Copart, Inc. Announces DOL Complaint Withdrawn

    FAIRFIELD, Calif.--July 8, 2003--Copart, Inc. today announced that it has settled the dispute with former CFO Wayne Hilty, and that the Department of Labor (DOL) complaint filed by Mr. Hilty against the Company has been withdrawn. The Company further reported that the DOL has closed its file on this matter.

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