Flexible real estate strategy provides capacity
when and where it is needed most
IAA Holdings, LLC (IAA), a Ritchie Bros. Auctioneers
Incorporated company (NYSE: RBA) (TSX: RBA) and trusted global
marketplace for insights, services and transaction solutions for
commercial assets and vehicles, announces that it has made
strategic real estate investments in New York, Indiana, Connecticut
and Delaware.
The IAA Staten Island (NY) and IAA Fort Wayne (IN) branches have
opened to accommodate growing demand in these busy markets. IAA
also has bought out the leases at two existing branches in
Connecticut and Delaware to secure its presence at prime locations
in those states. The company’s dynamic approach to real estate
investing helps to ensure that IAA branches are optimally located
for the convenience of its customers.
“As demand for capacity steadily increases, our flexible real
estate strategy continues to allow us to provide space for
inventory management where it is needed most,” said Scott Guenther,
Senior Vice President of North America Operations at IAA. “Our
physical presence and cutting-edge technology allow us to drive
operational excellence and continue to lead the industry in
customer service.”
About IAA
IAA Holdings, LLC (IAA), a Ritchie Bros. Auctioneers
Incorporated company (NYSE: RBA) (TSX: RBA), is a trusted global
marketplace for insights, services, and transaction solutions for
commercial assets and vehicles. 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.
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.
Ritchie Bros. globally has over 7,000 employees and is
headquartered near Chicago in Westchester, Illinois. For more
information on IAA visit IAAI.com and for more information about
Ritchie Bros. visit RitchieBros.com.
About Ritchie Bros.
Ritchie Bros. (NYSE: RBA) (TSX: RBA), together with IAA, is a
trusted global marketplace for insights, services, and transaction
solutions for commercial assets and vehicles. The company’s selling
channels include Ritchie Bros. Auctioneers, the world's largest
auctioneer of commercial assets and vehicles offering online
bidding; IronPlanet, an online marketplace with weekly featured
auctions and providing the exclusive IronClad Assurance® equipment
condition certification; Marketplace-E, a controlled marketplace
offering multiple price and timing options. Ritchie List, a
self-serve listing service for North America; Mascus, a leading
European online equipment listing service; The Company's suite of
solutions also includes Ritchie Bros. Asset Solutions and Rouse
Services LLC, which together provides a complete end-to-end asset
management, data-driven intelligence and performance benchmarking
system; SmartEquip, an innovative technology platform that supports
customers' management of the equipment lifecycle and integrates
parts procurement with both OEMs and dealers; plus equipment
financing and leasing through Ritchie Bros. Financial Services.
Additionally, 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. 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 about Ritchie Bros., visit RitchieBros.com.
Forward-Looking Statements:
IAA Holdings, LLC (as successor to IAA, Inc.) (“IAA”), a leading
global digital marketplace connecting vehicle buyers and sellers,
is now a subsidiary of Ritchie Bros. Auctioneers Incorporated
(NYSE: RBA) (TSX: RBA). This release includes forward-looking
information within the meaning of Canadian securities legislation
and forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995 (collectively,
“forward-looking statements”). Forward-looking statements may
include statements relating to future events and anticipated
results of operations, business strategies, the expected timing and
associated benefits with respect to the announcement of the opening
of the IAA Staten Island (NY) and IAA Fort Wayne (IN) branches, and
the buyout of two existing leases at branches in Connecticut and
Delaware on our business and plans regarding our growth strategies,
and to our customers and company generally, and other aspects of
RBA’s or IAA’s respective businesses, operations, financial
condition or operating results and other statements that are not
historical facts. Words such as “should,” “may,” “will,”
“anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,”
“estimates” “could,” “can,” “intends,” “target,” “goal,”
“projects,” “contemplates,” “believes,” “predicts,” “potential,”
“continue,” “foresees,” “forecasts,” “estimates,” “opportunity” and
similar expressions identify forward- looking statements. It is
uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do, what impact they will have on the results of operations
and financial condition of the combined companies or the price of
RBA’s common shares. Therefore, you should not place undue reliance
on any such statements and caution must be exercised in relying on
forward-looking statements. While RBA’s management believe the
assumptions underlying the forward-looking statements are
reasonable, these forward-looking statements involve certain risks
and uncertainties, many of which are beyond RBA’s control, that
could cause actual results to differ materially from those
indicated in such forward-looking statements, including but not
limited to: the effects of the business combination of RBA and IAA,
including the combined company’s future financial condition,
results of operations, strategy and plans; potential adverse
reactions or changes to business or employee relationships,
including those resulting from the completion of the merger; the
diversion of management time on transaction-related issues; the
response of competitors to the merger; the ultimate difficulty,
timing, cost and results of integrating the operations of RBA and
IAA; the fact that operating costs and business disruption may be
greater than expected following the consummation of the merger; the
effect of the consummation of the merger on the trading price of
RBA’s common shares; the ability of RBA to retain and hire key
personnel and employees; the significant costs associated with the
merger; the outcome of any legal proceedings that could be
instituted against RBA; the ability of the combined company to
realize anticipated synergies in the amount, manner or timeframe
expected or at all; the failure of the combined company to realize
potential revenue, EBITDA, growth, operational enhancement,
expansion or other value creation opportunities from the sources or
in the amount, manner or timeframe expected or at all; the failure
of the trading multiple of the combined company to normalize or
re-rate and other fluctuations in such trading multiple; changes in
capital markets and the ability of the combined company to generate
cash flow and/or finance operations in the manner expected or to
de-lever in the timeframe expected; the failure of RBA or the
combined company to meet financial forecasts and/or KPI targets;
legislative, regulatory and economic developments affecting the
business of RBA; general economic and market developments and
conditions; the evolving legal, regulatory and tax regimes under
which RBA operates; unpredictability and severity of catastrophic
events, including, but not limited to, pandemics, acts of terrorism
or outbreak of war or hostilities, as well as RBA’s response to any
of the aforementioned factors. Other risks that could cause actual
results to differ materially from those described in the
forward-looking statements are included in RBA’s periodic reports
and other filings with the Securities and Exchange Commission
(“SEC”) and/or applicable Canadian securities regulatory
authorities, including the risk factors identified under Item 1A
“Risk Factors” and the section titled “Summary of Risk Factors” in
RBA’s most recent Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, and IAA’s periodic reports and other
filings with the SEC, including the risk factors identified under
Item 1A “Risk Factors” and the section titled “Summary of Risks
Affecting our Business” in IAA’s most recent Annual Report on Form
10-K for the fiscal year ended January 1, 2023. The forward-looking
statements included in this release are made only as of the date
hereof. While the list of factors presented here is considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Many of these
risk factors are outside of our control, and as such, they involve
risks which are not currently known that could cause actual results
to differ materially from those discussed or implied herein. RBA
does not undertake any obligation to update any forward-looking
statements to reflect actual results, new information, future
events, changes in its expectations or other circumstances that
exist after the date as of which the forward-looking statements
were made, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005384/en/
Media Inquiries: Jeanene O’Brien | IAA SVP, Global
Marketing and Communications (708) 492-7328 jobrien@iaai.com
Analyst Inquiries: Sameer Rathod | Ritchie Bros. VP,
Investor Relations / Market Intelligence (510) 381-7584
srathod@ritchiebros.com
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