Insurance Auto Auctions Leads Amending Illinois Legislation

Business Wire, August 6, 2008

Further Opening State's Salvage Auctions to Out-of-State Buyers Can Promote Greater Buyer Diversity and Increased Market Demand

WESTCHESTER, Ill. -- Insurance Auto Auctions, Inc. the leading North American automotive and specialty vehicle salvage auction company, today announced the passing of Illinois House Bill 5204. The Bill addresses both purchase privileges for out-of-state buyers and salvage certificates for un-recovered theft vehicles in the state of Illinois.

IAA led the effort to amend and revise the Bill and lobbied for its passing within the Illinois General Assembly. The Bill amends the Illinois Vehicle Code and Auction License Act to allow licensed out-of-state salvage buyers to participate in auctions in the state without having to secure an Illinois Out-of-State Salvage Vehicle Buyer's ID Card ("Bid Card"). In addition, the revised Bill allows insurance companies to maintain a certificate of title in the case of a settled un-recovered theft vehicle claim and only secure a salvage certificate if the vehicle is recovered and warrants such a certificate.

"Participating in legislation and regulation that can affect the salvage auto auction industry is our responsibility to customers," stated Tom O'Brien, CEO of IAA. "Illinois House Bill 5204 further opens Illinois' doors to out-of-state buyers enhancing both the diversity of buyers as well as the demand for the vehicles, and that benefits everyone in our market."

"In the salvage auto auction industry reasonable legislation is critical to the industry's overall health," commented Michael Mannion, Illinois Lobbyist. "And ensuring that salvage or junk certificates are placed only on vehicles deserving such classification maintains the integrity of both salvage and whole cars."

IAA works in concert with the salvage auto auction industry, as well as state and federal government, to facilitate legislation and regulation that ensures responsible business conduct and continued healthy expansion of the salvage auto auction industry. The company is in the process of reviewing bills in several other states to benefit the industry and all of its participants.

Insurance Auto Auctions, Inc. is leading the salvage auto auction industry in North America by providing the largest facility footprint, strongest buyer base and highest selling returns. IAA's exclusive focus on the salvage auto auction industry and 149 corporate owned facilities across the United States and Canada provides suppliers and buyers with the best solution to process and acquire total-loss, recovered-theft, fleet lease and rental vehicles. The company's hybrid auction model, including live, internet and proxy bidding, united with their mature buyer base and diverse inventory produce record setting returns. With over 25 years in the industry, IAA holds the most comprehensive warehouse of salvage auction data. For more information regarding IAA, please visit our website at www.iaai.com.