IAA’s commitment to innovation creates a global e-commerce marketplace and the industry’s premier digital auction platform in the United States and Canada. Now, we’ve launched this technology to seamlessly connect global buyers to sellers in the UK market.
IAA AuctionNow™, our proprietary and U.S. Patented real-time auction platform, uses the industry’s most innovative digital auction tools for an enhanced buyer experience. Our first auction on the Auction Now platform took place on January 26th, officially connecting the UK market to IAA’s expansive global buyer base.
Bringing a fully digital auction platform to the UK is further commitment to advance the disposition of salvage vehicles by expanding the market with innovative products and services. AuctionNow utilises IAA Interact™, our digital merchandising platform that makes purchasing easier for buyers and helps improve sellers’ returns. Interact features digital imagery, in-depth vehicle information and personalisation, all critical for buyers to efficiently assess vehicles before bidding and buying.
We developed AuctionNow and Interact based on our overall strategy to build an ecommerce marketplace that easily connects buyers and sellers. These cohesive platforms ensure buyers have the information they need to confidently bid and buy, while delivering a more competitive auction and higher returns for sellers. Feedback thus far has been overwhelmingly positive. We’re continuing to listen to our UK customers to ensure the different solutions we are offering are delivering tangible value.
We have gone far beyond simply putting our auction online. IAA sees salvage differently. We have a strategy based on deeply understanding the overall vehicle disposition ecosystem and building solutions that serve its ever-evolving nature. We understand what buyers need to research, bid and buy online, and the critical role a vehicle purchased from IAA plays in their business. We also understand what sellers need from their salvage provider and how critical it is to drive improvement in their business results.
In today’s technology driven world, the pace of growth and development must continue to accelerate. Today’s industry calls for more than an online vehicle auction–it calls for approaching the market in a different way through continuous solution innovation and leveraging modern technology across a global platform. AuctionNow and Interact are just the first of several key developments we are excited to share with the UK market.
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 AuctionNowTM, and the related platforms discussed 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 UK and the operational, competitive and regulatory risks facing our non-U.S. and non-UK 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 29, 2019 filed with the SEC on March 18, 2020, as updated in our Form 10-Q for the quarter ended March 29, 2020 filed with the SEC on May 6, 2020. Additional information regarding risks and uncertainties will also be contained in subsequent annual and quarterly reports we file with the SEC, including our Form 10-K for the year ended December 27, 2020, which we expect to file on or near February 19, 2021. 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.