Insurance Auto Auctions Acquires Southern A&S in Memphis

. February 22, 2008

WESTCHESTER, Ill. – Insurance Auto Auctions, Inc., a leader in automotive total loss and specialty salvage services in North America, today announced the acquisition of Southern A&S (formerly Southern Auto Storage Pool) in Memphis, Tenn. The acquisition comes on the heels of IAA’s acquisition of Verastar which came with four locations in Tennessee, including a site in Memphis. With the new acquisition in Memphis, IAA intends to combine the Verastar business with the Southern A&S business and relocate all physical operations within a short period of time to their new facility which will be co-located with ADESA-Memphis. This paved, full-service auction facility will greatly enhance IAA’s ability to process and sell vehicles by leveraging onsite reconditioning facilities, dealer financing and an expanded buyer base. Marvin Massey, a former Southern A&S owner, will continue with IAA to run the salvage operation from the new site.

“Like our recent acquisition in Las Vegas, this addition in Memphis is another example of our ongoing commitment to providing the best national market coverage for salvage remarketing in the industry,” said Tom O’Brien, President and CEO of IAA. “Going forward we will continue to look for opportunities to expand our presence in markets where we can better serve the needs of our vehicle providers. In addition, introducing I-bid LIVEsm, which combines live physical auctions with live auction internet bidding, in Memphis, will provide our expanding buyer base with an even larger product selection that will further strengthen our ability to attract buyers and continue generating the highest salvage returns in the industry.”

About Insurance Auto Auctions

Insurance Auto Auctions, Inc., founded in 1982, is a leading automotive total-loss and specialty salvage remarketer in North America. It provides insurance companies, financial institutions and rental companies with cost-effective, turnkey solutions to process and sell total-loss, recovered-theft, fleet lease and rental vehicles. The Company currently has 133 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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