IAA, Inc., issued a response to the recent letter received from Ancora Advisor that urged IAA to change leadership or sell.
IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, today (March 15) issued the following statement regarding the letter it received from Ancora Advisors (“Ancora”):
“The IAA Board of Directors and management team are committed to enhancing value for our shareholders. IAA has built a differentiated platform with digital capabilities and strong customer relationships, and we are focused on driving growth and expanding our long-term profitability in a dynamic market environment. Our Board regularly evaluates our business and strategy, welcomes open communications with shareholders and is receptive to input that furthers the Company’s goal of enhancing value for our shareholders. The Company looks forward to continuing a constructive dialogue with Ancora and the Board will continue to take actions that are in the best interests of the Company and all of its shareholders.”
J.P. Morgan Securities LLC is acting as financial advisor and Latham & Watkins LLP and O’Melveny & Myers LLP are acting as legal advisors to 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 4,500 employees and more than 210 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 www.IAAI.com
For more information about IAA in the UK visit www.IAAIUK.co.uk