• Home
• Reviews
• Insurance
• New Car Buyer's Guide
• Buyer's Guides By Make
• Auto Parts
• Video/Audio
• PennySaver

Insurance Auto Auctions Announces Greenfield Facility In Los Angeles, California

    SCHAUMBURG, Ill., April 2 Insurance Auto Auctions, Inc.
a leading provider of automotive salvage and claims processing
services in the United States, today announced the opening of a new greenfield
facility in the heart of Los Angeles.  This 40-acre site will not only replace
the existing Gardena, California location, but will provide much needed
additional capacity for vehicle processing in the large southern California
market.
    "Our new Los Angeles facility is destined to set a new standard for both
branch operational efficiency and customer service," commented Tom O'Brien,
Chief Executive Officer.  "By combining customer-valued amenities and services
with ample storage space, we will be in a position to improve our customers'
salvage returns as well as our market share in this important region.
    "As with our recent acquisition in Pittsburgh, Pennsylvania, and our
greenfield in Philadelphia, Pennsylvania, the announcement of the Los Angeles
facility is continued evidence of our commitment to market expansion," O'Brien
continued.  "Throughout the coming year, we will continue to explore
additional opportunities to increase market coverage through acquisition and
new site development in markets where we can add value."

    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 58 sites
across the United States.
    This press release contains 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,
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 31, 2000.  Among these risks are: conducting business pursuant
to the purchase agreement method of sale; fluctuations in the actual cash
value of salvage vehicles; the ability to successfully renegotiate existing
purchase agreement contracts; the quality and quantity of inventory available
from suppliers; the ability to pass through increased towing costs; that
vehicle processing time will improve; that the Company's towing business will
reach forecasted levels of profitability; legislative or regulatory acts,
changes in the market value of salvage; competition; the availability of
suitable acquisition candidates; the ability to bring new facilities to
expected earnings targets and the dependence on key insurance company
suppliers; and the level of energy and labor costs.
    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 .