Insurance Auto Auctions to Enter Las Vegas Market

. October 26, 2007

AuctionPublicity.com – Insurance Auto Auctions, Inc., a leader in automotive total loss and specialty salvage services in the United States, today announced the signing of a definitive agreement to purchase the assets of B&E Auto Auction (“B&E”) in Henderson, Nevada and will begin servicing the entire Southern Nevada region, including Las Vegas which is currently one of the fastest growing communities in the United States.

The acquisition of B&E comes on the heels of IAA’s widely publicized integration of the ADESA Impact operations nationally and the strategically located site in Nevada will fill an important role in IAA’s national service coverage. Beyond adding new clients, the facility will provide additional geographic support to clients who already utilize existing IAA facilities in the surrounding Western states.

“Since B&E was established in 1976, they have experienced significant growth and developed a well-respected reputation in the community,” said Tom O’Brien, President and CEO of IAA. “As we begin operations in Nevada, we look forward to continuing that tradition by working closely with our existing clients as well as new customers that come to us through this transaction. We believe that our hybrid bidding model that combines live auctions with live auction internet bidding through I-bid LIVE(sm), will provide vehicle providers in Nevada with the best returns the industry has to offer in this exciting marketplace.”

“B&E Auto Auction has had a long and cooperative relationship with IAA. The decision to sell was a difficult one, but this transaction will only enhance the ability to serve customers’ needs in Nevada,” said Robert Ellis, President and CEO of B&E. “IAA will offer live internet bidding in addition to a live auction, and a state-of-the art computer network that will provide buyers and sellers access to all IAA auctions across the country. The Ellis family will continue to own and operate our towing division to ensure that insurance companies and other sellers receive the professional service they have become accustomed to at B&E,” said Ellis. In addition to offering towing services which will be managed by Don Ellis, Robert will continue to be active in the business, providing IAA with consulting services with respect to the salvage pool activities. “I also plan to continue my work on federal and state legislation affecting the insurance/salvage industry,” added Mr. Ellis.

The acquisition will be finalized at a date yet to be determined in the near future.

About Insurance Auto Auctions

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 126 sites across the United States and 12 in Canada which operate under the name of “Impact Auto Auctions.”

Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at www.iaai.com

Category: Auction News

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