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IAA, Inc. (NYSE: IAA) has formed a strategic alliance with CAROMOTO in Moldova to enhance vehicle exports from the U.S. to Eastern Europe. CAROMOTO will manage the local IAA Auction Center in Chișinău, providing essential support services for Moldovan buyers. This partnership complements existing alliances in Ukraine, Poland, and Belarus, aiming to tap into a growing market for used American vehicles. CEO John Kett emphasized the global reach of IAA’s marketplace, while CAROMOTO’s Owner Denis Afrakov expressed commitment to meeting Moldova's transportation needs.
IAA, a leading digital marketplace for vehicle transactions, announced the relocation of its Fort Myers, Florida branch to a new facility designed for greater capacity and efficiency. This upgraded location supports vehicle flow in Florida, a market prone to severe weather. Enhancements include a renovated office, expanded lobby, dedicated vehicle sale pad, and a covered outdoor transaction area. IAA aims to enhance customer experience and improve catastrophe response capabilities with this move, reinforcing its operational strength in a significant market.
IAA, Inc. (NYSE: IAA) has announced the opening of a new branch in Kansas City, doubling its footprint in the area to meet increasing customer capacity. Located at Old State Hwy. 40 & Reich Rd., Odessa, MO, the new facility underscores IAA’s commitment to enhance buying and selling experiences for its Midwestern customers. This expansion aligns with the company's growth strategies and aims to bolster its leadership position in the digital marketplace for vehicle sales.
IAA, Inc. (NYSE: IAA) has enhanced its UK merchandising platform by launching two new features: IAA Engine Starts™ and IAA Key Image™. These tools provide valuable vehicle details, including a 10-second video of an engine running and high-quality images of key conditions. These enhancements, which have been successful in the U.S. since 2019, aim to improve buyer confidence and create a more immersive purchasing experience. IAA's innovative approach aims to promote informed decision-making among buyers in the UK market.
DDI Technology, a subsidiary of IAA, expands its electronic lien and title (ELT) services into Michigan, becoming one of only two certified providers approved by the Michigan Secretary of State. Starting in March, Michigan lenders will benefit from DDI's Premier eTitleLien® product, which streamlines title and lien management, reduces fraud, and eliminates paper storage. The platform offers competitive pricing with no monthly fees and exceptional customer support. This expansion aims to drive faster claims processing and improve service efficiency for financial institutions.
IAA, Inc. reported strong fourth-quarter results for fiscal 2020, with total revenues increasing by 7.8% to $383.5 million, driven by higher revenue per unit despite a 9.2% decline in volume due to COVID-19. Net income rose 40.6% to $64.1 million, or $0.47 per share. Adjusted EBITDA grew 16.5% to $115.8 million. For the full year, revenues decreased by 3.6% to $1.4 billion. The company did not provide guidance for fiscal 2021 due to ongoing pandemic uncertainties.
IAA, Inc. (NYSE: IAA) has launched IAA AuctionNow in the UK, enhancing its digital marketplace for vehicle auctions. This platform offers customizable bidding experiences for global buyers, improving flexibility and control. AuctionNow, previously successful in Canada and the U.S. since 2016 and 2019 respectively, integrates advanced features such as improved auction monitoring, new bidding options, and integrated reminder notifications. UK Managing Director Steve Hankins emphasized the commitment to customer experience and the anticipation for the technology's impact in the UK market.
DDI Technology, a subsidiary of IAA (NYSE: IAA), is expanding its electronic title and registration services into Indiana. The company will serve as an authorized Partial Service Provider for Electronic Title & Registration and salvage title processing. Using its Premier EVR™ system, Indiana dealers can electronically submit vehicle registrations and title applications directly to the Indiana BMV, enhancing customer service by eliminating unnecessary trips. This expansion aims to fast-track transactions and improve the experience for vehicle sellers in the state.
IAA, Inc. (NYSE: IAA) announced the upcoming release of its financial results for Q4 fiscal 2020 on February 16, 2021, before market open. A conference call will follow at 9:00 a.m. ET, which will be available via a live audio webcast on their investor relations website. IAA operates as a global digital marketplace for vehicle buyers and sellers, focusing on total-loss, damaged, and low-value vehicles. The company employs nearly 4,000 individuals and maintains over 200 facilities across the U.S., Canada, and the UK.
IAA, Inc. (NYSE: IAA) is set to present at the 2021 ICR Conference on January 13, 2021, at 9:30 am ET. The event will be available via live webcast on the Company’s Investor Relations website, with an archive to follow. As a leading digital marketplace, IAA connects vehicle buyers and sellers, offering innovative solutions for total-loss and damaged vehicles. With nearly 4,000 employees and over 200 facilities across the U.S., Canada, and the UK, IAA services a global buyer base across 170 countries, catering to insurers, dealerships, and more.
