IAA expands footprint in New Jersey market

WESTCHESTER - IAA Inc. Monday said it has acquired Marisat Inc., which does business as Auto Exchange, a New Jersey-based provider of personal service and security in the auto salvage recovery industry.

IAA said it will effectively take over the business operations of Auto Exchange, operating it going forward. Financial terms of the transaction were not disclosed.

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, the company said.

"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 (Auto Exchange CEO) Christine Palfrey and her colleagues to the IAA team."

IAA operates a global digital marketplace connecting vehicle buyers and sellers.