Insurance Auto Auctions to Acquire Salvage Pool
Insurance Auto Auctions Inc., a North Hollywood operator of auctions for the insurance industry, said it has signed an agreement to acquire privately held M & M Auto Storage Pool Inc. in Phoenix, which Insurance Auto Auctions said is Arizona’s largest automotive salvage pool.
The transaction price was not disclosed, but IAA said it would buy M & M with cash and a note.
As part of the deal, M & M founder Mel Martin will stay on as president and join the board of IAA. The acquisition is IAA’s first purchase of a salvage pool.
