Summary

Steve Muscarello, SVP and Chief Commercial Officer at IAA, spotlights IAA’s top-ranked branches. 


Good Afternoon,

I hope you’re all staying safe and healthy, and having a great autumn! As always, we’ve got some great news on IAA’s efforts to increase your returns and ease of doing business, while reducing your cycle times. Let’s get to it! 

Our first item really says something important about IAA’s 200-plus branches: FOUR of IAA’s branches made it into the top nine spots of Auto Remarketing Magazine’s 2020 Best Auto Auctions to Work For annual ranking! I don’t think it’s a coincidence that IAA did so well. We’re investing significant resources into our facilities to make sure they're in locations that match our sellers' needs and that they’re extremely efficient and well run. This helps us reduce your cycle times and so much more. Kudos to all IAA branches, especially the four appearing on Auto Remarketing’s list: IAA Baton Rouge (LA), IAA Fremont (CA), IAA Northern Virginia, and IAA Taunton (MA). 

Next up is simply more proof that IAA is constantly improving and expanding its branches. We’re breaking ground and starting construction on three new branches in key U.S. markets, opening two new branches, and expanding two existing branches. Those newly opened branches include the relocated IAA St. Louis branch in Caseville, Illinois, just twelve miles from St. Louis; and the new IAA Los Angeles South branch in Wilmington, California. Our recent branch expansions in Baltimore, Maryland, and Culpeper, Virginia, add additional acreage to accommodate strong customer demand and increased inventory needs for the growing East Coast market. And IAA just broke ground on three new state-of-the-art branch locations in Colorado Springs (CO), West Palm Beach (FL) and Port Murray (NJ). These investments will expand IAA’s footprint 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. And, as I always say, there is more to come.

IAA is committed to being pro-active on legislative and regulatory issues affecting our customers and the industry. Whether we are involved in bringing legislation to the table, or merely reporting on important bills, it is critical to remain up-to-date. Checkout IAA’s latest legislative update, where we spotlight 3 of the latest bills. 

Finally, we’re always looking for ways to better serve our buyers so that IAA is their go-to auction choice. While we’ve touted a lot of what our technology-driven solutions have done to enhance the buyer experience when bidding and buying, we are also easy to do business with. Recently we launched PayPal as a way for buyers to pay for vehicles and registration fees. Buyers asked for it, and IAA came through. We’re constantly listening to our buyers and sellers to improve their experiences and outcomes. 

As always, thank you for your business. Stay safe and healthy, and I’ll be in touch again very soon. 


Steve Muscarello Signature

  

Steve Muscarello, 
Senior Vice President, Chief Commercial Officer, IAA 

 


Forward-Looking Statements:   

Certain statements contained in this newsletter 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 the products, platforms, and locations discussed in this newsletter, 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 newsletter 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.