IAA Earns 2023 Great Place to Work Certification™

Rhea-AI Summary

IAA, Inc. has achieved certification from Great Place to Work for the fifth consecutive year, with 75% of employees affirming it as a great workplace, surpassing the U.S. average by 18%. This recognition underscores IAA's commitment to employee experience and leadership.

Additionally, IAA has been named in Forbes list of America’s Best Midsize Employers 2023. The company emphasizes its 'People First' culture, which is expected to enhance employee retention and overall job satisfaction, aligning with the strategic growth plans and partnerships as they navigate potential merger developments.

Positive

• Achieved certification from Great Place to Work for five consecutive years.
• 75% of employees support IAA as a great workplace, exceeding U.S. average by 18%.
• Named in Forbes' list of America’s Best Midsize Employers 2023.

Negative

• Pending merger with Ritchie Bros. poses risks including potential adverse effects on operations.
• Uncertainty regarding closing conditions and potential regulatory approvals may impact business stability.
• Possible litigation may delay merger completion, affecting business performance.

Company recognized for workplace culture, employee experience and leadership

WESTCHESTER, Ill.--(BUSINESS WIRE)-- IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces that it has been certified by Great Place to Work® for the fifth consecutive year. The prestigious award is based entirely on what current employees say about their experience working at IAA. This year, 75% of employees said IAA is a great place to work – 18% higher than the average U.S. company.

Great Place to Work is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.

“Great Place to Work Certification isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place to Work. “It’s the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that IAA is one of the best companies to work for in the country.”

This award follows IAA also having been named to the Forbes list of America’s Best Midsize Employers 2023, presented by Forbes and Statista Inc. The awards list can be viewed on the Forbes website.

“I’m very proud that IAA has been recognized by GPTW as a ‘People First’ culture for the fifth year running,” said John Kett, Chief Executive Officer and President of IAA. “This certification, on top of making Forbes’ list of America’s Best Midsize Employers, reinforces our dedication to organizational clarity and our focus on creating a positive working environment and culture. It is an honor to work alongside such a strong, diverse and devoted team each and every day.”

According to Great Place to Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company’s profits and have a fair chance at promotion.

For more information about Great Place to Work, visit www.greatplacetowork.com.

For more information about working at IAA, visit www.iaai.com/careers.

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 on IAA in the U.S. visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.

Forward-Looking Statements

This release contains 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 announcement that IAA has been certified by Great Place to Work® for the fifth consecutive year 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. Risks and uncertainties related to our pending merger with Ritchie Bros. Auctioneers Incorporated (“Ritchie Bros”) that may cause actual results to differ materially include, but are not limited to: the impact the announcement and pendency of the merger may have on our business, including potential adverse effects on partner and customer relationships and, which could affect our results of operations and financial condition; the extent to which various closing conditions, including regulatory approvals and approvals by our stockholders, are satisfied; the risk that failure to complete the merger, or a delay in the completion of the merger, could negatively impact our business, results of operations, financial condition and stock price; the uncertainty of the ultimate value our stockholders will receive in connection with the merger; the extent to which various interim operating covenants, with which we will be required to comply while the merger remains pending, constrains our business operations and diverts management’s focus from our ongoing business; the possibility of adverse impacts on our ability to retain and hire key personnel during the pendency of the merger; the extent to which potential litigation filed against us or Ritchie Bros. could prevent or delay the completion of the merger or result in the payment of damages following the completion of the merger; the extent to which provisions in the merger agreement limit our ability to pursue alternatives to the merger or discourage a potential competing acquirer of us, or result in any competing proposal being at a lower price than it might otherwise be; and after the merger, Ritchie Bros. may fail to realize the projected benefits and cost savings of the merger, which could adversely affect the value of Ritchie Bros. stock price. Additional risks and uncertainties that may cause actual results to differ materially include, but are not limited to: 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 the impact of possible future surges of COVID-19 infections or other pandemics, epidemics or infectious disease outbreaks on our business operations or the operations of our customers; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under Item 1A “Risk Factors,” and the section titled “Summary of Risks Affecting our Business,” in our Annual Report on Form 10-K filed with the SEC on February 24, 2023, 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 release 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/20230302005184/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 recent recognition did IAA receive regarding workplace culture?

IAA was certified by Great Place to Work for the fifth consecutive year.

What percentage of IAA employees say it's a great place to work?

75% of IAA employees affirm it's a great place to work, which is 18% higher than the U.S. average.

Has IAA been recognized in any other lists recently?

Yes, IAA was named in Forbes' list of America’s Best Midsize Employers 2023.

What are some risks associated with IAA's pending merger with Ritchie Bros.?

Risks include potential adverse effects on operations, regulatory approval challenges, and possible litigation delays.