SCHAUMBURG, Ill., April 4 /PRNewswire/ -- Insurance Auto Auctions, Inc.
(Nasdaq: IAAI), announced today the acquisition of two companies in
Wisconsin: Wisconsin Auto Auction, L.L.C. of Milwaukee and Valley Auto Pool,
Inc. of Appleton.
"The addition of these new sites adds important geographic coverage and
expands our ability to service our customers. We will continue to add new
sites in 2000 through additional acquisitions and the opening of new
facilities," commented Christopher Knowles, Chief Executive Officer. The
acquisitions expand Insurance Auto Auctions' appraisal, storage and auction
locations to 52 sites nationwide.
Knowles continued, "In 1999, we focused on margin improvement. In
addition to continuing our work in this area for 2000, we will also
concentrate our efforts on expanding geographic coverage and dramatically
increasing our e-commerce business." "
Mark Bachman, previous owner of the Wisconsin-based businesses and current
President of the American Salvage Pool Association added, "We are excited to
be a part of Insurance Auto Auctions and believe that the growth of our
business and services to our customer base will be enhanced."
"
The new Milwaukee location includes 42 acres of leased property, while the
new Appleton location includes 17 leased acres. Both include facilities for
the appraisal, storage, preparation and sale of total loss vehicles. Each
location includes an enclosed Run & Drive(SM) building and a FastTrack(R)
appraisal center.
Terms of the acquisitions were not disclosed
About Insurance Auto Auctions, Inc.
Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive
total loss and specialty salvage services in the United States, provides
insurance companies with cost-effective, turnkey solutions to process and sell
total-loss and recovered-theft vehicles. This is a $3 billion per year
industry. The company currently has 52 auction sites across the United
States.
This press release contains forward-looking information that is subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected, expressed, or implied by such forward-looking
information. In some cases, you can identify forward looking statements by
our use of words such as "may, will, should, anticipates, believes, expects,
plans, future, intends, could, estimate, predict, potential or contingent,"
"
the negative of these terms or other similar expressions. The company'
's
actual results could differ materially from those discussed or implied herein.
Factors that could cause or contribute to such differences include but are not
limited to those discussed in the company'
's annual report, Form 10-K for the
fiscal year ended December 31, 1998, or subsequent quarterly reports. Among
these risks are legislative acts, changes in the market value of salvage,
competition, quality and quantity of inventory available from suppliers,
availability of suitable acquisition candidates and dependence on key
insurance company suppliers.
For additional information regarding Insurance Auto Auctions free of
charge via fax, dial 1-800-PRO-INFO and use the company's stock symbol,
"IAAI." Additional information about Insurance Auto Auctions, Inc. is
available on the World Wide Web at http://www.iaai.com
SOURCE Insurance Auto Auctions, Inc.
 back to top
Related links:
http://www.iaai.com
CONTACT:
Steve Green, Chief Financial Officer of
Insurance Auto Auctions, 847-839-4156; or General and Analyst
Inquiries, Alicia DaCosta, 312-640-6780, or Media Inquiries,
Darcy Bretz, 312-640-6727, both of The Financial Relations Board
for Insurance Auto Auctions
|
