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Letter to the Editor
Friday July 7
Insurance Auto Auctions Acquires Three Locations in Iowa
Insurance Auto Auctions, Inc. (IAA), a provider of automotive total loss and specialty salvage services in the United States, today announced the signing of a definitive agreement to purchase the assets of Lenders & Insurers, including its three locations throughout the state of Iowa. These locations, in Des Moines, Cedar Falls and Sioux City, will soon convert to IAA's computer operating platform and will be implemented with the popular I-bid LIVE(sm) Internet bidding product.The acquisition of these three locations in Iowa expands IAA's footprint even further in the Midwest and allows the company to service the entire state through its network of strategically located sites. The new facilities will provide additional geographic support to clients who already utilize existing IAA facilities in Illinois, Missouri, Nebraska and Minnesota.
"The acquisition of the Lenders & Insurers locations aligns well with our strategy of expanding into regions that complement coverage provided by existing IAA auction sites. By adding the three locations in Iowa we are in an excellent position to expand our buyer base in the Midwest, provide more comprehensive service coverage to clients in the region and continue producing the highest returns in the industry," said Tom O'Brien, CEO of IAA. "We expect to remain active on the acquisition and greenfield front as we identify opportunities to expand our geographic footprint and further leverage our industry-preferred dual bidding strategy in new markets, producing higher returns for our suppliers."
Insurance Auto Auctions, Inc., founded in 1982, currently has 94 sites across the United States.
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