At these valuations, how can anyone NOT buy Copart like there’s no tomorrow?

Hey guys , forget the usual names like MSFT, META, or ADBE because Copart ($CPRT) is on sale , and I am struggling to find a reason not to load up. They own the actual land (junkyards/processing facilities), creating a massive, asset-backed moat that competitors simply cannot replicate due to zoning laws. The recent price drop is a classic short-term market overreaction to temporary volume and margin pressures, today they announced CEO is leaving and Guess what? market as usual is over reacting and being stupid.

Long-term, insurance total-loss rates are still rising, and vehicles are getting more complex. This is a high-ROE, debt-free compounder with a near-monopoly trading at a rare discount. What am I missing here, or is this just a nice gift from the market( like UNH, GOOG, META in 2022)?