Client News

IAA’s Pending Acquisition, EVs, Legislation, New Branches and More

IAA Brings Industry-Best CAT Response to Hurricane Ian

Published December 6, 2022 - Written by Steve Muscarello

3 min read


Summary

This month I have a plethora of exciting things to discuss. On the docket is Ritchie Bros.’ pending acquisition of IAA, a new Perspectives piece that explores key factors facing the electric vehicle market; our industry-leading response to Hurricane Ian; some newly introduced industry legislation; and new state-of-the-art IAA branches opening to meet growing customer demand. Let’s get to it! 

Big News: Ritchie Bros. Auctioneers to Acquire IAA  

You may have heard about IAA’s recent agreement with Ritchie Bros. Auctioneers to acquire IAA. This exciting opportunity means good things for you, our seller clients. Combining our highly complementary businesses in adjacent verticals will create a leading global marketplace for commercial assets and vehicles. To quote Ritchie Bros.’ CEO, Ann Fandozzi, “IAA accelerates our journey to become the trusted global marketplace for insights, services, and transaction solutions.”  

How Do Demographics and Geography Impact EVs’ Future?  

In our latest Perspectives, David Rymarz, VP of Data Analytics, Business Development & Corporate Strategy, takes a fascinating dive into how consumer considerations, demographics and geography affect the electric vehicle market, and what it all means for our industry and the future of EVs. 

IAA Delivers Industry-Leading Response to Hurricane Ian 

Hurricane Ian left a terrible path of destruction in Florida and beyond. IAA was poised to help affected areas as soon as it was safe to do so. IAA’s great CAT Team, well-placed real estate, and continual planning and preparation all helped us deliver our industry-leading CAT response. Learn more in our Hurricane Ian recap.   

Monitoring the Latest Industry Legislation 

IAA continually monitors legislative and regulatory matters that affect our customers and our industry. We work with lobbyists, insurance companies and other industry participants to see that our customers’ legislative needs are being met. Our latest edition of the Legislative Update reviews newly introduced New Jersey legislation that eliminates storage fees for stolen cars for 72-hours, and enacted Michigan legislation that ends an odometer reading requirement for scrap vehicles. You can also view all of our Legislative Updates from prior months and years.  

More Branches Opening, Expanding to Meet Demand 

I’m always talking about how IAA’s advantage in real estate benefits our seller clients, and how our U.S. footprint is superior since we are in ALL 50 states. And that IAA is continually opening and expanding top-of-the-line facilities to keep up with strong market growth. Here’s more proof: We’ve just opened shiny new locations in New Jersey, Hawaii and West Palm Beach (FL), broke ground on a new Northern California branch, and are expanding branches in Phoenix, and three key California markets.

IAA Transport’s Seamless Buyer Experience Benefits Sellers Too 

By making it easier for vehicle buyers to ship their purchases, IAA Transport™ is helping our sellers too. Since we introduced IAA Transport last year, its single platform design has transformed vehicle transportation. This global branch-to-doorstep delivery solution is another great example of how IAA’s tech and innovation is helping our sellers and buyers have a seamless digital experience. 

Thank you for your business. May you all have a safe and happy holiday season. We’ll see you next time!

Steve Muscarello, Senior Vice President, Chief Commercial Officer, IAA 

Steve Muscarello, 
Chief Commercial Officer, IAA 

View IAA’s forward-looking statements 

 

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