Copart Announces Exclusive National Contract With The Hartford
16 September 1999
Copart Announces Exclusive National Contract With The Hartford
BENICIA, Calif.--Sept. 16, 1999--Copart, Inc. today announced that The Hartford Financial Services Group, one of the top five property/casualty insurers in the United States, has entered into a nationwide agreement with Copart for salvage vehicle processing. Under the agreement, Copart will be The Hartford's exclusive vendor in the United States."This is Copart's 33rd national contract," said Willis J. Johnson, Copart's Chief Executive Officer. "The Hartford put us through a strenuous selection process that tested procedures, service levels, and results. They are one of our most technologically advanced clients. For example, they were one of the first insurance companies able to accept Electronic Funds Transfers (EFT) from us. We have also built sophisticated applications for them such as customized file transfer protocols that allow The Hartford and Copart to exchange information throughout the transaction -- from assignment to sale. We are very pleased that The Hartford has recognized the excellence of Copart systems and people."
About The Hartford
The Hartford is one of the nation's largest international insurance and financial services companies, with 1998 revenues of $15 billion. As of June 30, 1999, The Hartford had assets of $157.3 billion and shareholders' equity of $6 billion.
About Copart
Founded in 1982, Copart provides vehicle suppliers, primarily insurance companies, with a full range 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 are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The company operates 65 facilities in 32 states. It also provides services in other locations through its national network of independent salvage vehicle processors.
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, the timing and size of 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.
