A Global Marketplace
IAA Delivers Value in the Middle East
Published August 5, 2019 - Written by Dan Oscarson
In IAA’s latest edition of our Global Marketplace series, Dan Oscarson, Vice President of Global Market Development discusses his trip to the Middle East and outlines how focusing on market growth in these countries provides increased value for our customers.
Relatively few Americans have taken the time to do much in-depth learning about the wonderful (although sometimes complicated) countries of the Middle East. While it’s true that they are far away, occasionally dusty and sometimes politically volatile, the people in these regions have more in common with Americans than most would likely bet. Wonderful people who work hard to make a better life for themselves and their families cover the landscape. Just as in many other countries across the globe, there exists the need for affordable transportation in the Middle East.
IAA has been focused on expanding market growth in the Middle East to help meet growing demand for affordable transportation with vehicles built to the standards of the American market (“American spec”). Over the years we have formed Marketing Alliances with key brokers in Lebanon, Jordan and the United Arab Emirates. These relationships help us expand our reach and sell vehicles to buyers not only in these countries, but throughout the broader region including Iraq and Kurdistan.
While importation requirements and taxes (duty) vary, our buyers know what vehicles are in demand and how to deliver them to their customers. For example, Jordan has historically favored electric cars, while Iraq prefers such American classics as the Jeep Grand Cherokee and the Dodge Charger and Challenger. Other popular vehicles in Iraq and Kurdistan include the Toyota RAV4 and Camry, as well as a number of SUVs and sedans from Kia and Hyundai.
IAA’s initiatives to deliver value to car buyers and increase vehicle sales in the Middle East have been remarkably successful. On June 16, we conducted a buyer seminar in Amman, Jordan, for 200 buyers and prospective buyers who wanted to learn more about IAA and the high-quality repairable vehicles we sell. People came from throughout Jordan, from across Iraq and from as far away as Kurdistan to attend. One buyer from Kurdistan drove over 20 hours and covered 800 miles to attend.
In addition to learning more about IAA, these buyers were introduced to some of our new tools, including IAA Timed AuctionsTM and IAA 360 ViewTM. Everyone who attended commented that they had discovered something new that would be of value in helping them expand their business. New buyers registered during the seminar and other, more experienced buyers left with valuable information that is already helping them to be more successful. At the end of our meeting, those in attendance universally expressed appreciation to IAA for our hosting such an important and enlightening event.
Although far away, the greater Middle East region is a strategic part of IAA’s dramatic international growth. As we move forward as a company, we are committed to continuing to provide the type of auction services and customer support these buyers need to successfully grow their businesses. We are also committed to providing the best possible returns for our providers by getting their vehicles to the right buyers – no matter where in the world they may reside!
The statements contained in this article that are not historical facts are forward-looking statements. Forward-looking 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 the forward-looking statements. These risk and uncertainties include those identified in our filings with the Securities and Exchange Commission (the “SEC”), including under “Risk Factors” in our information statement filed as Exhibit 99.1 to our Registration Statement on Form 10 filed with the SEC on June 13, 2019. Additional information regarding risks and uncertainties will also be contained in subsequent quarterly and annual reports we file with the SEC. The forward-looking statements included in this report are made as of the date of this report, 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.
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