Insurance Auto Auctions Appoints Patrick Cahill Director of Transportation Services
3 May 2000
Insurance Auto Auctions Appoints Patrick Cahill Director of Transportation ServicesSCHAUMBURG, Ill., May 3 Insurance Auto Auctions, Inc. (Nasdaq: IAAI) announced today that Patrick Cahill has joined the Company to fill the position of Director of Transportation Services. Cahill will be responsible for the overall direction and management of IAA's recently formed towing division. His appointment became effective April 3, 2000. In 1999, IAA decided to enter the towing business directly in most markets in which it competes. It has historically contracted for towing services. "Towing represents a significant earnings and revenue growth opportunity for IAA with EBIT expected to reach $10 per unit towed," commented Christopher Knowles, CEO. By the end of the second quarter 2000, IAA expects to be towing in 15 of its 52 facilities with plans to tow roughly 85% of its vehicles nationally when fully implemented late next year. Prior to joining Insurance Auto Auctions, Cahill served as Director of Auto Network Operations at GE Financial Assurance. Prior to that, he held the position of Service Network Manager for The Cross Country Group. Cahill has a BA degree in business management from Curry College. 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 .