Insurance Auto Auctions Posts Earnings Gains

Insurance Auto Auctions Inc., which auctions damaged vehicles on behalf of insurance companies, said its second-quarter profit jumped to $1.16 million from $393,100 a year earlier.

The higher earnings in the quarter ending June 30 came on a 26% gain in the North Hollywood-based company’s sales, to $14.5 million from $11.4 million.

Insurance Auto Auctions said the gains partly reflected its purchase of an Arizona auto-storage concern last January, and growth in its San Diego and Hawaii operations.

For the first half of this year, the company’s profit rose to $1.84 million from $423,900, and its six-month sales climbed 30%, to $27.4 million from $21.1 million.