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2,080,280 INSURANCE AUTO AUCTIONS INITIAL COMMON SHARES OFFERED AT $11 PER SHARE

 2,080,280 INSURANCE AUTO AUCTIONS INITIAL COMMON SHARES OFFERED
 AT $11 PER SHARE
 CHICAGO, Nov. 20 /PRNewswire/ -- William Blair & Company, manager of the underwriting group, announced today the initial public offering of 2,080,280 shares of Insurance Auto Auctions, Inc., common stock at $11 per share. Of the total, 1,376,055 shares will be sold by the company and 704,225 by a selling shareholder, Westinghouse Credit Corporation.
 Proceeds to the company will be used to repay certain debt, to increase working capital and for other general corporate purposes, including potential acquisitions of other auto salvage companies.
 Headquartered in North Hollywood, Calif., Insurance Auto Auctions provides insurance companies a cost-effective, turnkey means to process and sell total loss and recovered theft vehicles. Founded in 1982, the company has four California auction and storage facilities in North Hollywood, Gardena, Riverdale and San Diego and one facility on the island of Oahu, Hawaii.
 -0- 11/20/91
 /CONTACT: Robert H. Kenmore, chairman of Insurance Auto Auctions, 415-588-1600; or Philip W. Reitz of William Blair & Company, 312-236-1600/ CO: Insurance Auto Auctions, Inc. ST: California IN: INS SU:


GK-CK -- NY038 -- 5391 11/20/91 11:42 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:196
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