Insurance Auto Auctions Cancels Its Fourth Quarter Earnings Call Scheduled for Friday, February 25

WESTCHESTER, Ill.--Feb. 2, 20054, 2005--Insurance Auto Auctions, Inc. today announced that, in light of the recent announcement that it has signed a definitive merger agreement to be acquired by affiliates of Kelso & Company, it will no longer be hosting its fourth quarter and year-end 2004 earnings call on Friday, February 25. The Company plans to release earnings within the next two weeks.

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 78 sites across the United States.

Safe Harbor Statement

This Report contains forward-looking statements that are 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 statements. In some cases, you can identify forward looking statements by 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 and subsequent quarterly reports. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Company undertakes no obligation to publish, update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at www.iaai.com