Insurance Auto Auctions Buys Vehicle Salvage Pool

Insurance Auto Auctions Inc., a North Hollywood operator of vehicle auctions for the insurance industry, paid $3 million in cash to acquire Arrow Factors Co. of Portland, Ore., Bloomberg Business News reported.

The news service quoted Insurance Auto’s chairman, Robert Kenmore, as saying that the acquisition of the auto salvage pool closed July 24. Arrow Factors produces annual pretax earnings of about $550,000, he said.

Kenmore also told Bloomberg that Insurance Auto expects to complete another acquisition by the end of the year.