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Copart Acquires New Facilities in Huntsville, Alabama and McAllen, Texas

21 June 1999

Copart Acquires New Facilities in Huntsville, Alabama and McAllen, Texas

    BENICIA, Calif.--June 21, 1999--Copart, Inc., today announced the acquisition of Indian Creek Salvage of Huntsville, Alabama, and Salvage Pool, Inc. of McAllen Texas, expanding Copart's national network of vehicle auction and storage locations to 64 sites in 32 states.
    The new Copart facilities include 22 acres of property and facilities for storage, preparation and sale of salvage and other auction vehicles. Terms of the transactions were not disclosed.
    Since April of 1998, Copart has acquired seven salvage vehicle auction facilities and opened three new facilities. Acquisitions include facilities in Columbia, SC; Mobile, AL.; San Diego, CA.; Des Moines, IA; Detroit MI; Huntsville, AL and McAllen, TX. New salvage vehicle auction operations have been opened in Las Vegas, NV; Nashville, TN, and San Antonio, TX.
    "In the last 15 months we've added 10 facilities," said Copart Chief Executive Officer Willis J. Johnson. "These new facilities are located to meet our suppliers' needs. They count on Copart to deliver the best technology, services and facilities. The McAllen facility, our seventh Texas location, serves McAllen, Alamo, Brownsville and surrounding areas. The Huntsville site is our second in Alabama."
    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 64 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.