IAA Opens a New Facility on Long Island
18 April 2000
IAA Opens a New Facility on Long IslandSCHAUMBURG, Ill., April 18 Insurance Auto Auctions, Inc. (Nasdaq: IAAI), announced today the opening of a new facility on Long Island. The new facility expands the Company's current capacity in the New York City area, significantly improving IAA's ability to service its customers in this important market. "This new facility consolidates two smaller facilities on Long Island and will improve efficiencies," commented Christopher G. Knowles, Chief Executive Officer. "Additionally, the new facility better serves customers with its Run & Drive(SM) Auction, its FastTrack(R) Appraisal Center and its Internet Imaging Station." "This facility is designed to accommodate a range of services which are 'cutting edge' for our industry," Knowles continued. "It is a model for our facility plans going forward and fits well within our expansion plans for 2000." 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. This is a $3 billion per year industry. The company currently has 52 auction sites across the United States. This press release contains forward-looking information that is subject to certain risks 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, 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, Form 10-K for the fiscal year ended December 31, 1999, or subsequent quarterly reports. Among these risks are legislative acts, changes in the market value of salvage, competition, quality and quantity of inventory available from suppliers, availability of suitable acquisition candidates and dependence on key insurance company suppliers. 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