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Letter to the Editor
Friday June 27
Insurance Auto Auctions Announces Acquisition in Orlando, Florida
Insurance Auto Auctions, Inc., a provider of automotive salvage and claims processing services in the United States, has announced the acquisition of the Damaged Vehicle division of Manheim's Orlando Orange County Auto Auction located in Orlando, Florida. Representing IAA's second facility in the state, this 24-acre branch will help solidify IAA's coverage in central Florida by leveraging the Tampa Bay branch."Due to the significant number of people in the state, it goes without saying that Florida is a key market in the auto salvage industry," said Tom O'Brien, CEO of IAA. "Therefore, we are very pleased to announce the Orlando acquisition because of the positive impact it can ultimately have on our overall business. We believe it was a very cost effective way to further penetrate this new large market."
O'Brien continued, "We believe our expansion efforts in the first half of the year have been extremely successful. With eight new branches so far this year, and the potential to add more in the future, we are clearly recognizing opportunities that either leverage existing facilities or penetrate new markets. We will continue to deploy capital in those facilities that we believe will offer our shareholders the best return on their investment."
Insurance Auto Auctions, Inc., founded in 1982, currently has 74 sites across the United States.
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