Salvage Direct Announces Appointment of New CEO; Former Venture Capitalist Joins PA-Based Online Salvage Auction Company

TITUSVILLE, Pa.--June 7, 2006--Salvage Direct today announced the appointment of Dan Hoversten as Salvage Direct's new Chief Executive Officer. Hoversten will take the helm of the Titusville, Pennsylvania-based company at the beginning of June, 2006.

Having served on Salvage Direct's Board of Directors for the past four years, Hoversten is well positioned to take command of the business. His position will focus on operational side of the company, including strategic planning to move the company forward into its second decade of business.

"We decided that it was time to bring in a CEO with a strong business development background to further develop and execute our strategic long-term plan," said Bob Joyce, Founder and President of Salvage Direct. "In Dan we found a winning combination of financial management background and entrepreneurial experience. Dan's direct experience with insurance companies and rental cars is just icing on the cake," he adds.

Hoversten, who holds an MBA from Syracuse University, comes to Salvage Direct from SJF Ventures, where he held the position of Managing Director in their Philadelphia office. In this capacity, Hoversten was responsible for sourcing deals, analyzing investment opportunities and managing portfolio companies. In addition, Hoversten gained entrepreneurial experience when he started several companies, including an insurance rental car business.

Hoversten currently holds positions on the boards of a number of portfolio companies, including Preclick, EdMap and Spectral Dimensions and non-profit agencies. In the past, he held management and executive positions with various high-profile companies, including Advest, Alex Brown and Paine Webber, and ran the private equity desk of the Philadelphia hedge fund company Professional Edge. In addition, Hoversten once held a seat on the Philadelphia Stock Exchange.

About Salvage Direct

Salvage Direct, which pioneered the online salvaged vehicle auction in 1998, auctions salvaged vehicles and watercraft over the Internet on behalf of insurance companies, rental car fleets and other institutions. Salvage Direct can handle every stage of the process, from recovery through sales, of vehicles ranging from motorcycles and wave runners to tractor trailers and speedboats. Salvage Direct's ability to respond immediately following a hurricane or other natural disaster ensures reduced cycle times and lower costs for salvage buyers and seller alike. Whether the loss is caused by natural disaster, automobile accident or some other incident, Salvage Direct is there to assist. For more information or to view Salvage Direct's inventory of salvaged vehicles and boats, visit them online at www.salvagedirect.com.