Copart Opens New Facility to Service Austin/San Antonio, Texas
18 February 1999
Copart Opens New Facility to Service Austin/San Antonio, Texas
BENICIA, Calif.--Feb. 18, 1999--Copart, Inc., today announced that it has opened a new full service automotive auction facility to service the Austin and San Antonio, Texas area.
Copart now has 62 locations in 32 states with the addition of this facility.
The new "greenfield" facility includes 60 acres of property and facilities for storage, preparation and sale of salvage and other auction vehicles.
Since April of 1998, Copart has acquired five salvage vehicle auction facilities and opened three new facilities. Acquisitions include facilities in Columbia, S.C.; Mobile, Ala.; San Diego; Des Moines, Iowa and Detroit. New salvage vehicle auction operations have been opened in Las Vegas; Nashville, Tenn. and Austin/San Antonio, Texas.
"This is our eighth new facility in less than 12 months," said Copart Chief Executive Officer Willis J. Johnson. "We're very proud of the Copart people who have worked hard to bring five acquired facilities and three start-up operations into our national network. They've done an outstanding job of implementing the Copart system and getting new facilities up to speed quickly. Our people, technology and resources set us apart. It is our goal to quickly expand into any area where our suppliers need us."
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 62 facilities in 32 states, Copart also provides services to other locations through its national network of independent salvage vehicle suppliers.
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 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.