IAA Names Vance Johnston as Chief Financial Officer
Published April 22, 2019 - Written by IAA, Inc.
WESTCHESTER, Ill. – April 22, 2019 – Insurance Auto Auctions, Inc. (IAA), a business unit of global vehicle remarketing and technology solutions provider, KAR Auction Services (NYSE: KAR), announces the appointment of Vance Johnston as chief financial officer. Johnston will report to John Kett, chief executive officer and president.
“We are excited to welcome Vance to the IAA team,” said John Kett, CEO and president of IAA. “Vance’s successful track record of leading strong finance teams and driving operational efficiency throughout organizations will support our strategy of delivering improved economic returns for our customers by decreasing cycle times and increasing efficiencies. In addition, we are making strategic investments to help fuel innovative approaches to our operations. Vance’s extensive financial and public company background combined with his corporate strategy and operational expertise will be significant assets to IAA as we move into our next phase of growth.”
With nearly 30 years of finance, accounting, corporate strategy and treasury experience, Johnston brings a diverse combination of high-growth and public company experience. Most recently, Johnston served as chief financial officer for SP Plus Corporation, a provider of professional parking, ground transportation, facility maintenance, security and event logistics services. At SP Plus, Johnston was responsible for the finance, accounting, treasury, investor relations, strategy, corporate development, IT and procurement functions.
Prior to SP Plus, Johnston was chief financial officer for Furniture Brands International and held various finance, corporate strategy and operational positions at leading companies, such as Miami Jewish Health Systems, Royal Caribbean International, Burger King and OfficeMax. He started his career at Ernst & Young in the firm’s audit division. Johnston earned his Bachelor of Science degree in business administration and management from the University of San Diego and his Master of Business Administration degree from the University of Chicago.
Johnston will be based at the company’s headquarters in Westchester, Illinois.
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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 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 while also delivering industry-leading economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and bidding tools, enhancing the overall purchasing experience.
Certain statements contained in this release 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 our expectations as an independent company and our ability to enhance our competitive position and drive long-term value for shareholders. 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: fluctuations in consumer demand for and in the supply of damaged and total loss vehicles and the resulting impact on auction sales volumes; our ability to meet or exceed customers’ expectations, as well as develop and implement information systems responsive to customer needs; significant current competition and the introduction of new competitors; competitive pricing pressures; the ability of consumers to lease or finance the purchase of new and/or used vehicles; 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 and to implement and maintain measures to protect against cyberattacks; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; trends in the vehicle remarketing industry; changes in the volume of vehicle production, including capacity reductions at the major original equipment manufacturers; changes in the market value of vehicles auctioned, including changes in the actual cash value of damaged and total loss vehicles; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; general economic conditions; and other risks and uncertainties 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 release 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.
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