I hold CPRT. I think it’s still a little overvalued although it’s a high quality business, and their model is superior to IAA.

Total loss ratios are likely to go up with time, even if overall number of accidents decreases. It takes ~30 years for the the total number of cars owned to turn over, so even if every single vehicle for sale was an AV today it’d still take 30 years or so to reach total market penetration. Even with AVs natural disasters will still drive demand.

Internationally is where it’s most exciting; the market in the US is fairly mature although in Europe and other parts of the world it’s highly fragmented.

Plus, they are also diversifying away from just passenger vehicles.