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Copart Acquires New Facility in Wichita, Kansas

7 August 1999

Copart Acquires New Facility in Wichita, Kansas; Also Announced That 15 Facilities Increased Capacity in Fiscal 1999; Over 250 Acres Added; Capacity Increased by 18%

    BENICIA, Calif.--Aug. 6, 1999--Copart, Inc., today announced the acquisition of Kansas Insurance Pool, Inc. of Wichita, Kansas. The acquisition expands Copart's national network of vehicle auction and storage locations to 65 sites in 32 states. This is Copart's second facility in Kansas.
    The new Copart facility includes 33 acres of property and facilities for storage, preparation and sale of salvage and other auction vehicles. Terms of the transaction were not disclosed.
    "Wichita was our fifth new facility for fiscal 1999", said Willis J. Johnson, Copart's Chief Executive Officer. "In addition to our new locations, we were very busy this year adding capacity to existing facilities. We needed more space to handle the increasing volume of vehicles from our suppliers. We also want to provide those suppliers with the on-site facilities, office space and technology they need. To accomplish this, we acquired and developed over 127 acres of land at 15 facilities from coast to coast. Recent examples include Tulsa, Oklahoma and Baton Rouge, Louisiana. In Tulsa we moved from a 10-acre location to a new 28-acre site. In Baton Rouge we relocated from a 30-acre site to a new 64-acre facility. Both of these relocations included new buildings with ample office space and inspection facilities for our suppliers."
    During fiscal 1999, which ended on July 31, Copart added over 250 acres at new and existing locations, representing an 18% increase in overall capacity since the start of the year. New locations in the fiscal year include Wichita, KS; San Antonio/Austin, TX; Nashville, TN; McAllen, TX and Huntsville, AL. Capacity was increased at existing facilities in California, North Carolina, Florida, Pennsylvania, Oklahoma, Ohio, Indiana, Louisiana, and Mississippi. At July 31, 1999, Copart had over 1,650 acres of capacity nationwide.
    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 65 facilities in 32 states, Copart also provides services to other geographic areas through its national network of independent salvage vehicle suppliers.

    NOTE: Certain statements in this release may be 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.