Copart, Inc. Announces Stock Repurchase Program

    FAIRFIELD, Calif.--Feb. 20, 2003--Copart, Inc. announced today that its Board of Directors has authorized the company to repurchase up to 9 million shares of its Common Stock. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the share repurchase program. The repurchases will be made at such times and in such amounts as Copart deems appropriate and may be discontinued at any time.

    About Copart

    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 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 101 facilities in 40 states. It also provides services in other locations through its national network of independent salvage vehicle processors.