Copart acquires two salvage vehicle auction businesses to expand operations in southern Louisiana and Utah.BENICIA, Calif.--(BUSINESS WIRE)--Jan. 23, 1997--Copart Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPRT CPRT Copart Inc. (stock symbol) CPRT Citizens for Personal Rapid Transit CPRT Client Perceived Response Time CPRT Coprocessor Register Transfer CPRT Cancer Prevention Research Trust CPRT Classic Professional Racquetball Tour ) has acquired two salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. vehicle auction businesses to expand its nationwide network of service locations. Terms of the acquisitions were not disclosed. In Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , Copart acquired the operations and salvage vehicle auction property of Sala Insurance Salvage in Baton Rouge Baton Rouge (băt`ən rzh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. for cash. The acquisition was completed on Jan. 10, 1997. The facility currently processes in excess of 4,000 vehicles annually and services the southern Louisiana and southern Mississippi Mississippi, state, United StatesMississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by markets. In Utah, Copart entered into an agreement to acquire the operations of Western Affiliated Salvage Pool in Salt Lake City for cash. The facility currently processes in excess of 8,000 vehicles annually and services Utah and portions of Colorado, Wyoming and Idaho. Separately in Salt Lake City, Copart leased property and is building a new salvage vehicle auction facility that will open in mid- mid- pref. Middle: midbrain. 1997, moving the newly acquired operations to that site. "These investments extend Copart's service capabilities for our major customers," said Willis J. Johnson, Copart's chief executive officer. "With 53 facilities in major markets across the country, together with our affiliate relationships in smaller markets, Copart is well-positioned to meet the needs of its vehicle providers on a comprehensive basis." Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range 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 are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The company currently operates 53 facilities in 26 states. It also provides services in other locations through its national network of independent salvage vehicle processors. -0- NOTE: Copart financial and investor communications can be viewed or downloaded through the Internet at http://www.copart.com . CONTACT: Copart Inc., Benicia Joseph Whelan, 707/748-5003 |
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