IAAI Insurance Auto Auctions (MM)

Insurance Auto Auctions Announces Opening of Greenfield Facility in El Paso, Texas SCHAUMBURG, Ill., July 6 /PRNewswire-FirstCall/ -- 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 El Paso, Texas. This new 8-acre facility will provide additional coverage in the state of Texas, leveraging branches in Austin, Corpus Christi, Dallas/Ft. Worth, Houston, Longview and San Antonio. Due to its strategic location in the western tip of Texas, the new El Paso location will also provide support for the Company's Albuquerque, New Mexico branch by serving the southern third of New Mexico. IAA's new IT system has been installed in the new location, allowing the operation to immediately leverage its reporting and processing capabilities. "We opened this branch specifically to provide additional service to our existing customers in Texas and New Mexico, and with its addition the El Paso facility helps us solidify this key state and the region overall," said Tom O'Brien, CEO of IAA. "This location cost effectively leverages our existing locations in Texas and New Mexico and we will continue to look for additional opportunities that will allow us to better serve our existing and potential customers in the area. We look forward to updating our customers and shareholders on the progress of our growth strategy as we move forward." 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 76 sites across the United States. Safe Harbor Statement Certain statements in this document contain 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, projects, 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 28, 2003 or subsequent quarterly reports. Among these risks are: changes in the market value of salvage; the quality and quantity of inventory available from suppliers; the ability to pass through increased towing costs; that vehicle processing time will improve; legislative or regulatory acts; competition; the availability of suitable acquisition candidates and greenfield opportunities; the ability to bring new facilities to expected earnings targets; the dependence on key insurance company suppliers; the ability of the Company and its outside consultants to successfully complete the re-design of the Company's information systems, both in a timely manner and according to costs and operational specifications; and the level of energy and labor costs. Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at http://www.iaai.com/ . DATASOURCE: Insurance Auto Auctions, Inc. CONTACT: Scott Pettit, Chief Financial Officer of Insurance Auto Auctions, Inc., +1-847-839-4040, or Chris Kettmann, General Inquiries, of Ashton Partners, +1-312-553-6716 Web site: http://www.iaai.com/

Copyright