Insurance Auto Auctions Increases Presence In Texas With Three Strategic Branch Expansions
Published July 19, 2016 - Written by IAA, Inc.
WESTCHESTER, IL, July 19, 2016 — 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 the expansion and improvement of three locations in Texas – Corpus Christi, Houston, and McAllen facilities. Through strategic, ongoing growth, the expansions of facilities serve to both promote IAA’s continued dedication to its customers and to add to the company’s footprint in the industry, with over 170 locations in North America.
IAA Corpus Christi underwent an expansion, and now spans a total of approximately 12 acres. Chosen for expansion based on space demands and to assist in potential future catastrophe (CAT) situations, the enhanced location was officially operational as of May 1. In line with IAA’s environmental philosophy, reclaimed asphalt was used in the development of the new acreage. IAA Houston, the company’s largest branch, recently completed a state-of-the-art building extension to accommodate an additional fourth lane for the popular live IAA Run & Drive® segment of the auction. With over 1,200 units sold per week at this location, expanding the Run & Drive capabilities and hiring another auctioneer will further accommodate the high volume in one of IAA’s largest growth markets. As of July 1, IAA McAllen also opened a new live Run & Drive lane to increase the pace of vehicle sales at the facility and increase capacity for IAA’s growing buyer base.
“Our advancements in Texas serve to successfully provide customers with the additional storage area and capabilities needed to meet demand, while also providing greater inventory of vehicles to choose from,” said John Kett, CEO and president, Insurance Auto Auctions, Inc. “These improvements illustrate our commitment to anticipating market needs and strategically expanding our locations accordingly to ultimately enhance our buyers and sellers’ auction experience.”
IAA is a proud community partner, and is grateful that each of these locations has been welcoming its increased presence in their communities. IAA strives to work with local businesses and civic organizations across the country for charitable causes, as well as overall economic growth for the region.
IAA Corpus Christi is located at 4701 Agnes St., Corpus Christi, TX 78405 with auctions every Wednesday starting at 9:00 A.M. CT.
IAA Houston is located at 2535 W. Mt. Houston Rd., Houston, TX 77375 with auctions every Wednesday starting at 9:00 A.M. CT.
IAA McAllen is located at 900 North Hutto Rd., Donna, TX 78537 with auctions every Tuesday starting at 9:00 A.M. CT.
For more information on listings for branch dates and times, please visit www.iaai.com/locations.
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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