IAA, Inc. (NYSE: IAA) revealed its shares dip slightly soon after the opening bell Wednesday, as the leading global digital marketplace connecting vehicle buyers and sellers, announces a strategic market alliance with Oversea Auto & Shipping in Cambodia. This business will operate an IAA Auction Center in the busy and densely populated capital city of Phnom Penh, providing local services and assistance to help buyers to purchase vehicles efficiently from IAA.
Oversea Auto & Shipping will offer support including bidding assistance, transportation, shipping and importing, which can help to reduce risk and increase convenience for new buyers. This will provide buyers with greater access in a significant global market and help to strengthen the company’s presence in Southeast Asia.
“IAA is rapidly expanding our network of international auction centers to help connect with more buyers worldwide,” said CEO John Kett. “This alliance will help meet the needs of this strategically located, growing buyer base in Southeast Asia.”
IAA, based in Westchester, Illinois, near Chicago, 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. IAA has nearly 4,500 employees and more than 210 facilities throughout the U.S., Canada and the United Kingdom.
IAA shares lost 12 cents to $34.96.