IAA, Inc. , a leading global digital marketplace connecting vehicle buyers and sellers, announced that it has acquired the entirety of the assets of Marisat, Inc. d/b/a Auto Exchange, a provider of personal service and security in the salvage recovery industry, effectively taking over the business operations of Auto Exchange. IAA will operate the business of Auto Exchange going forward. Financial terms of the transaction were not disclosed.
“Bringing Auto Exchange under the IAA umbrella will allow us to provide premier service to our selling and buying customers in the New Jersey area”
Founded in 1979, Auto Exchange is a highly respected, regional salvage industry leader in New Jersey. The acquisition will leverage existing assets to expand IAA’s physical presence in New Jersey and allow IAA to further serve the growing needs of the market and clients in the area.
Read More: SalesTechStar Interview with Dana Bjornson, Chief Financial Officer, Mylo
“Bringing Auto Exchange under the IAA umbrella will allow us to provide premier service to our selling and buying customers in the New Jersey area,” said IAA CEO and President John Kett. “This investment will give us the capacity to exceed the needs of the growing market and we are excited to welcome Christine Palfrey and her colleagues to the IAA team.”
“We are excited to become a part of the IAA family and offer our sellers efficient and reliable movement of their salvage inventory,” said Auto Exchange CEO Christine Palfrey. “IAA’s cutting-edge technology and innovative tools will help create more transparency, confidence and trust for our buyers.”
Read More: How To Change When Change Is Hard