Used car dealer firm IAA has commenced construction of its two new branches in Minnesota and Indiana, the US.
The two new branches will be IAA Minneapolis South (MN) and IAA Indianapolis South (IN).
The new facility in Minnesota will provide inventory storage space as well as updated facilities.
It will be the second facility in the region that will serve the Twin Cities area’s increasing requirements.
The facility in Indiana will be the company’s third branch in the region.
IAA stated that the facility will also offer similar added support to the Indianapolis market.
IAA US Operations president Tim O’Day said: “These new branches will bring additional capacity to support our growth in the Midwest market.
“IAA is committed to enhancing the buying and selling experience, and these strategic property investments expand our capabilities and amenities in these key areas.”
Headquartered in Chicago, Illinois, the company is a global digital marketplace connecting vehicle buyers and sellers. Its platform facilitates marketing and sale of total-loss, damaged and low-value vehicles.
During the second quarter of fiscal 2021, the company’s consolidated revenues increased 50.0% to $445.1m. Service revenues increased 44.4% to $382.5m and vehicle sales increased 95.6% to $62.6m.
Net income increased by 149.7% to $82.9m, or $0.61 per diluted share, and adjusted EBITDA increased by 93.4% to $152.6m.
In June, the company reached an enhanced strategic agreement with Dealertrack.
The capabilities offered by the parties will provide efficient and more rewarding electronic total loss title processing experience by connecting consumers, dealerships, and insurers in Ohio.
IAA breaks ground on two new branches in Minnesota and Indiana. Credit: Aryan Beezadhur from Pixabay.