Would you say one has a better buyer base than the other? Copart's value pitch over the last decade has been their very international buyer base, which helps get a higher value for salvaged vehicles.

I would say you get a lot of the same buyers that cross-mix. When I was at Copart, many of our buyers were purchasing vehicles at IAA and then bringing them to Copart without even reconditioning them to sell for more money. This was a significant selling point for me when dealing with insurance companies. I would tell them, "Your cars are selling at IAA and then coming to Copart, where they're selling for more at our auction. You're leaving money on the table." That was a big selling feature for me when I was in sales.

Would you say one has a better buyer base than the other? Copart's value pitch over the last decade has been their very international buyer base, which helps get a higher value for salvaged vehicles.

One area where I felt Copart was superior to IAA was in CAT events, or catastrophic events, in the U.S. For wildfires and flooding, they invested heavily in CAT event priority. They had catastrophe managers and bought NASCAR-like trailers that would roll into town and become a small community. A big part of CAT events is not making money on the cars but growing your brand and helping adjusters, which goes a long way. They would set up in a town, take care of things, and although you wouldn't make much money on catastrophe events, you would gain a lot of new business from it.