Copart Acquires Its Third Public Auction Facility in Delaware

Business Wire, August 30, 2001

Business Editors

BENICIA, Calif.--(BUSINESS WIRE)--Aug. 30, 2001

Copart, Inc. (Nasdaq:CPRT) today announced that its Motors Auction Group (MAG) subsidiary has acquired Delaware Public Auto Auction of New Castle, Delaware. The acquisition expands Copart's national network of vehicle auction and storage locations to 85 sites in 38 states. This is Copart's first facility in Delaware and the Company's third MAG public auction facility.

"The acquisition of Delaware Public Auto Auction marks the start of our efforts to expand our MAG division," said A. Jayson Adair, Copart's President. "This facility will soon be integrated into our national information system allowing all three MAG facilities access to our data."

The Delaware Public Auto Auction was acquired in exchange for Copart stock. Additional terms were not disclosed.

Since August 2000, Copart has added 9 locations including sites in Harrisburg, PA; Chatham, VA; Chicago Heights, IL; Shreveport, LA; Mt. Morris, PA; Martinez, CA; Lawrenceburg, KY; New Orleans, LA; and New Castle, DE.

Founded in 1982, Copart provides vehicle suppliers -- primarily insurance companies -- with a full menu of services to process and sell salvage vehicles through auctions, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes, or recovered stolen vehicles for which an insurance settlement with the vehicle's owner has been made. Operating 85 facilities in 38 states, Copart also provides services to other geographic areas through its national network of independent salvage vehicle suppliers.

NOTE: Certain statements in this release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors and/or factors affecting future results detailed in the company's Securities and Exchange Commission reports, including variations in the company's operating results, the inability to continue to increase service fees, slowdowns in the timing or reduced size of future acquisitions and facility openings, the loss of vehicle suppliers or buyers, the announcement of new vehicle supply agreements by the company or its competitors, changes in regulations governing the company's operations or its vehicle suppliers, environmental problems or litigation.