Copart Opens its Third Seattle Area Facility
16 November 1999
Copart Opens its Third Seattle Area Facility
BENICIA, Calif.--Nov. 16, 1999--Copart, Inc., today announced that it has opened its third full salvage vehicle auction facility in the Seattle area. The new green-field facility is located south of Seattle in Graham, Washington. The Graham location joins with Copart's other Seattle-area facilities including Kent, which serves central Seattle, and Woodinville, which serves the communities to the north. With the addition of this new 18-acre facility Copart now has 67 locations in 33 states.Since January 1999, Copart has acquired or opened seven new locations. The new facilities include the Buchanan public-auction facility announced last week in Chesapeake, Virginia, plus salvage facilities in Wichita, KS; San Antonio/Austin, TX; Nashville, TN; McAllen, TX; Huntsville, AL; and Graham, WA.
"Each new location fits our growth strategy by broadening our national presence, increasing our capacity and improving service to our suppliers and buyers," said Willis J. Johnson, Copart's Chief Executive Officer.
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 67 facilities in 33 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.