IAA Announces Launch of CARFAX Canada Vehicle History Reports

Rhea-AI Summary

IAA, Inc. (NYSE: IAA) announced a new collaboration with CARFAX Canada to integrate vehicle history reports for non-branded, repairable vehicles in Canada. This addition enhances the Auction Centre's Vehicle Details Page, allowing buyers to access comprehensive vehicle history reports for up to 180 days after purchase, thus improving transparency and trust. The initiative is expected to bolster buyer confidence and improve the overall purchasing experience.

Positive

• Integration of CARFAX Canada Vehicle History Reports improves trust and transparency for buyers.
• Allows buyers to access comprehensive vehicle history reports for 180 days, enhancing decision-making.

Negative

• None.

Buyers now able to view CARFAX Canada reports, helping to improve trust and transparency

WESTCHESTER, Ill.--(BUSINESS WIRE)-- IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces that non-branded, repairable IAA vehicles in Canada now include CARFAX Canada Vehicle History Reports. IAA’s Vehicle Details Page within the Auction Centre will now provide the most comprehensive vehicle history report available in Canada.

This launch will allow buyers to fully view any available vehicle history report – with no limits or restrictions – paying only when they purchase the vehicle. The report will be available for 180 days, during which time buyers will be able to view, print and download it. CARFAX Canada Vehicle History Reports further improve IAA’s Interact platform, expanding IAA’s merchandising capability to provide more information on vehicles the company sells in Canada.*

“CARFAX Canada maintains a strong, established reputation in the industry and we are proud to work with them to improve buyer confidence in the integrity of IAA and the vehicles we sell,” said Blair Earle, Managing Director, Canada for IAA. “This CARFAX Canada integration will ensure our buyers understand more about a vehicle’s history, enabling them to make more-informed buying decisions and improving the overall buyer experience.”

* CARFAX Canada is not affiliated with IAA, Inc. in any way. IAA does not warrant the accuracy of the CARFAX Canada Vehicle History Reports, which are provided for information purposes only, and nothing in the CARFAX Canada Vehicle History Reports should be construed to be a warranty or guarantee of any kind. For more information about the CARFAX Canada Vehicle History Reports, please see the below links:

EN: https://www.carfax.ca/about-carfax/privacy-legal/conditions-of-use

FR: https://www.carfax.ca/fr-ca/about-carfax/privacy-legal/conditions-of-use

About IAA

IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,500 employees and more than 210 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn. For more information on IAA in Canada visit ca.iaai.com, and look for the rebranded accounts on Facebook, Instagram and LinkedIn.

About CARFAX Canada

CARFAX Canada, a part of S&P Global (NYSE: SPGI), is Canada’s definitive source of automotive information, delivering vehicle history, appraisal and valuation. Drawing on billions of data records from thousands of sources, its products enable used vehicle buyers and sellers to make informed decisions. Formerly known as CARPROOF Corporation, CARFAX Canada is dedicated to transparency, and is trusted to provide vehicle history and valuation information to dealerships, vehicle manufacturers, consumers, major auctions, governments, insurance providers and police agencies.

For further information or to speak with a company representative, please contact: media@carfax.ca

Forward-Looking Statements

Certain statements contained in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made in this release that are not historical facts may be forward-looking statements. Words such as "should," "may," "will," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and similar expressions identify forward- looking statements. Such statements include statements regarding the expected timing and associated benefits with respect to the launch of CARFAX Canada Vehicle History Reports on our business and plans regarding our growth strategies and margin expansion plan, and to our customers and company generally. Such statements are based on management’s current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of COVID-19 and macroeconomic conditions on our business; our future growth; expectations regarding vehicle volume sales, results of operations and capital expenditures; and our continued investment in information technology, the impact of macroeconomic factors, including high fuel prices and rising inflation, on our revenues, gross profit and operating results; the loss of one or more significant vehicle suppliers or a reduction in significant volume from such suppliers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and our ability to obtain land or renew/enter into new leases at commercially reasonable rates; our ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; business development activities, including acquisitions and the integration of acquired businesses, and the risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; uncertainties regarding ongoing surges of COVID-19 infections, including new more contagious and/or vaccine resistant variants, and the impact on the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread, including the availability, rate of public acceptance and efficacy of COVID-19 vaccines; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under Item 1A “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on February 28, 2022 and Item 1A “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on May 10, 2022, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC, including subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. The forward-looking statements in this document are made as of the date on which they are made and we do not undertake to update our forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220822005175/en/

Media Inquiries:

Jeanene O’Brien | IAA, Inc.

SVP, Global Marketing and Communications

(708) 492-7328

jobrien@iaai.com

Analyst Inquiries:

Caitlin Churchill | ICR

(203) 682-8200

investors@iaai.com

Source: IAA, Inc.

FAQ

What is the significance of IAA's partnership with CARFAX Canada?

The partnership enhances trust and transparency by providing comprehensive vehicle history reports for buyers in Canada.

How long can buyers access CARFAX Canada reports through IAA?

Buyers can access CARFAX Canada reports for 180 days after purchasing a vehicle.

What is the impact of CARFAX Canada reports on IAA's business?

The reports aim to improve buyer confidence and enhance the overall purchasing experience, potentially boosting sales.

What type of vehicles will include CARFAX Canada reports?

Non-branded, repairable vehicles available through IAA's auction platform in Canada.

How does the integration of CARFAX Canada reports affect buyer decisions?

It enables buyers to make more informed decisions by providing detailed insights into a vehicle's history.