The company said the Austin facility shores up its coverage of the Texas market. "The addition of the Austin facility is consistent with out strategic growth plan and represented a significant milestone to our growth in the Texas market," Tom O'Brien, Insurance Auto Auction's CEO, said in a prepared statement. He said his company will look for other acquisitions that complement its existing operations.
Insurance Auto Auctions takes totaled vehicles from insurance companies on a consignment basis for repair and resale or parts salvaging. It has 60 operations in 60 cities in the United States. In its latest quarter ending June 30, Insurance Auto Auctions posted net income of $2.2 million, 18 cents a share, down from $5.2 million, 44 cents a share, in the same period in 2000.
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