Renaissance Investment Management sold its position in Copart during the first quarter of 2026, citing a deterioration in fundamental factors. The firm's Large Cap Growth Strategy noted that rising automotive insurance costs are causing financially stretched consumers to drop collision coverage, which historically supplied Copart with a steady stream of damaged vehicles for its salvage auctions. Without collision insurance, those cars are no longer obligated to go to Copart auctions, creating headwinds for vehicle inventories and auction volumes. Copart shares closed at $30.74 on June 16, 2026, down 35.99% over the prior 52 weeks, with a market capitalization of $28.39 billion. The number of hedge funds holding Copart fell to 57 at the end of the first quarter from 68 in the previous quarter.
Copart IncRising insurance costs cause consumers to drop collision coverage, reducing supply of damaged vehicles to Copart auctions.
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