Copart Accelerates the Rollout of Virtual Bidding

    BENICIA, Calif.--Feb. 20, 2002--Copart, Inc. today announced that it has recently completed installing its Virtual Bidding product at the first 16 locations across the country. As of today, Copart's Virtual Bidding product is available for auctions in Albuquerque, Chicago, Denver, El Paso, Graham, Hammond, Indianapolis, Lexington, Madison, Milwaukee, Pasco Peoria, Pittsburgh, Portland, Salt Lake City and St. Louis.
    "The Virtual Bidding product allows our buyers to bid on cars in real-time over the Internet at Copart.com," said A. Jayson Adair, Copart's President. "With Virtual Bidding, buyers now have three choices on how they can bid: attend the live auction; use our original Internet bidding product that opens for proxy bidding two weeks prior to the auction; or, bid live in real-time over the Internet with Virtual Bidding.
    "The feedback from buyers and suppliers has been very positive. Buyers are pleased because Virtual Bidding allows them to follow auctions in real-time and bid based on the current market price. Our suppliers are pleased because Virtual Bidding brings more buyers to the auction, which generally causes returns to increase. Additionally, our suppliers can also follow along in real-time to see how their cars are doing at a particular sale. The Virtual Bidding product is only available at Copart."
    Copart is scheduled to announce results for the second quarter on February 25, after the close of the market.
    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 88 facilities in 39 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 Securities and Exchange Commission reports, such as: the dependence on a limited number of suppliers; competitive factors; the inability to continue growing by the acquisition and development of new 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; 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; 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.