IAA Breaks Ground to Expand in Three Key U.S. Markets
IAA, Inc. (NYSE: IAA) has commenced construction on three new branch locations in Colorado Springs (CO), West Palm Beach (FL), and Port Murray (NJ). This expansion will increase IAA's total locations in these states to 21, enhancing its service capacity in the catastrophe-prone Atlantic coastal region. The new facilities will feature Vehicle Inspection Centers and conference rooms, aimed at improving the vehicle buying and selling experience. President Tim O’Day highlighted this as part of IAA’s strategy to meet customer inventory needs.
- Opening of three new branch locations in strategic areas increases IAA's footprint to 21 locations.
- Enhances ability to serve customer needs in catastrophe-prone regions along the Atlantic coast.
- New facilities will include Vehicle Inspection Centers, improving inventory management.
- None.
WESTCHESTER, Ill.--(BUSINESS WIRE)--IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, today announced breaking ground for three new state-of-the-art branch locations in Colorado Springs (CO), West Palm Beach (FL) and Port Murray (NJ). These real estate investments will expand IAA’s footprint count across Colorado, Florida and New Jersey to 21 locations. The new West Palm Beach and Port Murray locations will also strategically enhance IAA’s ability to serve the needs of the catastrophe-prone Atlantic coastal region.
“IAA’s proactive expansion strategy adds more acreage across these three new branch locations, allowing IAA to anticipate and exceed customer inventory needs,” said Tim O’Day, President of U.S. Operations. “We strive to continue evolving and enhancing the vehicle buying and selling experience.”
Highlights of the three new facilities include Vehicle Inspection Center (VIC) space, a dedicated VIC drop zone area, and covered motorcycle storage. The new branch offices will also feature conference rooms, providing customers and employees with enhanced and expanded meeting and training space.
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 4,000 employees and more than 200 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 include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts may be forward-looking statements and can be identified by words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions. In this release, such forward-looking statements include statements regarding the expected timing and associated benefits with respect to these three new locations 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: uncertainties regarding the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; 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 program; business development activities, including acquisitions and integration of acquired businesses; 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; 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 for the year ended December 29, 2019 filed with the SEC on March 18, 2020 and in our Quarterly Report on Form 10-Q for the quarter ended March 29, 2020 filed with the SEC on May 6, 2020, 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 included in this release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information or events, except as required by law.
