Insurance Auto Auctions announces Atlanta acquisition and Hertz national agreement.NORTH HOLLYWOOD, Calif.--(BUSINESS WIRE)--Dec. 15, 1994--Insurance Auto Auctions Inc. ("IAA IAA abbr. indoleacetic acid Noun 1. IAA - a plant hormone promoting elongation of stems and roots indoleacetic acid auxin - a plant hormone that promotes root formation and bud growth 2. "), the leading national seller of salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. vehicles, Thursday announced that it had acquired East Atlanta East Atlanta is an area located east-southeast of downtown Atlanta, Georgia. It is generally considered to be the roughly 10% of Atlanta's area which was part of the 1909 annexation into a neighboring county, putting it into DeKalb while the remainder is in Fulton. Group Inc. ("EAG EAG - Extended Affix Grammar "). EAG is a salvage pool in the Atlanta area and processes approximately 5,000 vehicles per year throughout the state of Georgia. The company is privately held and no terms were disclosed. "We are excited about this acquisition because it represents IAA's first entry into the Southeast," said Bradley S. Scott, chairman and chief executive officer. "This acquisition will complement our national rollout plans and allow us to better service our insurance company customers. Atlanta is a large automotive market that offers attractive opportunities for IAA." IAA also announced that The Hertz hertz (hûrts) [for Heinrich R. Hertz], abbr. Hz, unit of frequency, equal to 1 cycle per second. The term is combined with metric prefixes to denote multiple units such as the kilohertz (1,000 Hz), megahertz (1,000,000 Hz), and gigahertz Corp. has signed an national agreement with the company to be the preferred provider of automotive salvage services in all of IAA's current and future markets nationwide. "Our agreement with Hertz marks a major endorsement of the IAA purchase agreement method of salvage disposal," said Dennis M. Thee, vice president of sales and marketing for IAA. "We are committed to providing Hertz with innovative services throughout our growing national coverage areas." Under the purchase agreement method of salvage disposal, IAA directly purchases vehicle salvage, enabling Hertz to achieve higher and more predictable net salvage returns, as well as faster file closure. "Insurance Auto Auctions' strength and continued endorsement by insurance companies has enabled us to directly take advantage of the company's unique brand of services," said James N. Custer, the director of maintenance, The Hertz Corp. "We look forward to experiencing the benefits of IAA's expertise in salvage vehicle processing to enhance our salvage cost recovery." Founded in 1982, Insurance Auto Auctions provides insurance companies a cost-effective, turnkey means to process and sell total-loss and recovered-theft vehicles. Insurance Auto Auctions is publicly traded on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol of IAAI IAAI International Association of Arson Investigators IAAI Innovative Applications of Artificial Intelligence (Conference) IAAI Israeli Association for Artificial Intelligence IAAI International Airport Authority of India . CONTACT: Insurance Auto Auctions William W. Liebeck, 415/233-1952 |
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