So, if we focus on the difference between IAA and Copart regarding international expansion, you mentioned they took different routes. I'm curious to understand how IAA approaches this and why they haven't pursued it as aggressively as Copart. What triggered them to actually engage in international expansion?

These were two fundamental differences. Copart decided early on to become a digital marketplace that happens to sell cars, creating an Amazon-like environment for e-commerce where people could buy and sell cars. IAA, however, remained a salvage auction company with an internet solution. Although these may sound similar, they are fundamentally different. IAA held on to being a salvage car auction company for a long time, offering a digital option for online bidding but still fundamentally operating as a salvage car auction company.

So, if we focus on the difference between IAA and Copart regarding international expansion, you mentioned they took different routes. I'm curious to understand how IAA approaches this and why they haven't pursued it as aggressively as Copart. What triggered them to actually engage in international expansion?

IAA focused more on vehicle sellers, while Copart recognized that buyers were the ones paying the bills. They focused on creating tools to make bidding easy, leading to large amounts of competition. Copart provided services for buyers, ensuring high returns for insurance companies.