SCHAUMBURG, Ill., Sept. 1 /PRNewswire/ -- Industry leader Insurance Auto
Auctions, Inc. (Nasdaq: IAAI) today introduced the first Internet-based
electronic auction of specialty salvage vehicles which makes it easier for
customers worldwide to buy exotic cars, heavy equipment, large trucks and
marine vessels. This new, advanced capability enables buyers to
electronically register, send sealed bids, manage and track their bids and
view the results.
"It's another first for IAA in supporting its customers and buyers of
total loss and recovered theft trucks, RVs, upscale automobiles, earth-moving
equipment and boats," said James P. Alampi, chairman, chief executive officer
and president. "With the addition of SpecialtyNet(R) to our expanding suite
of on-line services, including our recently announced DataLink(R) product, we
continue to provide state-of-the-art systems, which benefit our customers.
Our new Specialty Salvage website provides digital images and detailed
descriptions of the equipment for sale, as well as a complete set of tools
that help customers in developing their bids.
"We are proud to continue our industry leadership role by introducing the
first true electronic auction process for specialty salvage vehicles."
Founded in 1982, Insurance Auto Auctions, Inc. provides insurance
companies with cost-effective, turnkey solutions to process and sell
total-loss and recovered-theft vehicles, a $3 billion per year industry. The
company currently has 48 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 form those projected, expressed or implied by such forward-looking
information. 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, 1997, or
subsequent quarterly reports.
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:
Linda C. Larrabee, Sr. VP-CFO of Insurance
Auto Auctions, 847-839-4132; General Inquiries, Norha Lee,
312-640-6689, Analyst Inquiries, Janine Warell, 312-640-6775, or
Media Inquiries, Katy Rizzo, 312-640-6751, all of The Financial
Relations Board
NOTE TO EDITORS: 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."
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