Copart and IAA: Salvage Auction Leaders With Attractive Economics

Stefan Culibrk of Highway One Asset Management presented his investment thesis on the vehicle salvage auctions industry, focusing on Copart (US: CPRT) and IAA (US: IAA), at Wide-Moat Investing Summit 2022.

Copart and IAA form an oligopoly in the salvage auction industry. In the following presentation, Stefan lays out the industry background, drivers, unit economics, and long-term outlook.

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About the instructor:

Stefan Culibrk co-founded Highway One Asset Management in 2019, with a goal of achieving a superior long-term rate of return on capital. Previously, Stefan served as managing partner of Culibrk Partnership. Before that, he was employed by Bank of America Merrill Lynch, London, an investment bank, where he was trading emerging market equities from 2013 to 2014. Prior to joining the equities division, Stefan interned in the foreign exchange trading department in 2012. Stefan received a Master in Finance degree from the IE Business School, Madrid, in 2012. He has been a CAIA charterholder since 2010.

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