Copart Acquires Mason-Dixon Public Auto Auction

    BENICIA, Calif.--July 1, 2002--Copart, Inc. today announced that it has acquired Mason-Dixon Auto Auction of Greencastle, PA. With the addition of this 75-acre facility Copart now has four MAG (Motors Auction Group) sites.
    "Mason-Dixon is one of the largest public automobile auctions in the country," said Willis J. Johnson, Copart's Chief Executive Officer. "They sell over $34 million in vehicles annually and draw thousands of buyers from all over the Northeast. For a typical Tuesday night sale, they will auction over one thousand cars and may have buyers who travelled from Ohio, Pennsylvania, Virginia, Maryland or Washington, D.C. to find a deal on a car. This new MAG site is the largest public auction that Copart owns in terms of physical size and units sold. In fact, with the addition of the Mason-Dixon location, we will more than double our annual MAG volume."
    Since August 2001, Copart has added 10 locations including two MAG sites in New Castle, DE and Greencastle, PA, and eight Copart Salvage sites in Savannah, GA; Tifton, GA; Charleston, WV; Lyman, ME; Tucson, AZ; Somerville, NJ; Haslet, TX and Amarillo, 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 94 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.