Copart Acquires Its Fifth Public Auction Facility

    BENICIA, Calif.--Sept. 3, 2002--Copart, Inc. today announced that its Motors Auction Group (MAG) subsidiary has acquired Greater Pittsburgh Auto Auction of West Mifflin, Pennsylvania. The acquisition expands Copart's national network of vehicle auction and storage locations to 95 sites in 40 states. Copart now operates five facilities in Pennsylvania including three Copart salvage auctions and two MAG public auction sites. In addition, Greater Pittsburgh is Copart's fifth MAG public auto auction location nationwide.
    "Greater Pittsburgh is our second public auction acquisition in Pennsylvania this summer," said A. Jayson Adair, Copart's President. "This facility, along with the Mason-Dixon auction in Greencastle, PA that we acquired in July, gives us great coverage for used vehicle suppliers in western and central Pennsylvania."
    Since August 2001, Copart has added 11 locations including three MAG sites in New Castle, DE; Greencastle, PA and West Mifflin, PA, and eight Copart salvage sites in Savannah, GA; Tifton, GA; Charleston, WV; Lyman, ME; Tucson, AZ; Somerville, NJ; Haslet, TX and Amarillo, TX.
    On Tuesday September 17, Copart is scheduled to announce results for the fiscal year that ended July 31, 2002.
    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 vehicle dismantlers, rebuilders, repair licensees 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 operates 95 facilities in 40 states. It also provides services in other locations through its national network of independent salvage vehicle processors.

    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 most recent Annual report on Form 10-K, and all reports on Forms 10-Q and 8-K since the date of such report of Form 10-K, such as: the dependence on a limited number of major suppliers of salvage vehicles; competitive factors; the inability to continue growing, or maintaining the Company's growth rate, by the acquisition and development of new facilities or through the continued growth of existing facilities; the inability to manage growth; limited experience in the public auction business; fluctuations in the availability and/or prices of vehicles; variations in vehicle accident rates; buyer attendance at auctions; delays or changes in state title processing; changes in state or federal laws affecting salvage vehicles or salvage facilities; the timing and size of acquisitions; the announcement of new vehicle supply agreements by us or our competitors; the severity of weather and seasonal weather patterns affecting vehicle accident rates and auction attendance; the amount and timing of operating costs and capital expenditures; government regulation; environmental problems; the loss of key management; and, difficulties in managing our trucking fleet.