IAA Invests in Innovation Hub at 1871 — North America’s Largest Tech Accelerator Center
Published March 27, 2019 - Written by IAA, Inc.
WESTCHESTER, Ill. – Mar. 27, 2019 – Insurance Auto Auctions, Inc. (IAA), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services (NYSE: KAR), announces an insurance claims and remarketing industry first — its investment in an innovation hub at 1871, the largest technology incubator in North America. IAA Engine HouseTM will serve as an ideation and development center where employees can collaborate with educators, investors, mentors, technologists, buyers and sellers.
“Our insurance and automotive remarketing customers require solutions that help them decrease cycle time, increase efficiency, make data-driven decisions and, above all, improve their economic returns,” said John Kett, CEO and president of IAA. “We are making strategic investments to help fuel more rapid progress in the industry. Being in an environment where we can share ideas and collaborate with universities and startups that are advancing technology gives us the advantage to lead the innovation of our industry. We can work to enhance our current technologies, but more importantly, to develop the solutions of the future.”
Located in Chicago’s Merchandise Mart, 1871 is 140,000 square feet of collaboration space and home to more than 1,000 inventors, designers and creators and over 500 startups. Various industries are represented in the space and can work together to share advancements and learnings.
IAA Engine House will have up to 20 employees at a time and will offer a rotation schedule to expose as many IAA employees as possible to the culture and shared knowledge at 1871. IAA will have access to more than 350 mentors and 1,000 events and learning programs each year. Engine House will serve as a location for client meetings, ideation sessions and product development and launch gatherings.
“IAA Engine House at 1871 will help us to foster a culture of innovation, generate ideas and launch them to full-fledged products or solutions — all while exercising an entrepreneurial spirit,” said Kett.
Jeanene O’Brien SVP, Global Marketing and Communications
About IAA, Inc.
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes more than 2.5 million vehicles annually. Headquartered near Chicago, IL, IAA has over 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom. IAA provides a broad range of services to insurers, fleet and rental companies, rebuilders, charity organizations and financing companies that dramatically reduce the cycle time of selling a vehicle with a focus on delivering the highest economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and digital bidding tools, enhancing the overall purchasing experience.
Uncertainties Affecting Forward-Looking Statements
Certain statements contained in this release include “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 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 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. Such forward-looking statements include the statements regarding IAA’s future financial and operating performance, benefits and synergies of the separation, strategic and competitive advantages, future opportunities and any other statements regarding events or developments that IAA believes or anticipates will or may occur in the future. We disclaim any obligation or undertaking to update any forward-looking statements. For further discussion of such risks and uncertainties, see “Information Statement Summary,” “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in the information statement filed as an exhibit to IAA’s Registration Statement on Form 10, as amended.
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