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Copart Statement of Operations and Project Narrative <br />Elk River, Minnesota <br /> <br /> <br />Statement of Operations <br />Copart, Inc., (“Copart”), and its subsidiaries, provide cutting edge asset <br />liquidation services (“Copart Asset Services”) to institutional, commercial, and private <br />owners (collectively “Sellers”) of used undamaged or damaged vehicles, trailers, <br />watercraft, and powersports, industrial and construction equipment (collectively, <br />“Assets”). Most Sellers are insurance companies, licensed dealers, financial institutions, <br />charities, municipalities, and fleet operators. Copart Asset Services include short-term <br />storage and sales of Assets, and ancillary receiving, shipping, lien sale and administrative <br />activities. All Assets are liquidated intact, meaning no dismantling, draining of fluids, <br />crushing, or sale of parts occurs at a Copart facility (“Facility”). <br /> <br />After being received at the Facility, Assets are inspected, photographed, <br />catalogued, and placed in ground-level short-term storage designed for quick retrieval. <br />Assets are never stacked and remain in short-term storage for an average of only 50 to 60 <br />days. <br /> <br />After being placed in short-term storage, Assets are listed for sale through <br />Copart’s proprietary online action-style website and mobile apps for purchase only by <br />Copart registered members (collectively, “Members”). Members are primarily licensed <br />dealers, dismantlers, rebuilders, and exporters, and in some cases are end users. All offers <br />are submitted and accepted electronically, without the use of a live auctioneer. Members <br />are provided the opportunity to inspect Assets at the Facility, although most Asset <br />inspections are limited to viewing images and information made available online. <br />Members may electronically submit preliminary offers from (a) anywhere in the world <br />via a personal computer or mobile device with internet access (each, a “Remote Online <br />Device”), or (b) a limited number of computer kiosks located at the Facility. The high <br />preliminary offer is carried over to the online virtual sale, during which Members may <br />submit offers electronically only from a Remote Online Device. <br /> <br />Assets are sold to the Member with the highest offer (“Buyer”), who then arranges for <br />pickup and transportation of their Assets from the Facility. Payment for sold Assets may <br />be made electronically, via wire-transfer, or in person at the Facility. Titles to sold Assets <br />are either picked up by the Buyer along with the sold Assets, or mailed by Copart to the <br />Buyer. <br /> <br /> <br />Project Narrative <br />Copart currently owns Parcel 75-013-4400 (unplatted & approximately 20 acres) <br />and was granted a Conditional Use Permit and has an approved Stormwater Management <br />Plan, Landscape Plan and Fencing Plan. This is commonly referred to as (“Phase I”) of <br />this project. This parcel is currently being used by Copart until the remaining property, <br />commonly known as (“Phase II”), is approved for development.