WESTCHESTER, IL – Insurance Auto Auctions, Inc. (IAA) a provider of automotive salvage and claims processing services, reported higher net earnings for the quarter ended March 27, 2005. The company recorded net earnings of $5 million, versus net earnings of $2.3 million, for the same quarter a year ago. Revenues for the quarter were $70.9 million compared with $57.2 million in the first quarter of 2004. Fee income in the first quarter increased to $61.1 million versus $50.1 million in the first quarter of last year.
IAA recently announced that it had received a Laureate from the ComputerWorld Honors Program, which identifies “those organizations whose use of information technology has been e3specially noteworthy for the originality of its conception, the breadth of its vision, and the significance of its benefit to society.” IAA’s nomination was awarded in the category of Finance, Insurance, and Real Estate companies for use of wireless technology.
IAA and Auction Management Solutions, Inc (AMS). also announced that AMS has been granted a United States patent for its OnLine Ringman technology, used to power IAA’s online bidding product, I-bid LIVE, which allows buyers to join live auctions through any Internet-enabled computer and bid along with both live local bidders and other Internet bidders.