CPRT Cash-Secured Put Strategy
CPRT (Copart, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NASDAQ.
Copart, Inc. stands as a prominent global provider of online vehicle auctions and comprehensive vehicle remarketing services. The company extends its operations across numerous international markets, including the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland, and Bahrain. At its core, Copart enables the buying and selling of vehicles over the internet through its sophisticated "virtual bidding" online auction platform. Its extensive range of services supports the entire vehicle disposition process, encompassing aspects such as direct online access for sellers, expert salvage and general vehicle valuation, end-of-life vehicle handling, logistics and transportation management, and dedicated vehicle inspection facilities. Additional offerings include on-demand reporting, efficient title processing and express services, loan payoff assistance, adaptable vehicle processing programs, and direct "Buy It Now" purchase options, alongside specialized services for dealerships. Beyond its primary auction site, Copart manages several direct vehicle acquisition and sales platforms, such as BluCar, CashForCars.com, CashForCars.ca, CashForCars.de, CashForCars.co.uk, and Cash-for-cars.ie.
CPRT (Copart, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $29.49B, a trailing P/E of 20.36, a beta of 1.01 versus the broader market, a 52-week range of 25.72-41.79, average daily share volume of 11.0M, a public-listing history dating back to 1994, approximately 21K full-time employees. These structural characteristics shape how CPRT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.01 places CPRT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on CPRT?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
CPRT snapshot
As of November 13, 2026, spot at $31.80, ATM IV 35.90%, IV rank 41.15%, expected move 10.29%. The cash-secured put on CPRT below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.
Why this cash-secured put structure on CPRT specifically: CPRT IV at 35.90% is mid-range versus its 1-year history, so the credit collected on a CPRT cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.29% (roughly $3.27 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CPRT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPRT should anchor to the underlying notional of $31.80 per share and to the trader's directional view on CPRT stock.
CPRT cash-secured put setup
The CPRT cash-secured put below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CPRT at $31.80 on that close, the first option leg uses a $30.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPRT chain at a 63-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CPRT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $30.00 | $1.00 |
CPRT cash-secured put risk and reward
- Net Premium / Debit
- +$100.00
- Max Profit (per contract)
- $100.00
- Max Loss (per contract)
- -$2,899.00
- Breakeven(s)
- $29.00
- Risk / Reward Ratio
- 0.034
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CPRT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CPRT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$2,899.00 |
| $7.04 | -77.9% | -$2,195.99 |
| $14.07 | -55.8% | -$1,492.99 |
| $21.10 | -33.6% | -$789.98 |
| $28.13 | -11.5% | -$86.98 |
| $35.16 | +10.6% | +$100.00 |
| $42.19 | +32.7% | +$100.00 |
| $49.22 | +54.8% | +$100.00 |
| $56.25 | +76.9% | +$100.00 |
| $63.28 | +99.0% | +$100.00 |
When traders use cash-secured put on CPRT
Cash-secured puts on CPRT earn premium while a trader waits to acquire CPRT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CPRT.
CPRT thesis for this cash-secured put
The market-implied 1-standard-deviation range for CPRT extends from approximately $28.53 on the downside to $35.07 on the upside. A CPRT cash-secured put lets a trader earn premium while waiting to acquire CPRT at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current CPRT IV rank near 41.15% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CPRT should anchor more to the directional view and the expected-move geometry. As a Industrials name, CPRT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPRT-specific events.
CPRT cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CPRT positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CPRT alongside the broader basket even when CPRT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CPRT carry tail risk when realized volatility exceeds the implied move; review historical CPRT earnings reactions and macro stress periods before sizing. Always rebuild the position from current CPRT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CPRT?
- A cash-secured put on CPRT is the cash-secured put strategy applied to CPRT (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With CPRT stock at $31.80 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CPRT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CPRT cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the CPRT cash-secured put priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.90%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$2,899.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CPRT cash-secured put?
- The breakeven for the CPRT cash-secured put priced on this page is roughly $29.00 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CPRT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on CPRT?
- Cash-secured puts on CPRT earn premium while a trader waits to acquire CPRT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CPRT.
- How does current CPRT implied volatility affect this cash-secured put?
- CPRT ATM IV is at 35.90% with IV rank near 41.15%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.