IAA Expands New Jersey Presence with New Branch
30 August 2022 - 2:30PM
Business Wire
New Port Murray location increases total
capacity in New Jersey by over 30%
IAA, Inc. (NYSE: IAA), a leading global digital marketplace
connecting vehicle buyers and sellers, announces the opening of a
state-of-the-art IAA Port Murray (NJ) branch. As its sixth branch
in New Jersey, the Port Murray facility increases IAA’s capacity by
more than 30% in the state. This follows several recent strategic
investments that have more than doubled IAA’s capacity in New
Jersey in the past five years.
Features of this new location include Vehicle Inspection Center
(VIC) space, a dedicated VIC drop zone area, and covered motorcycle
storage. Customers and employees will also have additional meeting
and training space with conference rooms.
“This new branch will be vital in meeting the expanding needs of
buyers and sellers in the catastrophe-prone Atlantic coastal
region,” said Tim O’Day, President of U.S. Operations. “Our
customers will benefit from significantly increased capacity in
northwest New Jersey and the integration of leading-edge technology
and innovation throughout the Port Murray facility.”
About IAA
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 platform
facilitates the marketing and sale of total-loss, damaged and
low-value vehicles. Headquartered near Chicago in Westchester,
Illinois, IAA has nearly 4,500 employees and more than 210
facilities throughout the U.S., Canada and the United Kingdom. IAA
serves a global buyer base – located throughout over 170 countries
– and a full spectrum of sellers, including insurers, dealerships,
fleet lease and rental car companies, and charitable organizations.
Buyers have access to multiple digital bidding and buying channels,
innovative vehicle merchandising, and efficient evaluation
services, 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. For more
information visit IAAI.com, and follow IAA on Facebook, Twitter,
Instagram, YouTube and LinkedIn.
Forward-Looking Statements:
Certain statements contained in this release contain
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 in this release 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 include statements regarding the
expected timing and associated benefits with respect to the opening
of the IAA Port Murray (NJ) branch on our business and plans
regarding our growth strategies and margin expansion plan, and to
our customers and company generally. 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, but are not
limited to: the impact of COVID-19 and macroeconomic conditions on
our business; our future growth; expectations regarding vehicle
volume sales, results of operations and capital expenditures; and
our continued investment in information technology, the impact of
macroeconomic factors, including high fuel prices and rising
inflation, on our revenues, gross profit and operating results; the
loss of one or more significant vehicle 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 plan; business development activities, including
acquisitions and the integration of acquired businesses, and the
risks that the anticipated benefits of any acquisitions may not be
fully realized or take longer to realize than expected; 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; uncertainties regarding ongoing surges of COVID-19
infections, including new more contagious and/or vaccine resistant
variants, and the impact on the duration and severity of the
COVID-19 pandemic and measures intended to reduce its spread,
including the availability, rate of public acceptance and efficacy
of COVID-19 vaccines; and other risks and uncertainties identified
in our filings with the Securities and Exchange Commission (the
“SEC”), including under Item 1A “Risk Factors” in our Annual Report
on Form 10-K filed with the SEC on February 28, 2022 and Item 1A
“Risk Factors” in our Quarterly Report on Form 10-Q filed with the
SEC on May 10, 2022, as such risk factors may be amended,
supplemented or superseded from time to time by other reports we
file with the SEC, including subsequent Quarterly Reports on Form
10-Q and Annual Reports on Form 10-K. Many of these risk factors
are outside of our control, and as such, they involve risks which
are not currently known that could cause actual results to differ
materially from those discussed or implied herein. The
forward-looking statements in this document are made as of the date
on which they are made and we do not undertake to update our
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220830005284/en/
Media Inquiries: Jeanene
O’Brien | IAA, Inc. SVP, Global Marketing and Communications (708)
492-7328 jobrien@iaai.com
Analyst Inquiries: Caitlin
Churchill | ICR (203) 682-8200 investors@iaai.com
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