KAR Auction Services has successfully completed its previously announced separation of Insurance Auto Auctions (IAA), the company announced.
IAA is now an independent public company trading on the New York Stock Exchange under the ticker symbol "IAA," the company added.
"Today marks the beginning of a new era for KAR and our investors, employees and diverse customers around the globe," said Jim Hallett, KAR chairman and CEO. "KAR's strong, focused strategy positions us well to lead the digital evolution of our industry and expand our broad portfolio of innovative, integrated and data-driven solutions. We look forward to seizing the many opportunities ahead, advancing our entrepreneurial culture, and upholding our historical commitment to customer service."
IAA will operate the pre-separation salvage business of KAR in the United States, the Impact Auto Auctions Ltd. business in Canada, and HBC Vehicle Services Limited business in the U.K. In 2018, Insurance Auto Auctions Inc. generated approximately $1.3 billion in revenue, according to KAR.
KAR will continue to operate its physical, online, and digital whole car auction marketplaces, as well as a broad scope of ancillary and related services.
In 2018, KAR generated approximately $2.4 billion in revenue, according to the company.