Insurance Auto Auctions Announces Share Repurchase Plan
12 September 2000
Insurance Auto Auctions Announces Share Repurchase PlanSCHAUMBURG, Ill., Sept. 11 Insurance Auto Auctions, Inc. , a leading provider of automotive salvage and claims processing services in the United States, today announced it had received approval from its Board of Directors for a share repurchase program initially authorizing the Company to buy up to 1,500,000 shares of its common stock. Under the plan, the Company may purchase common stock in the open market as conditions dictate. The amount and timing of any purchases will depend upon a number of factors, including the price and availability of the Company's shares and general market conditions. The shares of common stock will be kept as treasury shares and will be used for general corporate purposes. "Following the company's third quarter earnings warning, the Board of Directors wanted to be in a position to take advantage of attractive stock prices by approving a share repurchase plan," commented Christopher Knowles, CEO. "Approval of the plan reflects the Board's confidence in the future of the company and balances the company's capacity for leverage with its capital needs for acquisitions and other growth."