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Copart Acquires New Facility in Massachusetts

13 December 1999

Copart Acquires New Facility in Massachusetts

    BENICIA, Calif.--Dec. 13, 1999--Copart, Inc., today announced the acquisition of Ronnie's Auto Auction, Inc. of Massachusetts. The facility is located in Billerica, north of Boston, and serves the North Boston, New Hampshire, Vermont and Maine markets. This is Copart's second facility in Massachusetts. The acquisition expands Copart's national network of vehicle auction and storage locations to 70 sites in 34 states.
    The new Copart facility includes 37 acres of property and facilities for storage, preparation and sale of salvage and other auction vehicles. Terms of the transaction were not disclosed.
    Since January 1999, Copart has acquired or opened ten new locations. The new facilities include start-up sites in Denver, CO; Graham, WA; San Antonio/Austin, TX and Nashville, TN. Acquisitions include McAllen, TX; Huntsville, AL; Chesapeake, VA; Wichita, KS; Peoria, IL and North Boston, MA.
    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 70 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.