Copart Opens in Nashville, Tennessee
12 February 1999
Copart Opens in Nashville, Tennessee
BENICIA, Calif.--Feb. 12, 1999--Copart, Inc., today announced that it has opened a new full service automotive auction facility to service Nashville, Tenn. and surrounding areas.
With the addition of this new facility Copart now has 61 locations in 32 states.
Since April of 1998, Copart has acquired five salvage vehicle auction facilities and opened two new facilities. Acquisitions include facilities in Columbia, S.C.; Mobile, Ala.; San Diego; Des Moines, Iowa and Detroit, Mich. New salvage vehicle auction sites have been opened in Las Vegas and Nashville, Tenn.
"Each new location fits our growth strategy by broadening our national presence," said Willis J. Johnson, Copart's chief executive officer. "In addition, we are continuing to invest in new technologies and service programs to solidify our leadership position among buyers and sellers in the vehicle auction industry."
On Feb. 5, 1999, Copart announced an industry first: an agreement to provide complete EDI/EFT services for a key vehicle supplier. In addition, over the last six months, the company has introduced a variety of Internet services for its suppliers and buyers all available through Copart's website (www.copart.com).
These services include Internet bidding, digital images of vehicles and documents, a wide range of on-line graphical reports to improve customer's productivity, and much more.
Founded in 1982, Copart provides vehicle suppliers -- primarily insurance companies -- with a full menu 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 recovered stolen vehicles for which an insurance settlement with the vehicle's owner has been made. Operating 61 facilities in 32 states, Copart also provides services to other locations through its national network of independent salvage vehicle suppliers.
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, including variations in the company's operating results, the inability to continue to increase service fees, slowdowns in the timing or reduced size of future acquisitions and facility openings, the loss of vehicle suppliers or buyers, the announcement of new vehicle supply agreements by the company or its competitors, changes in regulations governing the company's operations or its vehicle suppliers, environmental problems or litigation.