IAA Acquires Auto Exchange’s Businesss
June 21, 2021
WESTCHESTER, Ill.--(BUSINESS WIRE)--IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announced that it has acquired the entirety of the assets of Marisat, Inc. d/b/a Auto Exchange, a provider of personal service and security in the salvage recovery industry, effectively taking over the business operations of Auto Exchange. IAA will operate the business of Auto Exchange going forward. Financial terms of the transaction were not disclosed.
Founded in 1979, Auto Exchange is a highly respected, regional salvage industry leader in New Jersey. The acquisition will leverage existing assets to expand IAA’s physical presence in New Jersey and allow IAA to further serve the growing needs of the market and clients in the area.
“Bringing Auto Exchange under the IAA umbrella will allow us to provide premier service to our selling and buying customers in the New Jersey area,” said IAA CEO and President John Kett. “This investment will give us the capacity to exceed the needs of the growing market and we are excited to welcome Christine Palfrey and her colleagues to the IAA team.”
“We are excited to become a part of the IAA family and offer our sellers efficient and reliable movement of their salvage inventory,” said Auto Exchange CEO Christine Palfrey. “IAA’s cutting-edge technology and innovative tools will help create more transparency, confidence and trust for our buyers.”
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 4,000 employees and more than 200 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.