SCHAUMBURG, Ill., June 20 /PRNewswire/ -- Insurance Auto Auctions, Inc.
(Nasdaq: IAAI), announced today the acquisition of Insurance Salvage Services
of South Carolina. Insurance Salvage Services operates two sites in South
Carolina, one in Greenville and one in Charleston.
"The addition of these new sites further expands our geographic coverage
and ability to service our customers," commented Christopher Knowles, Chief
Executive Officer. "We will continue to add new sites in 2000 through
acquisition and the opening of new facilities."
The new Greenville location includes 11 acres of leased property, while
the new Charleston location includes 15 leased acres. The acquisition expands
Insurance Auto Auctions' storage and auction locations to 54 sites nationwide.
Terms of the acquisition 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 54 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, 1999, 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.
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Related links:
http://www.iaai.com
CONTACT:
Steve Green, Chief Financial Officer of IAAI,
847-839-4156, or General Inquiries, Jeff Wilhoit, 312-640-6757,
Analyst Inquiries, Alicia DaCosta, 312-640-6780, or Media
Inquiries, Tim Grace, 312-274-2240, all of The Financial
Relations Board
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