IAA Breaks Ground on New Branch in Northern California

Rhea-AI Summary

IAA, Inc. has commenced construction on its new branch in Stockton, California, aimed at enhancing customer capacity across the Central Valley and Bay Area. This facility marks IAA's 5th in the region and 13th in California, addressing growing customer demand. Tim O'Day, President of U.S. Operations, emphasized the company's commitment to innovation and customer service. IAA operates a digital marketplace for vehicle transactions, with nearly 4,500 employees and over 210 facilities worldwide.

Positive

• New branch construction in Stockton, CA, enhances customer capacity.
• 5th branch in Northern California, showcasing regional expansion.
• Commitment to customer needs and innovative solutions.

Negative

• None.

State-of-the-art facility to support increased customer capacity needs

WESTCHESTER, Ill.--(BUSINESS WIRE)-- IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces that it has broken ground on a new branch in Northern California. IAA Stockton (CA) will help to provide much-needed capacity for the company’s customers throughout the Central Valley and Bay Area. This branch will be IAA’s 5^th in the region and 13^th in the state.

“We are excited to have secured land and started construction to help meet customer demand in this critical California region,” said Tim O’Day, President of U.S. Operations. “IAA remains committed to meeting our customers where they are and finding innovative ways to respond to their needs.”

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.

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 start of construction at the new IAA Stockton (CA) branch 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/20221027005253/en/

IAA Contacts

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 new branch in Stockton, CA?

The new branch will increase IAA's capacity to serve customers in the Central Valley and Bay Area, addressing growing demand.

How many branches does IAA have in California?

IAA will have 13 branches in California after the Stockton branch is completed.

What is IAA's primary business focus?

IAA operates a global digital marketplace for connecting vehicle buyers and sellers, particularly for total-loss and damaged vehicles.

Who is leading the U.S. operations at IAA?

Tim O'Day is the President of U.S. Operations at IAA.

When was the press release announcing the new branch made?

The press release was issued on the day construction commenced.