|Over a week ago|
IAA expands service footprint of IAA Transport to Mexico, Nigeria » 08:3309/0709/07/22
IAA announced that it has…
IAA announced that it has expanded its service footprint of IAA Transport to include Mexico and Nigeria. Introduced in 2021, IAA Transport has transformed and streamlined the vehicle transport process with a global branch-to-doorstep delivery solution. With this expansion, buyers in Mexico and Nigeria can now generate real-time quotes on any vehicle available for sale or any vehicle purchased by the buyer, both pre-payment and post-payment. The transaction is completed on a single platform, providing real-time status updates, guaranteed title and a dedicated IAA team handling transportation.
IAA opens new branch in New Jersey, increases capacity by over 30% » 08:3908/3008/30/22
IAA announced the opening…
IAA announced the opening of a IAA Port Murray branch. As its sixth branch in New Jersey, the Port Murray facility increases IAA's capacity by more than 30% in the state. This follows several recent strategic investments that have more than doubled IAA's capacity in New Jersey in the past five years. Features of this new location include Vehicle Inspection Center space, a dedicated VIC drop zone area, and covered motorcycle storage. Customers and employees will also have additional meeting and training space with conference rooms.
|Over a month ago|
IAA announces launch of CARFAX Canada vehicle history reports » 08:3608/2208/22/22
IAA announces that…
IAA announces that non-branded, repairable IAA vehicles in Canada now include CARFAX Canada Vehicle History Reports. IAA's Vehicle Details Page within the Auction Centre will now provide the most comprehensive vehicle history report available in Canada. This launch will allow buyers to fully view any available vehicle history report - with no limits or restrictions - paying only when they purchase the vehicle. "CARFAX Canada maintains a strong, established reputation in the industry and we are proud to work with them to improve buyer confidence in the integrity of IAA and the vehicles we sell," said Blair Earle, Managing Director, Canada for IAA. "This CARFAX Canada integration will ensure our buyers understand more about a vehicle's history, enabling them to make more-informed buying decisions and improving the overall buyer experience."
IAA announces new branch located in West Palm Beach, Florida » 08:3508/1708/17/22
IAA announces a new…
IAA announces a new branch located in West Palm Beach, Florida, bringing the total number of locations in the state to eleven and three in the market. The branch will provide increased coverage in South Florida and will assist in meeting the growing customer demand in the region. "This state-of-the-art branch in West Palm Beach will help IAA increase capacity and meet the needs of our growing customer base in southeast Florida," said Tim O'Day, President of U.S. Operations. "This conveniently located branch will improve the overall experience for both buyers and sellers."
IAA price target lowered to $46 from $50 at Baird » 06:5308/1008/10/22
Baird analyst Craig…
Baird analyst Craig Kennison lowered the firm's price target on IAA to $46 from $50 and keeps an Outperform rating on the shares. The analyst noted they reported mixed results and narrowed guidance. Volume remained soft due to known share losses and a weak total loss rate, but strong RPU provided an offset. He expects volume to recover as share trends stabilize and used car prices normalize.
IAA sees FY22 revenue $2.020B-$2.075B, consensus $2.1B » 06:5408/0908/09/22
FY22 revenue view…
FY22 revenue view includes a negative impact from currency of approximately $14.0M-$16.0M. The currency impact has increased from the prior quarter guidance due to the strengthening of the U.S. dollar versus the British Pound. In addition, SYNETIQ revenue is now expected to be $160M-$170M. Sees FY22 Organic revenue growth 3.5%-6.0% from FY21 revenues of $1.837B; total Adjusted EBITDA $540M-$560M, including a negative impact from currency of approximately $2.0M-$3.0M; Organic Adjusted EBITDA growth flat to down 5.0% from FY21 Adjusted EBITDA of $547.3M; Interest expense, net, $50.0M-$52.0M; effective tax rate 22.0%-23.0% excluding discrete items; and depreciation and amortization $105.0M-$110.0M.
IAA reports Q2 adjusted EPS 62c, consensus 57c » 06:5008/0908/09/22
Reports Q2 revenue…
Reports Q2 revenue $520.3M, consensus $529.48M. John Kett, CEO and President, stated, "We continue to navigate a dynamic macro environment as reflected in our second quarter results. Our topline performance continued to benefit from solid revenue per unit trends as well as progress against our strategic initiatives, and as expected, profitability was impacted by inflationary pressures and industry volume headwinds. Despite the evolving environment, I am proud of our team's unwavering focus on operational efficiency and delivering best-in-class service to our customers. As we look to the remainder of the year, regardless of the macro environment, we remain committed to executing on our strategic objectives, including improving our digital marketplace through data analytics and enhanced vehicle merchandising, while investing in technology and automation to further improve profitability and deliver value to all our stakeholders."
IAA opens new Hawaii branch » 08:3307/2807/28/22
IAA announced the opening…
IAA announced the opening of a full-service facility in Honolulu, Hawaii. This new location more than triples IAA's capacity in the state, providing support to meet evolving client needs. IAA's previous Honolulu location will be retained for overflow use and is also available for critical CAT situations as they arise.
|Over a quarter ago|
IAA announces opening of Bristol branch in the UK » 08:3306/0906/09/22
IAA and its subsidiary,…
IAA and its subsidiary, SYNETIQ, announce the opening of a full-service facility in Bristol, located in the southwest region of the UK. The Bristol site will greatly increase the company's capacity and enable it to meet the growing needs of current and new customers. "The new branch in Bristol is vital to our ongoing expansion in the UK," said Tom Rumboll, UK Managing Director for IAA and CEO of SYNETIQ. "Our new strategically located, 22-acre investment - which is licensed by the Environmental Agency - will contribute significantly to our sustainability goals in the country by increasing efficiency and reducing miles driven. We are excited to bring our combined company's signature customer service and modern technology to the area and look forward to its success."
IAA upgraded to Buy from Neutral at Guggenheim » 06:1506/0906/09/22
Guggenheim analyst Ali…
Guggenheim analyst Ali Faghri upgraded IAA to Buy from Neutral with a $52 price target. The analyst reiterated a positive outlook on the salvage auction sector saying accident rates should increase as more people return to work. Faghri cites positive salvage auction fundamentals, an attractive valuation, a "de-risked" 2022 earnings outlook, visibility to 2023 earnings upside, and "optionality from strategic changes" for the upgrade of IAA.