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Copart Acquires New Facility in Peoria, Illinois

3 December 1999

Copart Acquires New Facility in Peoria, Illinois

    BENICIA, Calif.--Dec. 3, 1999--Copart, Inc., today announced the acquisition of Pekin Auto Storage Pool, Ltd. of Peoria, Illinois. The acquisition expands Copart's national network of vehicle auction and storage locations to 69 sites in 34 states. This is Copart's second facility in Illinois.
    The new Copart facility includes 30 acres of property and facilities for storage, preparation and sale of salvage and other auction vehicles. 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 69 facilities in 34 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.