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Copart Adds Second Facility in Arkansas
FAIRFIELD, Calif.-(Business Wire)-July 2, 2008 - Copart, Inc. (NASDAQ:CPRT) today announced the opening of a new 20-acre facility in Prairie Grove, Arkansas. This latest addition to Copart's growing footprint marks the company's second facility in Arkansas, the 131st facility in North America, and the 146th facility world-wide.
Copart CEO and founder Willis J. Johnson said the site, which is located in the northwest corner of the state near the borders of Oklahoma and Missouri, will help increase capacity in Arkansas, as well as help service these bordering states.
"This is another example of how Copart is growing its footprint to be closer to our customer's vehicles so we can respond even more quickly and efficiently to their needs," said Johnson.
Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of remarketing services to process and sell salvage vehicles, principally to licensed dismantlers, rebuilders and used vehicle dealers, through Internet sales utilizing its proprietary VB2 technology. 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 146 facilities in the United States, Canada and the United Kingdom.
This press release contains forward-looking statements within the meaning of federal securities laws, and these forward-looking statements are subject to substantial risks and uncertainties. Our business has become increasingly reliant on proprietary and non-proprietary technologies, and it is difficult to forecast with accuracy what impact these changes in our business model will have. We depend on a limited number of major suppliers of salvage vehicles. If we are unable to maintain these supply relationships, our revenues and operating results would be adversely affected. We have only recently entered the UK market through several acquisitions. We do not have any historic experience operating outside of North America, and we may experience challenges adapting our business model to international markets and integrating the acquired businesses. In addition, our revenues, operating results, financial condition, and growth rates are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory risks, and the other factors described under the caption "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We encourage investors to review these disclosures carefully.
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