Copart Acquires Its First Salvage Auction in West Virginia

Business Wire, Oct 1, 2001

Business Editors

BENICIA, Calif.--(BUSINESS WIRE)--Oct. 1, 2001

Copart, Inc. (Nasdaq:CPRT) today announced that it has acquired the assets of Capital Auto Salvage of Charleston, West Virginia.

Copart's new West Virginia location is located in the community of Hurricane, WV, about 30 minutes west of Charleston. The site is approximately 28 acres and is located in the central part of the state along Interstate 64. The Charleston facility is Copart's 88th location in the U.S. and the company's first site in West Virginia.

"We are very pleased that the Capital Auto Salvage business is joining Copart," said Willis J. Johnson, Copart's Chief Executive Officer. "Prior to this acquisition, we serviced the central West Virginia area from our Ohio and Pennsylvania locations. With the new site we can offer our suppliers local towing and their cars will be processed more efficiently and will be on the Internet much sooner."

Since August 2000, Copart has added 12 locations including sites in Harrisburg, PA; Chatham, VA; Chicago Heights, IL; Shreveport, LA; Mt. Morris, PA; Martinez, CA; Lawrenceburg, KY; New Orleans, LA; New Castle, DE; Savannah, GA; Tifton, GA; and Charleston, WV.

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 88 facilities in 39 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.