IAAI Insurance Auto Auctions (MM)

Insurance Auto Auctions Announces Relocation of Pittsburg, California Facility to Bay Point, California SCHAUMBURG, Ill., Dec. 15 /PRNewswire-FirstCall/ -- Insurance Auto Auctions, Inc. , a leading provider of automotive salvage and claims processing services in the United States, today announced that it has replaced its 10-year old Pittsburg, CA facility with an entirely new facility in Bay Point, CA, which is located less than 3 miles west of the old location. The new 26-acre facility in Bay Point is 36 percent larger than the former Pittsburg location, giving it the additional capacity necessary to continue serving the San Francisco, Oakland and Bay area markets. The new location is also equipped with the company's new IT system and a much more efficient yard and office layout. "As we've stated in prior communications, we have made a commitment to supporting our customers by enhancing our existing facilities in a cost effective manner," said Tom O'Brien, CEO of IAA. "We believe the movement of our California location to Bay Point will allow us to better serve a key customer market by continuing to provide excellent service in a new, state-of- the-art facility. This will improve both yard and office functionality for our employees, giving them the ability to spend more time on the needs of our customers. Maintaining and growing our core base of customers is essential to our long-term future, and this facility upgrade is a perfect example of our goal to improve our operations in every market in which we operate." About Insurance Auto Auctions, Inc. 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 74 sites across the United States. Safe Harbor Statement Certain statements in this document contain forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking information. In some cases, you can identify forward looking statements by our use of words such as "may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent," the negative of these terms or other similar expressions. The Company's actual results could differ materially from those discussed or implied herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's annual report on Form 10-K for the fiscal year ended December 29, 2002 or subsequent quarterly reports. Among these risks are: changes in the market value of salvage; the quality and quantity of inventory available from suppliers; the ability to pass through increased towing costs; that vehicle processing time will improve; legislative or regulatory acts; competition; the availability of suitable acquisition candidates and greenfield opportunities; the ability to bring new facilities to expected earnings targets; the dependence on key insurance company suppliers; the ability of the Company and its outside consultants to successfully complete the re-design of the Company's information systems, both in a timely manner and according to costs and operational specifications; and the level of energy and labor costs. Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at http://www.iaai.com/ . DATASOURCE: Insurance Auto Auctions, Inc. CONTACT: Scott Pettit, Chief Financial Officer of Insurance Auto Auctions, Inc., +1-847-839-4040; or Chris Kettmann, General Inquiries of Ashton Partners, +1-312-553-6716 Web site: http://www.iaai.com/

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