Copart Acquires its Second Public Auction Facility in Chesapeake, Virginia
10 November 1999
Copart Acquires its Second Public Auction Facility in Chesapeake, Virginia
BENICIA, Calif.--Nov. 10, 1999--Copart, Inc., today announced the acquisition of Buchanan Auto & Auction of Chesapeake, Virginia. The acquisition expands Copart's national network of vehicle auction and storage locations to 66 sites in 33 states. This is Copart's first facility in Virginia and the Company's second public auction facility."Buchanan Auto & Auction is one of the larger public auto auctions in the country," said Willis J. Johnson, Copart's Chief Executive Officer. "On any given Saturday the facility will attract 800 to 1,000 buyers who come to find deals on repossessions, lease and finance returns and dealer cars. Buchanan was founded in 1980 and has built a reputation throughout Virginia for value and great service."
The new Copart Chesapeake facility includes over 64 acres of property and facilities for storage, preparation and sale of all types of vehicles. The Company intends to add a salvage vehicle auction to the site in early 2000. Terms of the transaction were not disclosed.
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 66 facilities in 33 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.