Impact Auto Auctions Acquires Sudbury Auto Auction Ltd.
Published December 15, 2015 - Written by IAA, Inc.
MISSISSAUGA, ON (December 2, 2015) – Impact Auto Auctions Ltd., a subsidiary of Insurance Auto Auctions (IAA) and a business unit of KAR Auction Services (NYSE: KAR), today announced they have purchased the assets of Sudbury Auto Auction Ltd. (SAA). Located at 90 National Street in Sudbury, the auction, which covers 17 acres, serves the northern Ontario fleet and dealer communities. Through the transaction, Impact Auto Auctions also becomes the sole owner of Impact Auto Auction Sudbury.
“We are excited to be adding the talented team at Sudbury Auto Auction to our national auction network,” said Terry Daniels, Managing Director at Impact Auto Auctions. “Owners Dale and Lynda Harnden have been great partners for more than 23 years in helping to develop and serve the northern Ontario salvage market. We look forward to leveraging the strengths of both businesses and continuing the great tradition of whole car services that SAA is known for in this important market.”
Family-owned, SAA began its almost 30 year presence in the Sudbury community as an auction service in 1986, when Lynda Harnden’s father built the business from scratch. SAA sells dealer, rental, lease, fleet, and finance vehicles. Secondary to that business is a public auto auction company known as Nor Ontario Auctions, which provides public buyers with the opportunity to purchase dealer, repo and corporate consigned vehicles at auction prices. This sale also includes commercial vehicles and a variety of recreational vehicles such as ATV’s, boats, campers, motorcycles, snowmobiles and other items.
“We felt honoured to be asked to formally join Impact Auto Auctions,” said Dale Harnden about the transaction. “It’s been wonderful doing business with the team from Impact Auto Auctions who we’ve come to know and trust over the last 23 years. We’re excited about this opportunity and we expect this relationship will only grow stronger in the years to come.”
The Harndens will continue to support and consult with SAA during and after the transition. The business will continue to operate under the Sudbury Auto Auction name going forward. The purchase of SAA will give Impact Auto Auctions’ Remarketing Division the opportunity to expand into northern Ontario.
For more information about Impact Auto Auctions, please visit www.impactauto.ca.
SVP, Global Marketing and Communications
About IAA, Inc.
IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes approximately 2.5 million total-loss, damaged and low-value vehicles annually. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 talented employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a rapidly growing global buyer base – located throughout over 135 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to innovative vehicle merchandising, efficient evaluation services and digital bidding tools, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.
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 the expected timing and associated benefits of our Interact Merchandising Platform, and the related platforms discussed in this release. 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: uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, on our business and the economy generally; the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; 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 "Risk Factors" in our Form 10-K for the year ended December 29, 2019 filed with the SEC on March 18, 2020. Additional information regarding risks and uncertainties will also be contained in subsequent annual and quarterly 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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