Copart Acquires Its first Salvage Auction in Virginia.

Business Editors

BENICIA, Calif.--(BUSINESS WIRE)--Jan. 22, 2001

Copart, Inc. (NASDAQ:CPRT) today announced that it has acquired the assets of Automotive Salvage Disposal Auctions, Inc. of Chatham, Virginia. The new location is Copart's first salvage auction facility in Virginia and serves the central area of the state including Roanoke, Lynchburg, Richmond and surrounding areas. The Chatham location is approximately 52 acres. The company now operates 78 locations in 36 states.

"We have acquired the Virginia location to meet the needs of our suppliers and buyers," said Willis J. Johnson, Copart's Chief Executive Officer. "We have made important gains in this market thanks to the products and services that are only available at Copart."

Since March 2000, Copart has added 8 locations including sites in Boise, ID; Pasco, WA; West Palm Beach, FL; Abilene, TX; San Antonio, TX; Albuquerque, NM; Harrisburg, PA. and Chatham, VA.

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 78 facilities in 36 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.