Insurance Auto Auctions (NASDAQ:IAAI)
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Insurance Auto Auctions Announces Relocation of Pittsburg, California Facility
to Bay Point, California
SCHAUMBURG, Ill., Dec. 15 /PRNewswire-FirstCall/ -- Insurance Auto Auctions,
Inc. , a leading provider of automotive salvage and claims processing services
in the United States, today announced that it has replaced its 10-year old
Pittsburg, CA facility with an entirely new facility in Bay Point, CA, which is
located less than 3 miles west of the old location.
The new 26-acre facility in Bay Point is 36 percent larger than the former
Pittsburg location, giving it the additional capacity necessary to continue
serving the San Francisco, Oakland and Bay area markets. The new location is
also equipped with the company's new IT system and a much more efficient yard
and office layout.
"As we've stated in prior communications, we have made a commitment to
supporting our customers by enhancing our existing facilities in a cost
effective manner," said Tom O'Brien, CEO of IAA. "We believe the movement of our
California location to Bay Point will allow us to better serve a key customer
market by continuing to provide excellent service in a new, state-of- the-art
facility. This will improve both yard and office functionality for our
employees, giving them the ability to spend more time on the needs of our
customers. Maintaining and growing our core base of customers is essential to
our long-term future, and this facility upgrade is a perfect example of our goal
to improve our operations in every market in which we operate."
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 74 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 29, 2002
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/