Insurance Auto Auctions Inc., a North Hollywood seller of salvaged cars, said it agreed to buy an Allstate Corp. unit’s automotive salvage assets.
Insurance Auto agreed to buy five auto salvage yards from Allstate’s Tech-Cor unit. The yards are in Illinois, Michigan and New Jersey, and process more than 75,000 vehicles a year, according to Allstate.
Terms of the transaction weren’t disclosed and are subject to a final definitive agreement. Insurance Auto Auctions said Allstate may take a minority stake in the company.