CPRT changes
Pick any two versions below to diff them.
- Price
- $27.87 → $32.17(+15.4%)
- Discount category
- Below intrinsic value → Close to intrinsic value
- Checkpoints
- Oct 7, 2026: ACV tender offer expires after extension. Passed. Watch: A majority of ACV shares tendered by 5:00 p.m. ET passes; another extension because fewer than half of shares are tendered fails or delays the deal. Outcome: 52.84% of ACV shares were tendered, and Copart extended the offer to October 15 only to wait for the end of the antitrust waiting period. Oct 13, 2026: US antitrust waiting period for ACV deal ends. Passed. Watch: The waiting period ends without a second request from regulators passes; a second request, which delays closing into 2027, fails. Outcome: The waiting period ended at 11:59 p.m. ET on October 13, 2026, without a second request from regulators. Oct 15, 2026: ACV tender offer expires after second extension. Passed. Watch: Copart accepts the tendered shares and the deal closes passes; another extension or a failed offer fails. Outcome: About 68.43% of ACV shares were tendered, Copart accepted them, and the merger closed on October 16, 2026. Oct 16, 2026: ACV Auctions acquisition closes. Passed. Watch: Closing by the end of calendar 2026 with a clear integration plan passes; a delay fails. Outcome: The deal closed on October 16, 2026, ahead of the year-end target, and ACV runs as an independent subsidiary under its existing leadership. Nov 19, 2026 (estimate): Q1 FY2027 results: unit volume and operating margin. Pending. Watch: Stable US insurance unit volume outside the lost customer and a smaller fall in operating margin pass; wider volume loss or a further margin drop fails. added: Dec 1, 2026: Stockholder vote on the CEO option grant. Pending. Watch: Stockholder approval of the 20,000,000-share option, which ties Adair to the CEO role for five years, passes; a rejection, which forfeits the option and makes the CEO succession uncertain again, fails. Sep 2027 (estimate): Q4 FY2027 results after the customer loss is in the base. Pending. Watch: Year-over-year insurance unit volume that is flat or growing passes; continued volume loss after the lost contract laps fails.
- Recent events
- Oct 16, 2026: Copart added: said that on October 14, 2026, its board granted CEO Jay Adair an option to buy 20,000,000 shares, in four tranches of 5,000,000 shares with exercise prices from $26.27 to $52.54. The option vests on the fifth anniversary of the grant and has a term of 10 years. It is to be his only substantive pay for 10 years, with a salary of $1 a year. Stockholders must approve the option at the annual meeting on December 1, 2026, or at a later special meeting, or Adair forfeits it. Oct 16, 2026: Copart completed its purchase of ACV Auctions. At the tender offer's expiry on October 15, 2026, about 68.43% of ACV shares were tendered, and Copart accepted all of them. A merger then converted the other shares into the same $10.50 in cash. ACV shares stopped trading on the NYSE. ACV now operates as an independent Copart subsidiary under its existing leadership. Oct 14, 2026: Copart said that the U.S. antitrust waiting period for its ACV Auctions deal ended at 11:59 p.m. ET on October 13, 2026. Regulators did not ask for more information. The tender offer still needs a majority of ACV shares tendered at its expiry, at 5:00 p.m. ET on October 15, 2026. Oct 8, 2026: Copart extended its tender offer for ACV Auctions a second time, to 5:00 p.m. ET on October 15, 2026. At the October 7 expiry, 52.84% of ACV shares were tendered, which is more than the majority the offer needs. The reason Copart gave for the extension is to let the U.S. antitrust waiting period end on October 13. Oct 1, 2026: Copart extended its tender offer for ACV Auctions to October 7, 2026. Copart withdrew and refiled its U.S. antitrust form on September 28 to give regulators more time. About 47.8% of ACV shares were tendered by September 30. ACV shareholders filed three lawsuits about the offer's disclosures in September. Sep 17, 2026: Copart began a tender offer, through subsidiary Apple Merger Sub, Inc., to buy all outstanding ACV Auctions shares for $10.50 per share in cash. The offer needs a majority of shares tendered and antitrust clearance. The deal has no financing condition and is expected to close by the end of calendar 2026. Sep 10, 2026: Copart reported Q4 FY2026 results. Revenue grew 2.4% to $1.15 billion. Operating income fell 10.6%, and the operating margin fell from 36.7% to 32.0%. Net income fell 17.4%. U.S. units fell 5.7%. Without the one lost insurance customer, U.S. insurance assignments grew 2.3%. Sep 10, 2026: Copart agreed to buy ACV Auctions for $1.9 billion in cash, a premium of about 45% to ACV's price on August 10, 2026. ACV runs a separate marketplace, where car dealers buy and sell used cars from each other. Copart expects no effect on earnings per share in the first full year, and a gain from fiscal 2028. Jul 8, 2026: Copart named Jane Pocock, the head of Copart UK, as President from August 1, 2026. Jun 29, 2026: Copart said that Jeff Liaw will step down as CEO on July 31, 2026, and that Jay Adair, the Executive Chairman and the previous CEO, will take the role again on that day. Liaw stays as a special advisor.