Copart Acquires its Sixth Public Auction FacilityBENICIA, Calif.--Oct. 14, 2002--Copart, Inc. today announced that its Motors Auction Group (MAG) subsidiary has acquired Richmond Auto Auction of Virginia, Inc., of Richmond, Virginia. The acquisition expands Copart's national network of vehicle auction and storage locations to 97 sites in 40 states.
"Richmond Auto Auction is our second public auction in Virginia," said A. Jayson Adair, Copart's President. "MAG now has sites in Richmond and Chesapeake and we offer Virginia vehicle suppliers great coverage plus seven auction lanes and over 100 acres of storage space at the two locations. With this new location MAG now operates six public auction facilities in the northeastern Unites States. "
The new MAG Richmond facility includes approximately 44 acres of property and facilities for storage, preparation and sale of all types of vehicles. Terms of the transaction were not disclosed.
Since August 2001, Copart has added 13 locations including four MAG sites in New Castle, DE; Greencastle, PA; West Mifflin, PA and Richmond, VA and nine Copart salvage sites in Savannah, GA; Tifton, GA; Charleston, WV; Lyman, ME; Tucson, AZ; Somerville, NJ; Haslet, TX; Amarillo, TX and Reno, NV.
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 97 facilities in 40 states. It also provides services in other locations through its national network of independent salvage vehicle processors.