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Copart Announces New Video Auction Service

21 January 2000

Copart Announces New Video Auction Service; Also Announces New Long Island Facility

    BENICIA, Calif.--Jan. 21, 2000--Copart, Inc., today announced a new auction service for its buyers -- Electronic Video Auctions (EVA). With EVA, buyers are able to stay indoors and bid on vehicles. EVA utilizes large TV monitors to display digital images and details of the vehicle while the auctioneer conducts the sale. With the advent of EVA, buyers can now bid at the live auction in a comfortable indoor setting or on the Internet at Copart.com. The EVA system is being rolled out first to Copart facilities in extreme climates. The first installation was at Copart's South Boston facility in early December.
    "Our buyers expect Copart to provide leading edge technology, services, and value," said Willis J. Johnson, Copart's Chief Executive Officer. "EVA is just the latest in a series of products we've built for our buyers since June of 1998 when we launched our Internet auction service which was followed by Buyer Profile emails and CoPartfinder. EVA is the next step in the evolution of our business."
    Additionally, Copart announced the opening of a new 40-acre facility to serve the New York City/Long Island area. The new facility is favorably located near Islip Airport and replaces a 13-acre site located at the end of Long Island in South Hampton. The facility was expanded and relocated to serve growing business in the area.
    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 70 facilities in 34 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.