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Letter to the Editor
Monday January 13
Insurance Auto Auctions Acquires Salvage Management with Two New York Facilities
Insurance Auto Auctions, Inc., a provider of automotive salvage and claims processing services in the United States, has announced the acquisition of Salvage Management Inc. (SMI), an operator of two auto salvage facilities in Buffalo and Rochester, New York. The two locations are stand-alone operations-each conducting weekly auctions.The purchase of these facilities allows IAA to offer insurance customers significantly better market coverage in the state of New York. Additionally, the acquisition will help strengthen IAA's overall share of the auto salvage market in the northeastern United States by leveraging an existing operation on Long Island, as well as other regional locations in New Jersey, Pennsylvania, Connecticut and Massachusetts.
"We are excited by the opportunity to expand our operations in the Northeast and increase our market share in the region," said Tom O'Brien, CEO of IAA. "One of IAA's goals is to strategically expand our service area through acquisitions such as SMI, and we look forward to updating our customers and shareholders on our progress in the year ahead."
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