IAA Invests in Innovation Hub at 1871 — North America’s Largest Tech Accelerator Center
Published March 27, 2019 - Written by IAA, Inc.
WESTCHESTER, Ill. – Mar. 27, 2019 – Insurance Auto Auctions, Inc. (IAA), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services (NYSE: KAR), announces an insurance claims and remarketing industry first — its investment in an innovation hub at 1871, the largest technology incubator in North America. IAA Engine HouseTM will serve as an ideation and development center where employees can collaborate with educators, investors, mentors, technologists, buyers and sellers.
“Our insurance and automotive remarketing customers require solutions that help them decrease cycle time, increase efficiency, make data-driven decisions and, above all, improve their economic returns,” said John Kett, CEO and president of IAA. “We are making strategic investments to help fuel more rapid progress in the industry. Being in an environment where we can share ideas and collaborate with universities and startups that are advancing technology gives us the advantage to lead the innovation of our industry. We can work to enhance our current technologies, but more importantly, to develop the solutions of the future.”
Located in Chicago’s Merchandise Mart, 1871 is 140,000 square feet of collaboration space and home to more than 1,000 inventors, designers and creators and over 500 startups. Various industries are represented in the space and can work together to share advancements and learnings.
IAA Engine House will have up to 20 employees at a time and will offer a rotation schedule to expose as many IAA employees as possible to the culture and shared knowledge at 1871. IAA will have access to more than 350 mentors and 1,000 events and learning programs each year. Engine House will serve as a location for client meetings, ideation sessions and product development and launch gatherings.
“IAA Engine House at 1871 will help us to foster a culture of innovation, generate ideas and launch them to full-fledged products or solutions — all while exercising an entrepreneurial spirit,” said Kett.
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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