POMONA, Calif., Feb. 24, 2000 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) said today it is "extremely pleased with the conclusions drawn by the Insurance Institute of Highway Safety that the use of aftermarket collision replacement parts are irrelevant to auto safety."
The Insurance Institute for Highway Safety (IIHS) is an independent, nonprofit, research and communications organization dedicated to reducing highway crash deaths, industry and property damage losses.
In a report issued February 19, 2000, the IIHS concluded that there is virtually no safety related difference in the effectiveness of original equipment relative to aftermarket collision replacement parts, which include fenders, door skins, bumper covers and the like. The report pointed out that claims are being made that using these parts from sources other than original equipment manufacturers could compromise safety. IIHS President Brian O'Neill, in a news release issued by the organization, stated "...these claims are red herrings to try to frighten people. With the possible exception of hoods, there are no safety implications of using cosmetic crash parts from any source."
Charles Hogarty, president and chief executive officer of Keystone Automotive, said, "We heartily commend the IIHS on its study. Keystone has always believed that aftermarket collision replacement parts are of like kind and quality and restore a vehicle to pre-accident condition. In addition, consumers have benefited by virtue of the fact that there is competition in the marketplace resulting in lower claims costs and ultimately lower insurance premiums."
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 118 distribution facilities, of which 22 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 22,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.