Insurance Auto Auctions to Buy Sacramento Firm
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Insurance Auto Auctions Inc. said it has reached a definitive agreement to acquire Sacramento Salvage Pool Inc. The price was not disclosed, but Sacramento Salvage would mainly receive IAA stock.
IAA is a North Hollywood-based provider of vehicle auction services for the insurance industry. Privately held Sacramento Salvage also sells automotive salvage from Bakersfield to the Oregon border.
The transaction will “significantly broaden the geographic coverage” IAA is able to offer its customers, IAA President Bradley S. Scott said in a statement.
IAA also said Sacramento Salvage President Bob Spence would join IAA, oversee the operations of the combined companies and be nominated as vice chairman of IAA’s board.
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