Insurance Auto Auctions press release
This was a nationwide news release, for financial and automotive interests. Because this is a public, legal document a writer should be familiar with SEC and FTC guidelines, and business law.

Date, contact...

Insurance Auto Auctions (IAA)
introduces “SpecialtyNet”

A new Internet auction for its Specialty Salvage division

SCHAUMBURG, IL, September 1, 1998 – Industry leader Insurance Auto Auctions, Inc. (Nasdaq: IAAI) introduces the first Internet-based electronic auction of specialty salvage vehicles. The service makes it easier for customers worldwide to buy exotic cars, heavy equipment, large trucks and marine vessels.

IAAI’s new, advanced capability enables buyers to electronically register, send sealed bids, manage and track their bids and view the results. It’s another “first” for IAAI in supporting its customers and buyers of total loss and recovered theft trucks, RVs, upscale automobiles, earth-moving equipment and boats.

“With the addition of SpecialtyNet® to our expanding suite of online services, including our recently announced DataLink® product, we continue to provide state-of-the-art systems which benefit our customers,” said James P. Alampi, chairman, chief executive officer and president of IAAI. “Our new Specialty Salvage Website provides digital images and detailed descriptions of the equipment for sale, as well as a complete suite of tools that help customers in developing their bids.

“We are proud to continue our industry leadership role by introducing the first true electronic auction process for specialty salvage vehicles.”

Founded in 1982, Insurance Auto Auctions, Inc. provides insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles, a $3 billion per year industry. The company currently has 48 auction sites across the United States.

This news release contains forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking information. 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, Form 10-K for the fiscal year ended December 31, 1997, or subsequent quarterly reports.

For additional information regarding Insurance Auto Auctions, free of change...[ phone number ]

< Back to top