 地區取得成功。

In this case, when it comes to claims frequency, I think we’ll hear a variety of perspectives on it. I think everyone recognizes that, yes, many consumers, we’ve seen some research that indicates as many as one in every six policyholders in the auto space has pulled back on their insurance coverage in one way or the other, meaning they’ve moved from collision to liability only, or they have increased their deductibles, et cetera. There's a survey done in the middle of 2025 or so, and we do hear insurance carriers echoing those statements.

在這次聚會中，談到理賠頻率，我想我們會聽到各種不同觀點。我想大家都認知到，是的，許多消費者——我們看到一些研究指出，在汽車保險領域，多達每六位保戶就有一位以某種方式縮減了保險保障；也就是從碰撞險改成僅投保責任險，或提高自負額等等。大約在 2025 年年中做過一份調查，我們也確實聽到保險公司呼應這些說法。

So they see claims frequency down. They know that consumers are swallowing hard in some cases and eating minor repairs on their own, either because economically, it’s just they wouldn’t clear the deductible, or even if they did, that they fear the rate increase that might come with an actual economic claim as well. So that’s what we’re hearing from the insurance industry. I think they also recognize these trends tend to be cyclical, not secular, right? That eventually folks are rational about the coverage they need and want to pay for, and folks should ultimately pay for the insurance that they need. And that has proven true over a multiple-decade-long horizon.

因此，他們看到理賠頻率下降。他們也知道，消費者在某些情況下不得不硬著頭皮，自己吸收小額維修費用；要嘛是因為從經濟角度看根本達不到自負額門檻，要嘛即使達到了，他們也擔心提出實際的經濟性理賠後可能帶來的保費上調。這就是我們從保險業聽到的情況。我想他們也認知到，這些趨勢往往是週期性的，而非結構性的，對吧？最終人們會理性看待自己需要的保障以及願意為此支付的費用，而人們終究應該為自己所需的保險買單。這在跨越數十年的時間尺度上已被反覆證明。

When it comes to catalysts for change in the future, definitely some discussion of near-term trends like the conflict that we in the world find ourselves in. We do talk about artificial intelligence and what it means for claims, what it means for insurance companies. As you might imagine, they are both excited and terrified of it, right?

談到未來變革的催化因素，當然會討論一些近期趨勢，例如我們當前身處的全球衝突。我們也會談到人工智慧，以及它對理賠意味著什麼、對保險公司意味著什麼。如你所想像，他們對此既興奮又害怕，對吧？

An insurance company, by its nature, has to be very thoughtful and rigorous about new tools that it deploys. In many cases, the decisions they make, or their service providers make have to be thoughtful and auditable and trackable and accountable. They can’t be black box decision-making either. So we talked a great length about artificial intelligence, how we’re deploying it at Copart in support of their outcomes, and how we can support them in deploying it as well.

保險公司就其本質而言，在部署新工具時必須非常審慎且嚴謹。在許多情況下，他們所做的決策，或其服務供應商所做的決策，都必須是審慎、可稽核、可追蹤且可問責的。也不能是黑箱式決策。因此我們花了很長時間討論人工智慧：我們在 Copart 如何部署它以支持他們的成果，以及我們如何也能支持他們部署它。

I think the insurance industry, broadly speaking, I would say, is exploring AI, certainly across the multiple dimensions of its industry. But if anything, we understand it on the claims side as well as anyone, right? They will consider it for marketing, certainly underwriting, certainly with pricing and the like, and CRM and so forth. On the claims end, if anything, that’s a language we may speak more fluently than they do as institutions.

我認為整體而言，保險業正在探索 AI，確實涵蓋其產業的多個面向。但若要說的話，在理賠端我們對它的理解不亞於任何人，對吧？他們會把它用在行銷、當然也會用在核保、定價等，以及 CRM 等等。在理賠端，如果要說的話，這反而是我們可能比他們這些機構更能流利使用的語言。

And then either Jeff or Leah, I’m just looking at that international service revenue line up, I think 18%. Maybe could you just shed some light on what exactly is driving that? To what extent is the market performing? The underlying markets in which you participate, is that performing well? And to what extent is that a representation of traction you’re getting? Especially, I’m curious about in Germany, as I know you’re flipping that market towards a Copart-style remarketing service.

接著 Jeff 或 Leah，我在看國際服務營收那一行，我想是 18%。你們能否說明一下究竟是什麼在驅動這個成長？市場表現到什麼程度？你們參與的底層市場表現是否良好？又有多少是你們取得的動能（traction）的反映？尤其我很好奇德國，因為我知道你們正把那個市場轉向 Copart 式的再行銷服務。

Yeah, Craig. So the growth internationally that we saw on the revenue side was, as I mentioned in my prepared remarks, there was contribution across many markets. The UK was particularly strong in the quarter. Germany followed it up, as well as Canada. And so, we’ve seen really strong demand across all three markets, both on the insurance side as well as the non-insurance business.

好的，Craig。我們在國際營收端看到的成長，如我在事先準備的發言中提到的，是多個市場共同貢獻。英國在本季特別強勁。德國緊隨其後，加拿大也是。因此，我們在這三個市場都看到非常強勁的需求，涵蓋保險端以及非保險業務。

Germany continues to perform incredibly well on a relative basis to where it was several years ago. We continue to see carriers be open-minded about how they’re approaching the total loss process, and that’s a market where we’ve seen some meaningful progress from a unit volume as well as a profitability perspective. So we’re really pleased with that performance.

相較於幾年前，德國目前的表現依然非常出色。我們持續看到保險公司（carriers）在處理全損流程時更願意以開放的心態看待不同作法；而在這個市場，我們在單位量以及獲利能力兩方面都取得了相當有意義的進展。因此我們對這樣的表現非常滿意。

Jash Patwa, JPMorgan.

Jash Patwa，摩根大通。

Could you just give us an update on the size of the non-insurance or whole car business? And it would be really helpful to get a sense of the typical profile of a crossover buyer. How does their wallet share with Copart tend to evolve over time? If possible, it would be helpful to hear an example or anecdote of how a dealer maybe initially engages with Copart, and what that early exploration phase looks like and how that activity typically ramps up as the relationship develops. Thanks, and I have a follow-up.

你們能否更新一下非保險或整車（whole car）業務的規模？另外，如果能讓我們了解一下典型的 crossover 買家輪廓會很有幫助。他們在 Copart 的錢包占比（wallet share）通常會如何隨時間演變？如果可以的話，也希望聽到一個例子或小故事：例如某個經銷商一開始如何與 Copart 接觸，早期探索階段大概是什麼樣子，以及隨著關係發展，這類活動通常如何逐步放大。謝謝，我還有一個追問。

Fair question. I’ll start with your second question on the nature of the crossover buyer. These are both domestic buyers and international buyers as well, who will first discover Copart through some mix of SEM or SEO. So literally, a Google search for a given vehicle may lead them to Copart for the first time.

這問題問得很合理。我先回答你第二個問題，關於 crossover 買家的特性。這些買家既有本土買家，也有國際買家；他們往往會先透過 SEM 或 SEO 的某種組合發現 Copart。也就是說，針對某一款車在 Google 上搜尋，可能就會讓他們第一次找到 Copart。

It can also be via social media. If you will check us on the YouTubes and TikToks and Instagrams and such, not even just our content alone, but you’ll find third parties posting about the vehicles they’ve bought and transformed from Copart. They’ll discover us in a range of different ways. And naturally, it’s often the first car you explore at Copart is one that could theoretically be driven off a Copart lot or close to it. Those are the cars that most intrigue them at the outset.

也可能是透過社群媒體。如果你去看我們在 YouTube、TikTok、Instagram 等平台，不只是我們自己的內容，你也會看到第三方在分享他們從 Copart 買到並改造的車輛。他們會透過各種不同方式認識我們。而且很自然地，他們在 Copart 最先探索的車，往往是那種理論上可以直接從 Copart 場地開走、或接近可以開走的車。這些車在一開始最能引起他們的興趣。

Then when they begin bidding, when they begin engaging on the platform, they discover that there is an insurance vehicle that was a theft recovery. So perhaps it was never damaged at all. That might be in their sweet spot as well.

接著當他們開始出價、開始在平台上互動時，他們會發現有些保險車輛其實是失竊尋回車（theft recovery）。所以也許根本沒有受損。那也可能正好符合他們的需求。

Their business is in transforming Lexus SUVs, and they discover a Lexus SUV with hail damage or theft recovery. That begins -- that whets their appetite for an insurance car. They discover that there’s a vehicle with light flood damage or rear end damage, and it’s just a camera that’s knocked out. The car is otherwise intact, and the drivetrain is fine.

例如他們的業務是改裝 Lexus SUV，然後他們發現一台有冰雹損傷或失竊尋回的 Lexus SUV。這就開始——這會勾起他們對保險車的興趣。他們又發現有車輛是輕微泡水或追撞損傷，其實只是某個鏡頭壞了；車子其他部分完好，動力系統也沒問題。

You can imagine that a given buyer comes for one type of car, and then once he or she realizes the breadth of inventory available to him or her, they migrate outward in concentric circles from that Lexus to other insurance Lexuses, then to Toyotas, then to BMWs, then to cars further away geographically from where they originated. So that tends to be the discovery journey.

你可以想像，某位買家一開始是為了某一類車而來，但當他或她意識到可取得的庫存有多廣，他們就會以同心圓的方式向外擴展：從那台 Lexus 擴展到其他保險 Lexus，再到 Toyota，再到 BMW，再到地理位置上離他們起點更遠的車。因此這通常就是他們的探索旅程。

The member universe for us is very dynamic. So we have many tens of thousands of new members every year. There’s tremendous creative destruction in the automotive rebuilding business, so to speak. So in every country, there are new folks in business every year, folks who go out of business every year. So replenishing that buyer universe is critical. But we have generally found that folks come to pursue very excellent conditioned vehicles, and then they tend to expand their aperture from there.

對我們而言，會員族群非常動態。所以我們每年都有數以萬計的新會員。汽車重建（rebuilding）這門生意可以說有很強的創造性破壞。因此在每個國家，每年都有人新進入、也有人退出。補充這個買家族群至關重要。但我們一般發現，人們一開始會追求車況非常好的車輛，然後再從那裡逐步擴大他們的視野。

Just as a follow-up, could we double-click on the pure sale mix with US insurance sellers? I just wanted to understand if this is more contractual in nature or something more dynamic that can be toggled up or down, and whether a higher mix of pure sale units has positive implications for Copart’s earnings profile. Thank you.

作為追問，我們能否更深入（double-click）談一下美國保險賣方的純拍（pure sale）占比？我想了解這比較偏向合約性質，還是更動態、可以上調或下調的機制；以及純拍單位占比更高，是否對 Copart 的獲利結構有正面意涵。謝謝。

Yeah, it’s fair question. It’s not contractual. So our insurance carrier maintains the discretion to manage the auctions as they see fit. Though in comparison to, say, where we were even seven or eight years ago, many more insurance carriers have moved to effectively a nearly 100% pure sale approach, and a handful of carriers have moved from 100% down very meaningfully as well.

好的，這問題很合理。這不是合約規定。因此我們的保險公司客戶仍保有裁量權，可依其認為合適的方式管理拍賣。不過相較於七、八年前，現在有更多保險公司已經轉向幾乎 100% 的純拍方式；同時也有少數保險公司從 100% 顯著地下調。

Effectively, nobody has increased their portion. The reason that’s true is because they know and they can literally physically attend, and not physically, but virtually on their computers, attend a Copart auction, and they see the thousands of attendees at a given auction. They see the bidders.

實際上，沒有人提高他們的占比。之所以如此，是因為他們知道——而且他們可以真的去參與，雖然不是親自到場，而是透過電腦線上——參與 Copart 的拍賣，看到每場拍賣有成千上萬的參與者，看到出價者。

If you were to watch one car transact at Copart, you will see buyers in Poland bidding against buyers in Oklahoma and then Maine, and then Canada, and then Ecuador. You’ll see it happen in real time. So they recognize that there is no real way to escape the liquidity at Copart. A vehicle that is sold at Copart will find its highest and best use worldwide.

如果你在 Copart 看一台車成交，你會看到波蘭的買家與奧克拉荷馬、緬因、加拿大、厄瓜多的買家互相競標。你會即時看到這一切。因此他們認知到，幾乎沒有任何方式可以避開 Copart 的流動性。在 Copart 售出的車輛，會在全球範圍內找到其最高且最佳用途（highest and best use）。

And so, the insurance carriers have voted with their feet. They could, in theory, impose higher reserve prices on every car. I think they, at this point, recognize that that’s counterproductive as well. That’ll merely chill buyer participation. If you have ever bought anything at auction, and I myself have silly things, musical instruments or collectibles that I’ll buy at the eBays and elsewhere. Buyers tend to gravitate to pure sale items, and you tend to generate better outcomes and faster outcomes when buyers are excited to participate.

因此，保險公司用行動做出了選擇（voted with their feet）。理論上，他們可以對每台車設定更高的底價（reserve prices）。但我想他們此刻也認知到，那同樣是適得其反——只會抑制買家參與。如果你曾在拍賣買過任何東西——我自己也會在 eBay 等地方買一些無聊的小東西，像樂器或收藏品——買家往往會偏好純拍標的；當買家興致高昂、願意參與時，你通常能得到更好的結果，也能更快成交。

So that pure sale mix has increased very steadily and very meaningfully, really through Copart’s entire history, but in particular over the past five to seven years.

因此，純拍占比一直非常穩定且顯著地提升，幾乎貫穿 Copart 的整個歷史，尤其是在過去五到七年。

If I could just sneak one more in on RPU, continued strong growth there despite having fully lapped prior pricing actions. Could you maybe unpack the drivers of the strength, maybe break it down between contribution from pure ASP expansion versus other vectors like mix and initiatives like Title Express? Thank you.

如果我可以再插問一題關於 RPU：即使已經完全消化（fully lapped）先前的定價措施，RPU 仍持續強勁成長。你們能否拆解一下強勁表現的驅動因素，例如區分純 ASP 擴張的貢獻，與其他向量（vectors），像是組合（mix）以及 Title Express 這類計畫的貢獻？謝謝。

Just directionally speaking, we definitely, as I noted, have provided more services. The Title Express offering here at Copart, we would estimate we are processing volume 6, 7, 8x more than anyone else in the industry. So that particular product offering has penetrated more accounts. So that's a portion of it.

就方向性而言，我們確實——如我所提——提供了更多服務。Copart 的 Title Express 產品，我們估計其處理量是業界任何其他業者的 6、7、8 倍。因此，這項特定產品已滲透到更多客戶帳戶中，這是其中一部分原因。

As you noted, a portion is simply by virtue of the higher selling prices we’re generating at auction. The mechanism of our economics are such that as we deliver higher sale prices to our sellers, we also share in a very small portion of that incremental proceed as well.

如你所指出的，其中一部分只是因為我們在拍賣中創造了更高的成交價格。我們的經濟機制是：當我們為賣方帶來更高的售價時，我們也會從那部分增量收益中分得非常小的一部分。

Those are the big drivers. Certainly volume growth, certainly growth among those non-insurance sellers that we noted earlier. Those cars tend to sell for even more still than the average insurance car as well. Those are all the underlying drivers.

這些是主要驅動因素。當然還有量的成長，當然也包括我們先前提到的非保險賣方的成長。那些車往往比一般保險車的成交價還要更高。這些都是底層驅動因素。

John Healy, Northcoast Research.

John Healy，Northcoast Research。

Jeff, I appreciate the comments on the whole car side, and frankly, that’s kind of one of the areas we’re getting most questions about from investors. So would love to spend a couple more minutes there.

Jeff，感謝你對整車（whole car）業務的評論。坦白說，這也是投資人向我們提問最多的領域之一，所以我想再多花幾分鐘談談。

Can you just remind us again, just the size of the business, maybe either in terms of dollars or units again? And when you look at the whole car business, I think there’s different definitions that probably different folks in the industry use. When I talk to people in the industry, they seem to tell me that you guys are selling a lot of hail damage-type vehicles.

你能否再提醒我們一次這項業務的規模——不論以金額或台數來看？另外，談到整車業務，我認為業界不同人士可能有不同定義。我和業內人士交流時，他們似乎告訴我，你們賣了很多像是冰雹損傷（hail damage）這類型的車輛。

So would love to know from a consigner standpoint, not necessarily the demand side that you talked about in the last question, but from a seller standpoint, where those whole car units are coming from. And are they still largely attached to some sort of, what I would say, damaged vehicle, not necessarily a complete salvage? But would just love for you to dive in to help us think about your definition of whole car.

所以我很想從委託方（consigner）的角度了解——不一定是你在上一題談到的需求端，而是從賣方角度，這些整車單位是從哪裡來的？它們是否仍多半與某種我所說的「受損車輛」相關，但不一定是完整的報廢車（salvage）？希望你能深入說明，幫助我們理解你們對整車的定義。

And secondly, as you think about growing that business and aspirations to be more on the dealer side, I know you’ve had Copart Dealer Services for a number of years. Is that a strong enough presence brand to do what you want to accomplish there?

第二，當你思考如何成長這項業務、並希望更偏向經銷商端時，我知道你們已經有 Copart Dealer Services 好幾年了。那個品牌的市場存在感是否足夠強，能支撐你們想在那裡達成的目標？

I know you’ve toyed around with Blue Car for the last couple of years, but what’s your level of satisfaction with Blue Car? And do you think you maybe need a different tool, different platform, or maybe just a brand that doesn’t say Copart to be as successful there as you want it to be? Thanks.

我知道過去幾年你們也嘗試過 Blue Car，但你對 Blue Car 的滿意度如何？你是否認為可能需要不同的工具、不同的平台，或甚至需要一個不叫 Copart 的品牌，才能在那個領域達到你們想要的成功？謝謝。

Yeah. It’s a very fair question. And I think underlying it, John, you’ve got the intuition that every car is somewhere on a spectrum from a total burn that’s almost unrecognizable as a vehicle at all the way to a brand-new Bentley that is just off the dealer lot, right? And there’s a spectrum of vehicles in between.

是的。這是非常公平的問題。我想其背後，John，你的直覺是：每一台車都位於一個光譜上——從幾乎燒到完全辨識不出是車的全毀車，到剛從經銷商展間開出來的全新 Bentley，對吧？中間有各式各樣的車輛。

And assuredly, when we talk about vehicles we are sourcing from institutions other than insurance companies, we start at one end of the spectrum. For sure, we are the obvious marketplace for a damaged rental car or a heavily beaten-up repo vehicle. From there, we earn the right to sell the three-year-old car that is being de-fleeted by one of the major rental car companies. We earn the right to sell a repo vehicle that is actually in excellent condition.

而且可以肯定的是，當我們談到從保險公司以外的機構取得車源時，我們是從光譜的一端開始。毫無疑問，對於受損的租賃車或被嚴重操到的收回車（repo vehicle），我們是最明顯的市場。接著，我們逐步贏得資格去銷售由大型租車公司汰換車隊（de-fleet）的三年車；我們也贏得資格去銷售其實狀況非常好的收回車。

That was a voluntary repo of a car that’s four years old with very light mileage on it. Just as we described the concentric circles earlier, we have our foot in the door and we earn the right to sell, quote, better and better cars over time. That is reflected in part in our average selling prices. We tend to talk about insurance in isolation, but it’s reflected in the average selling prices of the cars we sell to financial institutions as well.

那可能是自願交回（voluntary repo）的車，車齡四年、里程很低。就像我們先前描述的同心圓一樣，我們先把腳踏進門檻，然後隨著時間推移，逐步贏得資格去賣「越來越好的車」。這也部分反映在我們的平均成交價上。我們往往把保險車獨立拿出來談，但同樣也反映在我們賣給金融機構的車輛平均成交價上。

So eventually, the TAM, when you consider all of the auction-mediated vehicles that are not from insurance companies in the United States, that’s 15 million-plus, right? And not all of them are day one addressable for us. But as total loss frequency rises, as we earn the right to sell more of those cars from the non-insurance sellers with each passing year, we earn the right to sell more of those cars as well.

因此，最終當你把美國所有透過拍賣媒介、且非來自保險公司的車輛都納入考量時，整體可服務市場（TAM）是 1,500 萬台以上，對吧？當然不是所有車源從第一天起就能被我們觸及。但隨著全損頻率上升，且我們每一年都逐步贏得資格，能從非保險賣方那裡賣出更多車，我們也就能賣出更多這類車。

So I think you’re right. It is a spectrum, and we are moving up and to the right on that spectrum.

所以我認為你說得對。這是一個光譜，而我們正在這個光譜上往右上方移動。

And then just -- you might have mentioned it and I missed it. Maybe talk a little bit about the industrial side of the business. Maybe where you’re at as you think about investments there. I don’t know if you mentioned how the GTV performed. Any callouts for us to think about how Purple Wave is performing? Thanks.

另外——你可能有提到但我漏聽了。能否談談工業（industrial）業務這一塊？例如你們在那裡的投資進展如何？我不確定你是否提到 GTV 的表現。有沒有什麼重點讓我們理解 Purple Wave 的表現？謝謝。

Sure, John. I’ll take that. Just in terms of GTV, we look at it on an LTM basis. GTV has grown over 25% year over year. So we’re very pleased with that. The majority of the growth is coming from territory expansion. We started out the business with a principally Central Time Zone-focused territory sales force and have expanded out to the coasts. The majority of our investment in Purple Wave has been in headcount in that territory sales force, as well as some very focused enterprise-level accounts that are focused on building relationships with large nationwide sellers.

當然，John。我來回答。就 GTV 而言，我們以過去十二個月（LTM）為基礎來看。GTV 年增超過 25%，我們對此非常滿意。成長的大部分來自於區域擴張。我們起初的業務主要由以中部時區為核心的區域銷售團隊推動，之後已擴展到東西兩岸。我們對 Purple Wave 的投資主要在於增加該區域銷售團隊的人力編制，以及一些非常聚焦的企業級（enterprise-level）客戶開發，目標是與全國性大型賣方建立關係。

So the GTV growth that we’re seeing is a result of the success that we’ve had with that territory expansion and the enterprise relationships. We’re pleased with that. I’d say we’re probably about -- in terms of overall size, the team is about 2.5 to 3x the size it was when we acquired Purple Wave. And we still have some ways to go in terms of achieving full nationwide coverage. But we’ve certainly hit the top areas that are most important for Copart to penetrate from a territory presence perspective, and we’re pleased with the progress we’re seeing so far.

因此，我們看到的 GTV 成長，是我們在區域擴張與企業關係上取得成功的結果。我們對此感到滿意。若以整體規模來說，團隊人數大約是我們收購 Purple Wave 時的 2.5 到 3 倍。我們在達成全國完整覆蓋方面仍有一段路要走，但就區域據點的滲透而言，我們確實已經先切入對 Copart 最重要的核心區域，且對目前看到的進展感到滿意。

(Operator Instructions) Jeff Lick, Stephens.

（接線員指示）Jeff Lick，Stephens。

Actually, Jeff, most of them on the whole car side. But I was wondering if you could talk a little bit on the recent long haul that you referenced, what exactly you’re doing there, and how is that impacting how you’re adding that into your business?

其實，Jeff，我大多數問題都在整車業務。不過我想請你談談你提到的近期長途運輸（long haul）——你們具體在做什麼？這對你們把它納入業務的方式有什麼影響？

Sure, Jeff. On the long haul side, that’s an additional product that we have really always offered to our members. However, we shifted our market product offering a little over 12 months ago. We’ve seen rapid adoption of it and are quite pleased with the level of buyer participation that we’ve seen effectively procure long haul delivery through the Copart delivered product.

當然，Jeff。在長途運輸方面，這是我們其實一直以來就提供給會員的一項附加產品。不過，我們在 12 個多月前稍微調整了市場端的產品提供方式。我們看到它被快速採用，並且對買方參與度的水準感到相當滿意——買方透過 Copart delivered 產品有效地採購長途配送服務。

So we believe it reduces friction. It gives our buyers certainty in terms of cost up front. Like I said, we’re pleased with how that’s progressing.

因此我們認為它能降低摩擦，讓買方在一開始就能確定成本。如我所說，我們對其進展感到滿意。

Just in terms of overall impact for the quarter, we saw about $15 million of year-over-year increase in cost on the facility ops line related to our long haul delivery product. And that product is generating a nice margin for us as well at the revenue line.

就本季的整體影響而言，我們在場站營運（facility ops）費用項下，與長途配送產品相關的成本年增約 1,500 萬美元。而該產品在營收端也為我們帶來不錯的利潤率。

Just a quick point of clarification. On pure sale units, is that just analogous to a non-reserve sale, or is there any nuance there?

我想快速釐清一下。所謂純成交單位（pure sale units），是否就等同於無底價成交（non-reserve sale），還是其中有任何細微差異？

That's it. That's correct.

就是那樣。沒錯。

Thank you. Best of luck on next quarter.

謝謝。祝下季順利。

This concludes question-and-answer session. I'd like to turn the call back to Jeff Liaw for closing remarks.

問答環節到此結束。我想把電話交回給 Jeff Liaw 作結語。

Thank you, everybody. We'll talk to you next quarter.

謝謝各位。我們下季再聊。

You may disconnect your lines at this time, and we thank you for your participation.

此時您可以掛斷電話線，感謝您的參與。