Local Investor Group Forms New Insurance Auto Auction in Tarrant County

Local Investor Group Forms New Insurance Auto Auction in Tarrant County

    FORT WORTH, Texas, July 11 In order to address the growing
need for the disposition of damaged vehicles in the Dallas-Fort Worth market a
local investor group has formed a new company, North Texas Insurance Auto
Auction (NTIA) to provide a one-stop solution for the DFW insurance and
automobile auction market.  William "Billy" Rosenthal of the Penrose Group, a
director and one of the founding investors states, "After careful study of the
DFW insurance and auto auction market, our research indicates that this market
is growing very fast, and customers want top notch service at competitive
prices.  Our group consists of hand-picked individuals from within and outside
the industry with one thing in common: they all built businesses founded on
exemplary customer service."
    NTIA was founded in the first quarter of 2001 following extensive meetings
with vehicle buyers and sellers, to identify key service and facility points
that differentiate NTIA from other service providers.  That research in hand,
NTIA will build a new facility in northwest Tarrant County incorporating this
feedback.  NTIA intends to offer those services to insurers, lenders, and
dealers needing prompt disposal of vehicles in North Texas.  NTIA's
competitive strengths include a more convenient location, use of the latest
Internet technologies, experienced management, and a strong capital base to
support growth.
    The insurance automobile auction business has been consolidating over the
last decade, and as recently reported by the Wall Street Journal, two public
companies now control about 50% of a national market estimated at two million
vehicles annually.  In Tarrant County, unlike Houston and other large
population centers, there are no independently owned insurance auctions
currently operating.  Independent operators in other areas have been highly
successful.  Kenneth Rickli, owner of Bayou City Auto Pool in Houston, says
"The DFW market has desperately needed competition, and this operation will be
well received, especially considering the talent pool of shareholders and
directors with many years of industry experience.  My personal knowledge of
these folks' commitment to genuine customer service gives me great confidence
in their venture."
    Ron Sturgeon, NTIA's chairman and a founding investor, says, "We are
thrilled to be Tarrant County's first independent provider of these services,
and our desire to please both buyers and sellers will be systemic and evident
in all our products and services."  Sturgeon was in the automotive recycling
business for the last 20 years, recently selling his six Texas locations to a
subsidiary of Ford Motor Company.