Insurance Auto Auctions Offers 900,000 Shares

Insurance Auto Auctions Inc., a North Hollywood automotive salvage company, offered 900,000 shares of common stock at $28 a share and announced some management changes.

The company estimated it would receive about $25.2 million from the sale of stock and plans to use the proceeds for acquisitions of automotive sellers and general purposes. There are no specific purchase agreements at this time, however.

The offering would bring the company’s total shares outstanding to 9.25 million. In the past year, the company has purchased five auto salvage companies, four in California and one in Oregon.

Insurance Auto also said its chief executive, Bradley S. Scott, was appointed chairman. Bob Spence, the company’s vice chairman and director of operations, was appointed president and chief operating officer.

Scott succeeds Robert H. Kenmore, who resigned as chairman and entered into a seven-year consulting agreement with Insurance Auto.