Insurance Auto Auctions Acquires N.C. Salvage Disposal Co.

June 24, 2003

Insurance Auto Auctions Inc., a provider of automotive salvage and claims processing services in the U. S., announced the acquisition of Wilmington Salvage Disposal Company in Castle Hayne, N. C., which is located just north of Wilmington.

The 23-acre facility represents a key strategic location for the company, completing state-to-state coverage in North Carolina and South Carolina. The acquisition leverages locations in Charlotte and Raleigh/Durham, N.C., as well as Charleston and Greenville/Spartanburg, S. C..

“We are very pleased with the acquisition of Wilmington Salvage Disposal Company as it fills a major gap in our coverage area,” said Tom O’Brien, CEO of IAA. “In addition to allowing us to provide better, more convenient service to our existing customers in the region, the facility’s significant size gives us the capacity necessary to add many new customers from the area as well.”

O’Brien added, “The market continues to present us with opportunities to cost effectively grow the business. We have been able to add seven new branches so far in 2003, and going forward we expect to add additional facilities that further leverage our existing operations and customer relationships and create value for our shareholders.”

Topics Mergers Auto North Carolina

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