Marhaba Cars Auction to leverage IAA’s technology and join global network
WESTCHESTER, Ill.-Tuesday 29 June 2021 [ AETOS Wire ]
(BUSINESS WIRE)-- IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces a strategic partnership with Marhaba Cars Auction located in the United Arab Emirates. Marhaba Cars Auction is a leading provider of online and in-person vehicle auctions and related shipping services. Marhaba Cars Auction will manage IAA’s Auction Center in the city of Sharjah, UAE, a major hub of the country’s repairable vehicle trade.
As an official partner, Marhaba Cars Auction will leverage IAA’s technology to operate its auctions through the U.S.-patented AuctionNow™ bidding platform. Using this technology will help to maximize reach for sellers, as Marhaba Cars Auction’s inventory will integrate with IAA’s website. Marhaba Cars Auction listings also will leverage the market-leading IAA Interact™ merchandising platform, which gives buyers the detailed information they want at a glance. On the local level, Marhaba Cars Auction purchasing experts will provide support for buyers in the UAE seeking to research, bid, buy and transport vehicles from IAA auctions in North America.
“The newest IAA Auction Center and the extension of our AuctionNow bidding platform to the UAE demonstrate our ongoing commitment to building our global buyer network,” said John Kett, CEO and President of IAA. “We are excited about the long-term market opportunity in the UAE as well as the additional exposure of IAA’s brand to our growing buyer base in the Middle East.”
“Access to the IAA AuctionNow platform and superior merchandising tools will allow us to enhance and streamline the customer journey,” said Mujeb Amanzay, founder and CEO of Marhaba Cars Auction. “Our partnership with IAA and its innovative technology will make the process of researching, bidding and buying more efficient for our customers while increasing transparency, confidence and trust.”
A listing of preview days and sales days for Marhaba Cars Auctions and inventory may be found at www.iaai.com.
About IAA
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. For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.
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 the expected timing and associated benefits with respect to IAA’s partnership with Marhaba Cars Auction, as well as the platforms and services described in this release, on our business and plans regarding our growth strategies and margin expansion plan, and to our customers and company generally. 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, but are not limited to: uncertainties regarding the duration and severity of the COVID-19 pandemic, and the measures taken to reduce its spread, on our business and the economy generally; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and 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; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under "Risk Factors" in our Form 10-K for the year ended December 27, 2020 filed with the SEC on February 22, 2021. Additional information regarding risks and uncertainties will also be contained in subsequent annual and quarterly 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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