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IAA Expands and Relocates Its UK Head Office South
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Rhea-AI Summary
IAA, Inc. (NYSE: IAA) announced the relocation and expansion of its southern UK head office to meet growing customer demands. This move, based in Essex, reflects IAA's commitment to enhancing its UK operations. The IAA House will remain as an expanded customer service center, supporting both buyers and sellers in the vehicle market. Managing Director Tom Rumboll stated that this transition aims to foster a dynamic work environment and attract top talent, crucial for IAA's future growth in the UK.
Positive
Expansion of southern UK head office indicates growth strategy.
Retention of IAA House as a customer service center improves customer support.
Negative
None.
Essex offices to serve as regional head office, expanded customer service centre
ESSEX, England--(BUSINESS WIRE)--
IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, today announced that its UK-based business unit is relocating and expanding its southern UK head office in order to meet the demands of both current and new customers. The current office, IAA House, will be retained as an expanded Customer Service centre.
“The expansion and relocation of our southern UK head office demonstrates IAA’s continued commitment and investment in its UK business,” said Tom Rumboll, UK Managing Director for IAA and CEO of SYNETIQ. “In addition to building capacity to support the company’s growth in the UK, the new office will create a more dynamic working environment that underlines IAA’s focus on attracting and retaining the most-talented people in the industry. This transition is vital to IAA’s further expansion in the UK, enabling us to meet the needs of our growing customer base.”
IAA Head Office South is located at International House, Charfleets Road, Essex, SS8 0PQ, UK. This will shift occupancy of the adjacent IAA House to a comprehensive customer support centre, serving vehicle buyers and sellers throughout the UK.
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 visit IAAI.com, in the UK visit IAAIUK.co.uk, and for more information on SYNETIQ visit SYNETIQ.co.uk.
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 relocation of the UK Head Office South and expanded customer service centre 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 COVID-19, and other potential future health crises, 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; 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; risks associated with online commerce security and credit card fraud; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; weather-related and other event beyond our control which may adversely impact operations; failure to attract and retain key personnel, have inadequate succession planning, or manage labor shortages; 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; 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, 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.
