Insurance Auto Auctions (NASDAQ:IAAI)
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From May 2019 to May 2024
Insurance Auto Auctions Announces Strategic Acquisition in
Jackson, Mississippi
SCHAUMBURG, Ill., July 8 /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 acquisition of
Mid-South Salvage LLC, a 15-acre operation located in Jackson, Mississippi. The
new site holds bi-weekly onsite auctions and houses a VIC (Vehicle Inspection
Center) for its insurance company customers. The site represents the Company's
first operation in the state of Mississippi, but will cost effectively leverage
existing operations in Baton Rouge, La. and Little Rock, Ark. The Company plans
to install its new IT system in the branch in the near future.
"We are pleased to announce the Jackson acquisition, as it fits perfectly with
our ongoing growth strategy of cost-effectively leveraging existing
operations," said Tom O'Brien, CEO of IAA. "The addition of this new location
fills a clear void in our coverage of the southern United States, giving us the
opportunity to provide better service to both existing and potential customers
in the area. We will remain focused on achieving similar market penetration
through continued cost-effective acquisitions going 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 77 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/ .
Website: 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 General Inquiries, Chris Kettmann of
Ashton Partners, +1-312-553-6716