Insurance Auto Auctions Sees Profit Jump 33%

Insurance Auto Auctions Inc., a North Hollywood-based seller of salvaged automobiles for insurance companies, reported a surge in profit and revenue for the first quarter that ended March 31.

The company posted a profit of $2.68 million for the first quarter, up 33% from $2.01 million in the same three-month period a year earlier. Sales totaled $60.2 million in the latest quarter, up 60% from $37.6 million a year earlier.

Through its 35 auction sites nationwide, Insurance Auto Auctions sold 91,000 salvaged vehicles in the first quarter, up 20% from the same period a year ago. Nevertheless, the company said it experienced softer volumes of incoming wrecked vehicles in the Midwest and Northeast because of an unusually mild winter in those regions.

Insurance Auto Auctions serves automobile insurance companies by selling vehicles that have been badly damaged or recovered after being reported as stolen.