Insurance Auto Auctions Announces Greenfield Facility In Los Angeles, California

Apr 02, 2001, 01:00 ET from Insurance Auto Auctions, Inc.

    SCHAUMBURG, Ill., April 2 /PRNewswire/ --Insurance Auto Auctions, Inc.
 (Nasdaq: IAAI) a leading provider of automotive salvage and claims processing
 services in the United States, today announced the opening of a new greenfield
 facility in the heart of Los Angeles.  This 40-acre site will not only replace
 the existing Gardena, California location, but will provide much needed
 additional capacity for vehicle processing in the large southern California
 market.
     "Our new Los Angeles facility is destined to set a new standard for both
 branch operational efficiency and customer service," commented Tom O'Brien,
 Chief Executive Officer.  "By combining customer-valued amenities and services
 with ample storage space, we will be in a position to improve our customers'
 salvage returns as well as our market share in this important region.
     "As with our recent acquisition in Pittsburgh, Pennsylvania, and our
 greenfield in Philadelphia, Pennsylvania, the announcement of the Los Angeles
 facility is continued evidence of our commitment to market expansion," O'Brien
 continued.  "Throughout the coming year, we will continue to explore
 additional opportunities to increase market coverage through acquisition and
 new site development in markets where we can add value."
 
     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.  The Company currently has 58 sites
 across the United States.
     This press release contains forward-looking information that is subject to
 certain risks, trends 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,
 targeting, 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 on Form 10-K for the fiscal year
 ended December 31, 2000.  Among these risks are: conducting business pursuant
 to the purchase agreement method of sale; fluctuations in the actual cash
 value of salvage vehicles; the ability to successfully renegotiate existing
 purchase agreement contracts; the quality and quantity of inventory available
 from suppliers; the ability to pass through increased towing costs; that
 vehicle processing time will improve; that the Company's towing business will
 reach forecasted levels of profitability; legislative or regulatory acts,
 changes in the market value of salvage; competition; the availability of
 suitable acquisition candidates; the ability to bring new facilities to
 expected earnings targets and the dependence on key insurance company
 suppliers; and the level of energy and labor costs.
     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 www.iaai.com .
 
 
 

SOURCE Insurance Auto Auctions, Inc.
    SCHAUMBURG, Ill., April 2 /PRNewswire/ --Insurance Auto Auctions, Inc.
 (Nasdaq: IAAI) a leading provider of automotive salvage and claims processing
 services in the United States, today announced the opening of a new greenfield
 facility in the heart of Los Angeles.  This 40-acre site will not only replace
 the existing Gardena, California location, but will provide much needed
 additional capacity for vehicle processing in the large southern California
 market.
     "Our new Los Angeles facility is destined to set a new standard for both
 branch operational efficiency and customer service," commented Tom O'Brien,
 Chief Executive Officer.  "By combining customer-valued amenities and services
 with ample storage space, we will be in a position to improve our customers'
 salvage returns as well as our market share in this important region.
     "As with our recent acquisition in Pittsburgh, Pennsylvania, and our
 greenfield in Philadelphia, Pennsylvania, the announcement of the Los Angeles
 facility is continued evidence of our commitment to market expansion," O'Brien
 continued.  "Throughout the coming year, we will continue to explore
 additional opportunities to increase market coverage through acquisition and
 new site development in markets where we can add value."
 
     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.  The Company currently has 58 sites
 across the United States.
     This press release contains forward-looking information that is subject to
 certain risks, trends 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,
 targeting, 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 on Form 10-K for the fiscal year
 ended December 31, 2000.  Among these risks are: conducting business pursuant
 to the purchase agreement method of sale; fluctuations in the actual cash
 value of salvage vehicles; the ability to successfully renegotiate existing
 purchase agreement contracts; the quality and quantity of inventory available
 from suppliers; the ability to pass through increased towing costs; that
 vehicle processing time will improve; that the Company's towing business will
 reach forecasted levels of profitability; legislative or regulatory acts,
 changes in the market value of salvage; competition; the availability of
 suitable acquisition candidates; the ability to bring new facilities to
 expected earnings targets and the dependence on key insurance company
 suppliers; and the level of energy and labor costs.
     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 www.iaai.com .
 
 
 SOURCE  Insurance Auto Auctions, Inc.