At the same time, Copart reiterated that total loss frequency continues to rise over the long term. Liaw cited U.S. total loss frequency of 24.2% in the fourth quarter of calendar 2025, up 10 basis points from a year earlier despite the prior-year period including hurricanes Helene and Milton. He also contrasted total loss frequency in 2015 (15.6%) with calendar 2025 (23.1%).Management attributed the volume pressure to several factors discussed on prior calls, including shifts in policies in force and expos ...