Carmel-based KAR Auction Services Inc. (NYSE: KAR) has officially completed its previously announced separation of IAA Inc. IAA will now operate as an independent public company, trading on the New York Stock Exchange under the ticker symbol "IAA."
KAR will continue to run its whole car auction marketplaces and offer its ancillary and related services, including dealer floorplan financing, logistics, inspections and fleet management solutions.
IAA will operate the pre-separation salvage auction businesses of KAR, including Insurance Auto Auctions Inc. in the United States, Impact Auto Auctions Ltd. in Canada and HBC Vehicle Services Limited in the United Kingdom.
"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 chief executive officer in a news release. "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."