Copart Acquires Its Second Salvage Auction in the Dallas-Fort Worth Area

Business Wire, June 6, 2002

Business Editors

BENICIA, Calif.--(BUSINESS WIRE)--June 6, 2002

Copart, Inc. (Nasdaq:CPRT) today announced that it has acquired the assets of North Texas Insurance Auto Auction, L.P.

Copart's second Dallas-Fort Worth location is in the community of Haslet, Texas, approximately 20 miles north of Fort Worth. The facility is approximately 56 acres and is 40 miles to the north west of Copart's primary Dallas location in Grand Prairie. The Haslet facility is Copart's 92nd location in the U.S. and the company's tenth site in Texas.

"We are very pleased that the North Texas facility is joining Copart," said Willis J. Johnson, Copart's Chief Executive Officer. "Our current Grand Prairie location is the largest in our company in both acres and units sold and it has grown significantly in recent years. The addition of a second location in the Dallas-Fort Worth area gives us more capacity in this vital market."

Since August 2001, Copart has added eight locations including sites in New Castle, DE; Savannah, GA; Tifton, GA; Charleston, WV; Lyman, ME; Tucson, AZ; Somerville, NJ and Haslet, TX.

Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through auctions, principally to licensed vehicle dismantlers, rebuilders, repair licensees and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company operates 92 facilities in 40 states. It also provides services in other locations through its national network of independent salvage vehicle processors.

NOTE: Certain statements in this release are 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 most recent Annual report on Form 10-K, and all reports on Forms 10-Q and 8-K since the date of such report of Form 10-K, such as: the dependence on a limited number of major suppliers of salvage vehicles; competitive factors; the inability to continue growing, or maintaining the Company's growth rate, by the acquisition and development of new facilities or through the continued growth of existing facilities; the inability to manage growth; limited experience in the public auction business; fluctuations in the availability and/or prices of vehicles; variations in vehicle accident rates; buyer attendance at auctions; delays or changes in state title processing; changes in state or federal laws affecting salvage vehicles or salvage facilities; the timing and size of acquisitions; the announcement of new vehicle supply agreements by us or our competitors; the severity of weather and seasonal weather patterns affecting vehicle accident rates and auction attendance; the amount and timing of operating costs and capital expenditures; government regulation; environmental problems; the loss of key management; and, difficulties in managing our trucking fleet.