IAA Acquires Company in South Carolina
20 June 2000
IAA Acquires Company in South CarolinaSCHAUMBURG, Ill. - Insurance Auto Auctions, Inc., announced today the acquisition of Insurance Salvage Services of South Carolina. Insurance Salvage Services operates two sites in South Carolina, one in Greenville and one in Charleston. "The addition of these new sites further expands our geographic coverage and ability to service our customers," commented Christopher Knowles, Chief Executive Officer. "We will continue to add new sites in 2000 through acquisition and the opening of new facilities." The new Greenville location includes 11 acres of leased property, while the new Charleston location includes 15 leased acres. The acquisition expands Insurance Auto Auctions' storage and auction locations to 54 sites nationwide. Terms of the acquisition were not disclosed. 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 54 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.