Insurance Auto Auctions (NASDAQ:IAAI)
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Insurance Auto Auctions Announces Opening of Greenfield Facility
in El Paso, Texas
SCHAUMBURG, Ill., July 6 /PRNewswire-FirstCall/ -- Insurance Auto Auctions,
Inc. (NASDAQ:IAAI) a leading provider of automotive salvage and claims
processing services in the United States, today announced the opening of a new
greenfield facility in El Paso, Texas. This new 8-acre facility will provide
additional coverage in the state of Texas, leveraging branches in Austin,
Corpus Christi, Dallas/Ft. Worth, Houston, Longview and San Antonio. Due to its
strategic location in the western tip of Texas, the new El Paso location will
also provide support for the Company's Albuquerque, New Mexico branch by
serving the southern third of New Mexico. IAA's new IT system has been
installed in the new location, allowing the operation to immediately leverage
its reporting and processing capabilities.
"We opened this branch specifically to provide additional service to our
existing customers in Texas and New Mexico, and with its addition the El Paso
facility helps us solidify this key state and the region overall," said Tom
O'Brien, CEO of IAA. "This location cost effectively leverages our existing
locations in Texas and New Mexico and we will continue to look for additional
opportunities that will allow us to better serve our existing and potential
customers in the area. We look forward to updating our customers and
shareholders on the progress of our growth strategy as we move forward."
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. The Company currently has 76 sites across the
United States.
Safe Harbor Statement
Certain statements in this document contain forward-looking information that is
subject to certain risks, trends 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, projects,
targeting, 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 on Form 10-K for the fiscal year ended December 28,
2003 or subsequent quarterly reports. Among these risks are: changes in the
market value of salvage; the quality and quantity of inventory available from
suppliers; the ability to pass through increased towing costs; that vehicle
processing time will improve; legislative or regulatory acts; competition; the
availability of suitable acquisition candidates and greenfield opportunities;
the ability to bring new facilities to expected earnings targets; the
dependence on key insurance company suppliers; the ability of the Company and
its outside consultants to successfully complete the re-design of the Company's
information systems, both in a timely manner and according to costs and
operational specifications; and the level of energy and labor costs.
Additional information about Insurance Auto Auctions, Inc. is available on the
World Wide Web at http://www.iaai.com/ .
DATASOURCE: Insurance Auto Auctions, Inc.
CONTACT: Scott Pettit, Chief Financial Officer of Insurance Auto
Auctions, Inc., +1-847-839-4040, or Chris Kettmann, General Inquiries, of
Ashton Partners, +1-312-553-6716
Web site: http://www.iaai.com/