Press Release
IAA Expands Over 500 Acres in Preparation for Severe Weather Season
Published August 7, 2017 - Written by IAA, Inc.
WESTCHESTER, Ill., August 7, 2017 – Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (NYSE: KAR), and the leading live and live-online salvage auto auction company, today announced it has secured 22 real estate locations in ten states to prepare for the weather event season and potential catastrophic events.
“Strategically expanding our presence helps meet demands for catastrophe (CAT) services in areas where our customers will most urgently need it,” said John Kett, CEO and president, Insurance Auto Auctions, Inc. “We know that being prepared means being proactive, not reactive. And our experience in successfully navigating severe weather situations, such as Hurricane Matthew and the Louisiana flooding, fuels our proactive approach to CAT operation preparedness.”
The IAA CAT Team is a full spectrum catastrophe service that operates on scene using the company’s resources to recover the influx of total loss vehicles. The IAA CAT team has been in operation for over 30 years. Through consistent development in catastrophic prone locations, IAA is able to provide additional acreage for day-to-day seller storage and to maintain reserve storage for acute inventory increases. IAA’s strategic preparation and coordination allow for a timely response and speedy recovery in the aftermath of a major catastrophe, further showcasing the company’s continuous dedication to its customers.
“We want our customers and communities to know that IAA will be there when disaster strikes,” said Kett. “We embrace this responsibility – it’s part of who we are. And with this additional land, we’re able to deliver more support faster than ever.”
The IAA CAT-related expansions announced today include the following 22 locations: Burbank, CA; Miami, FL; Orlando, FL (two locations); Pensacola, FL; Tallahassee, FL; Tampa, FL (two locations); Savannah, GA; Tifton, GA; Baton Rouge, LA (two locations); Lafayette, LA (two locations); Medford, MN; Moss Point, MS; Englishtown, NJ; Long Island, NY; Charleston, SC; and Houston, TX (three locations).
For more information on listings for branch dates and times, please visit https://www.iaai.com/locations.
For more information on IAA’s rapid response system, please visit the Catastrophe page.
For four decades, IAA has been dedicated to meeting and exceeding the needs of its global clients and giving back to the communities in which it operates. This philosophy of giving provides IAA’s more than 2,800 team members with opportunities to volunteer, mentor and financially support multiple global, national, and local charitable causes. This commitment is also reflected in IAA’s National Vehicle Donation division that, since 1994, has assisted not-for-profit organizations monetize donated vehicles to fund and support their missions.
Media Inquiries:
Jeanene O’Brien
SVP, Global Marketing and Communications
(708) 492-7328
jobrien@iaai.com
Analyst Inquiries:
Caitlin Churchill
ICR
(203) 682-8200
investors@iaai.com
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.
Forward-Looking Statements
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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