Tuesday February 18
ADP Claims Services Group's Autosource Achieves Milestone With 10 Millionth TransactionADP Claims Services Group, a leading provider of information services for the insurance, collision repair and automotive recycling industries, has announced the 10 millionth total loss valuation transaction executed by Autosource, the company's database of "for sale" vehicle valuation information.
The 10 millionth transaction was processed by Hanover Insurance in Worcester, Mass., by appraiser Bob Nichols on a 1995 Mercury Tracer. The first transaction processed by Autosource was in 1994 on a 1980 BMW 633 by an independent adjuster in Portland, Ore.
"This landmark valuation transaction demonstrates that our Autosource clients trust the database to provide the most accurate valuations available in the industry," said Brian Grainger, Autosource director of product services for ADP Claims Services Group. "ADP Claims Services Group continues its commitment to maintain the largest vehicle valuation database and to deliver repeatable methodology that insurers can trust to help them calculate consistent vehicle valuations that are fair and accurate."
The Autosource database is the world's largest database of "for sale" vehicle valuation information, with more than 110 million vehicle records entered annually. It is updated daily with real-world market information gathered from private-party advertisements in more than 3,300 publications and web sites nationwide and ADP's electronic dealer inventory program, which collects information from more than 11,700 dealerships. The result is a database updated with more than 2 million vehicles per week.
As the fastest-growing total loss valuation and service provider, Autosource offers valuation, market search and other information services through a variety of electronic and toll-free call-in/fax-in methods.
ADP Claims Services Group is a wholly owned subsidiary of Automatic Data Processing, Inc.
In other company news, Automatic Data Processing, Inc. announced that the Department of Justice, Antitrust Division (DOJ), has requested additional information and documentary material in connection with its review of ADP's proposed acquisition of ProBusiness Services, Inc.
The DOJ request will result in an extension of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. ADP and ProBusiness plan to respond promptly to the DOJ request.
ADP and ProBusiness announced on January 6, 2003 that they had entered into a definitive agreement providing for ADP's acquisition of ProBusiness for $17.00 per common share.
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