POMONA, Calif., Oct. 13, 1999 (PRIMEZONE) - Keystone Automotive Industries, Inc. (Nasdaq:KEYS), the nation's largest distributor of independently produced collision replacement parts, today applauded Allstate, Progressive, Farmers and Nationwide insurance companies, for their public statements reaffirming continued use and support of competition in the collision parts industry. All four companies separately stated their intention to continue to offer their policyholders the cost savings advantages provided by high quality aftermarket body parts.
Charles J. Hogarty, Keystone's chief executive officer, said, "These companies are to be commended for their courage in standing up for their policyholders' benefit in the midst of all the negative and unfair media coverage generated by a recent jury decision against State Farm related to the use of aftermarket parts." He added, "Consumers cannot afford to return to the days of monopolistic parts pricing and the resulting higher insurance costs. Competition from independents is the best way to prevent that from happening."
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 115 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.