IAA Opens Third Branch in Houston Metro Area
Published June 13, 2019 - Written by IAA, Inc.
WESTCHESTER, Ill. – June 13, 2019 – Insurance Auto Auctions Inc. (IAA), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services Inc. (NYSE: KAR), announces the opening of its third location in the Houston metro area and the 17th branch in the state to accommodate increased customer needs. The new location, IAA Houston South, is approximately 35 miles from Houston and will strategically enhance IAA’s ability to serve the growing metropolitan area as well as the hurricane-prone coastal Texas areas.
“We continue to make strategic investments to meet our customers’ needs by creating a better marketplace to connect sellers and buyers,” said John Kett, CEO and president of IAA. “Texas is one of our largest markets. This new branch offers more than 125 acres of capacity and will help us serve the growing volume from our customers, as well as provide support for potential catastrophic weather events.”
IAA Houston South will offer the latest in vehicle auction technology, including a vehicle check- in area designed for IAA 360 ViewTM imaging and IAA Inspection ServicesTM. The branch will also include a vehicle inspection center (VIC) space for insurance clients. The new lobby and conference rooms provide customers and employees with ample meeting and training space.
So far this year, in addition to this new Houston South branch, IAA has made significant land investments across the country, with over 11 facility expansions totaling approximately 300 acres, and opened a new facility in Lexington, South Carolina.
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 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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