| Business Summary | | Insurance
Auto
Auctions,
Inc.
(IAA),
together
with
its
subsidiaries,
offers
insurance
companies
and
other
vehicle
suppliers
cost-effective
salvage
processing
solutions.
The
Company
processes
salvage
vehicles
under
three
methods:
purchase
agreement,
fixed-fee
consignment
and
percentage-of-sale
consignment.
Under
the
purchase
agreement
method,
IAA
generally
purchases
vehicles
from
the
insurance
companies
upon
clearance
of
title,
under
financial
terms
determined
by
contract
with
the
insurance
company
supplier,
and
then
resells
these
vehicles
for
IAA's
own
account
at
IAA
auctions.
Under
the
fixed-fee
consignment
and
percentage-of-sale
consignment
methods,
the
Company
sells
vehicles
on
behalf
of
insurance
companies,
which
continue
to
own
the
vehicles
until
they
are
sold
to
buyers
at
auction. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | IAAI
offers
insurance
companies
and
other
vehicle
suppliers
salvage
processing
solutions,
primarily
the
sale
at
auction
of
total
loss,
damaged
and
recovered
theft
vehicles.
For
the
six
months
ended
7/1/01,
revenues
fell
10%
to
$153.4
million.
Net
income
fell
94%
to
$526
thousand.
Revenues
reflect
a
planned
strategic
shift
away
from
vehicles
sold
under
the
purchase
agreement
method.
Earnings
reflects
the
inclusion
of
$6
million
in
special
charges. | More
from
Market Guide: Significant
Developments |
| | |
| Position | Thomas O'Malia, 56 | Chairman | Thomas O'Brien | CEO | Scott Pettit, 38 | CFO | David Montgomery, 44 | COO | Don Hermanek | Sr.
VP of Sales and Marketing |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|