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Christopher Bottiglieri

Senior Equity Analyst at BNP Paribas

Chris Bottiglieri is a Senior Equity Analyst at Exane BNP Paribas, specializing in coverage of U.S. consumer and retail companies including Carvana (CVNA), CarMax (KMX), Advance Auto Parts (AAP), and Best Buy (BBY). He has built a strong performance record, highlighted by a remarkable +196.1% return on a top-rated call and an average success rate above 60% with 29 stocks covered, earning a 4.62-star rating on TipRanks. Bottiglieri began his analyst career prior to joining Exane BNP Paribas, with prior roles not publicly listed, and has maintained prominent coverage in the automotive and general retail space since at least 2017. He holds relevant U.S. securities licenses and professional credentials, as reflected by his regular appearances in industry rankings and performance tracking platforms.

Christopher Bottiglieri's questions to COPART (CPRT) leadership

Christopher Bottiglieri's questions to COPART (CPRT) leadership • Q3 2025

Question

Christopher Bottiglieri questioned current market share trends, asking for reasons a competitor might report higher growth, and also asked a broader question about what factors set prices in Copart's end markets, particularly for international buyers.

Answer

Executive Jeffrey Liaw attributed short-term market share fluctuations to the varying growth rates of individual insurance carrier clients and reporting period misalignments, asserting a long-term trend of share gains. CFO Leah Stearns and Liaw explained that vehicle prices are set by a global auction, driven by the significant arbitrage available to international buyers in emerging markets where affordable mobility is scarce, forcing them to compete with domestic buyers for inventory.

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Christopher Bottiglieri's questions to COPART (CPRT) leadership • Q3 2025

Question

Christopher Bottiglieri from BNP Paribas asked about Copart's market share trends relative to peers and the primary factors that determine vehicle pricing in its auctions, especially concerning U.S. tariffs and international buyers.

Answer

Executive Jeffrey Liaw attributed short-term market share fluctuations to factors like carrier-specific growth rates but affirmed the long-term share gain trend is driven by superior client returns from investments in land and technology. CFO Leah Stearns and Liaw explained that pricing is set by global auction dynamics, where international buyers have significant arbitrage opportunities that make them less sensitive to U.S. price changes, ensuring the highest value is found for each vehicle.

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Christopher Bottiglieri's questions to COPART (CPRT) leadership • Q2 2025

Question

Christopher Bottiglieri inquired about the impact of a strong U.S. dollar on Copart's business, including its effect on buyer fees and ASPs. He also asked for more details on the Title Express service, its adoption progress, its potential to serve non-Copart units, and any resulting knock-on effects.

Answer

Executive Jeffrey Liaw explained that Copart is 'more short to the dollar,' meaning a strong USD could theoretically suppress vehicle selling prices by making them more expensive for international buyers. However, he noted this risk is mitigated by a geographically diversified buyer base. Regarding Title Express, Liaw highlighted its key benefit of reducing cycle times, which builds significant trust with insurance carriers. He stated that adoption typically begins with a pilot and then expands to a carrier's entire total loss volume, strengthening the relationship and opening doors for additional services.

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Christopher Bottiglieri's questions to COPART (CPRT) leadership • Q1 2025

Question

Christopher Bottiglieri asked about the historical impact of major catastrophe events on the rate of uninsured motorists and whether the Trump-era tariffs had any noticeable effect on Copart's business, such as on ASPs or total loss frequency.

Answer

Executive Jeffrey Liaw stated that available nationwide data does not show a clear, isolatable impact on uninsured motorist rates following specific regional catastrophes. Regarding tariffs, he explained that there was no meaningful disruption observed during the previous implementation and that future effects could be contradictory, potentially raising used car values but also suppressing total loss frequency.

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Christopher Bottiglieri's questions to COPART (CPRT) leadership • Q4 2024

Question

Christopher Bottiglieri asked about the potential impact of consumers dropping auto insurance coverage due to rising premiums and sought clarification on the volume mix, specifically why the low-value vehicle segment was shrinking.

Answer

Executive Jeffrey Liaw stated that while consumers dropping insurance would be 'modestly negative,' historical data from the 2009 financial crisis showed an almost immeasurable effect. Regarding the volume mix, Executive Leah Stearns and Liaw explained that the decline in the low-value segment is a result of a deliberate strategic focus of company resources on more profitable areas, combined with competitive dynamics.

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Christopher Bottiglieri's questions to CARVANA (CVNA) leadership

Christopher Bottiglieri's questions to CARVANA (CVNA) leadership • Q1 2025

Question

Christopher Bottiglieri asked about Carvana's strategy for the new vehicle market following a dealership acquisition and questioned what operational steps differ between hitting the 3 million unit target in 5 versus 10 years.

Answer

CEO Ernie Garcia stated that it is "very early" to discuss the new vehicle opportunity and that the company is currently experimenting. To reach the 3 million unit goal, he explained the required weekly production increase is manageable (from 80 units/week now to 90 for a 10-year path, or 180 for a 5-year path). He noted this ramp is achievable as the company expands its number of production facilities from ~23 to ~60, which makes the per-facility growth rate similar to what has been achieved in the past.

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Christopher Bottiglieri's questions to CARVANA (CVNA) leadership • Q4 2024

Question

Christopher Bottiglieri of BNP Paribas inquired about the go-forward strategy for loan sales, specifically the preference between fixed loan sales and ABS transactions. He also sought clarification on a $9 million non-recurring item in SG&A.

Answer

CFO Mark Jenkins affirmed that Carvana will continue to use a diversified funding strategy, employing both whole loan sales and securitization markets, and expressed confidence in the finance platform's performance. Regarding the SG&A item, Jenkins explained it was primarily a 'thank you bonus' for employees that was not adjusted out of EBITDA, consistent with their policy for smaller non-recurring items.

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Christopher Bottiglieri's questions to CARVANA (CVNA) leadership • Q3 2024

Question

Christopher Bottiglieri asked about the accounting treatment for 3P marketplace fee income and sought details on the marketplace's expansion, including partners and scale.

Answer

CFO Mark Jenkins clarified that for marketplace transactions, Carvana does not record the gross vehicle price as revenue, and the fee income is mostly recognized in retail revenue. He explained the program's expected Q4 growth is driven by leveraging newly efficient Carvana reconditioning capabilities at ADESA sites to offer a combined platform to large commercial sellers.

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Christopher Bottiglieri's questions to O REILLY AUTOMOTIVE (ORLY) leadership

Christopher Bottiglieri's questions to O REILLY AUTOMOTIVE (ORLY) leadership • Q1 2025

Question

Christopher Bottiglieri asked for details on O'Reilly's experience and timeline for moving sourcing out of China and questioned how their sourcing position compares to that of private competitors.

Answer

President Brent Kirby explained that O'Reilly has been reducing its sourcing from China since the COVID era, building capabilities in countries like India, Vietnam, and Thailand. He noted their proprietary brand portfolio provides significant flexibility. CFO Jeremy Fletcher added that this is a deliberate, strategic process. Regarding competitors, Brent Kirby stated it's a "mixed bag," as they share some suppliers but not others, but expressed confidence in O'Reilly's ability to source better than anyone in the industry.

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Christopher Bottiglieri's questions to CARMAX (KMX) leadership

Christopher Bottiglieri's questions to CARMAX (KMX) leadership • Q4 2025

Question

Christopher Bottiglieri asked if CarMax has sufficient levers to mitigate a high-teens EPS decline if the economy slows and sales turn negative, similar to the upside leverage it projects.

Answer

CFO Enrique Mayor-Mora stated that the company feels good about its position, noting that it still has room for efficiency improvements regardless of the macro environment. He emphasized that the management team has experience navigating economic downturns and is prepared to pull necessary levers to manage the business if required.

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Christopher Bottiglieri's questions to CARMAX (KMX) leadership • Q3 2025

Question

Christopher Bottiglieri asked for more detail on the loan loss allowance, seeking to understand if the reduction was driven by the existing portfolio's performance or lower expected losses on new originations.

Answer

SVP Jon Daniels explained that the Q3 provision of $73 million represented a return to a more normalized level. He clarified that the significant provision adjustment in Q2 had adequately accounted for future lifetime losses, so the Q3 figure was not a 'cut' but a reflection of that prior action's sufficiency.

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Christopher Bottiglieri's questions to Petco Health & Wellness Company (WOOF) leadership

Christopher Bottiglieri's questions to Petco Health & Wellness Company (WOOF) leadership • Q4 2025

Question

Christopher Bottiglieri of BNP Paribas inquired about the inflation assumptions embedded in the outlook and the company's strategy for promotions, specifically whether they would be down year-over-year.

Answer

CEO Joel Anderson described the promotional environment as rational and steady year-over-year. He clarified that the company's focus is on being more disciplined and avoiding 'empty calorie' sales rather than broadly cutting promotions. CFO Sabrina Simmons added that this includes operational clean-up, such as preventing the stacking of promotions, while still ensuring Petco offers good value to its customers.

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Christopher Bottiglieri's questions to LITHIA MOTORS (LAD) leadership

Christopher Bottiglieri's questions to LITHIA MOTORS (LAD) leadership • Q4 2024

Question

Christopher Bottiglieri asked why the 2025 service gross margin guidance is lower than recent performance and what is driving the expected snapback in used vehicle and F&I GPUs from Q4 levels.

Answer

President and CEO Bryan DeBoer explained the service margin guidance reflects an expected mix shift towards parts, which have lower margins than labor, as vehicles become more complex. Regarding GPUs, he stated the inclusion of the lower-margin U.K. business affects the consolidated numbers. He believes there is upside in F&I from performance improvements and in used GPUs from a market recovery, which will offset some normalization in new vehicle margins.

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Christopher Bottiglieri's questions to LITHIA MOTORS (LAD) leadership • Q3 2024

Question

Christopher Bottiglieri inquired about the reasons for the increase in wholesale revenue and the long-term trajectory for used vehicle GPUs, which currently lag pre-COVID levels.

Answer

CEO Bryan DeBoer attributed the wholesale activity to normal seasonality. Regarding used GPUs, he stated that they have stabilized and expects them to normalize a couple of hundred dollars higher than historical levels once vehicle supply returns, driven by the company's improved geographic and luxury brand mix. He also noted that accounting differences can make peer comparisons difficult.

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