Auctions for Auctioneers: Ritchie Bros acquisition of IAA achieves shareholder approval
Toronto, Ontario — After some bumps along the road of negotiation, the Ritchie Bros acquisition of IAA has been completed following shareholder agreement from both parties. This merger will see IAA stockholders receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own. When […]
Gone too Soon: High repair cost driving many Teslas to salvage prematurely, Reuters says
Toronto, Ontario — Tesla has been talking big about its in-house insurance platform recently, and how it is providing insights on potential design improvements, but some recent reporting from Reuters has found that far too many of the electric automaker’s vehicles are turning up as salvage prematurely. In a compilation of 120 Model Y vehicles […]
Flooding the Market: Concerns raised over surplus of illegal imports in Mexican used market
Toronto, Ontario — The director of an organization representing Mexico’s auto parts industry has spoken out with concerns about his government’s handling of illegally imported used vehicles, as well as new policies that could hurt the local vehicle sales market. Alberto Bustamante, director of Mexico’s National Parts Industry (INA), spoke to reporters from Reuters about […]
Give Me the FAX: IAA integrates CARFAX vehicle history reports into auction platform
Toronto, Ontario — Car buyers looking for an extra bit of info before making their big purchase will now have CARFAX Canada Vehicle History Reports made available to them through IAA Inc.’s various vehicle auctioning platforms, the company announced on Monday. IAA users will now be able to access vehicle history reports for up to […]
A New Era: Impact Auto Auctions rebrands to IAA
Toronto, Ontario — Heads-up to the auto recyclers out there; a familiar face in the aftermarket industry has adopted a new name, as Impact Auto Auctions has officially rebranded to IAA. This recent change by the used vehicle distributor can already be seen across IAA’s online platforms, such as its website, Auction Center, Seller Portal, […]
State of the Industry: National average used vehicle prices hit all-time high
Toronto, Ontario — National vehicle and parts sales felt a push in a positive direction in December as the latest data from Statistics Canada shows industry growth of about 3.3 percent to a total of $11.8 billion. Despite the positive turn at the calendar year’s end, December sales were still 1.6 percent below pre-pandemic levels […]
Scrap Stars: YouTube auto ‘picking’ show continues to rack up the views
Rochester, New York – The auto recycling industry is finally getting some of the star power it deserves as YouTube-based “picking” show “Totaled Treasure” released its second episode in late-December. Styled in a similar vein to shows like “Canadian Pickers” and “Storage Wars”, “Totaled Treasure” follows Vince Edivan and Aaron Stone as they travel across […]
