IAA responds to investor's call for sale

WESTCHESTER - IAA Inc. Wednesday responded to Ancora Advisors' letter this week calling for its CEO to be fired or the sale of the company.

"The IAA board of directors and management team are committed to enhancing value for our shareholders," the company said. IAA is a global digital marketplace for used vehicles and equipment that assists with shipping them all over the world. "The company looks forward to continuing a constructive dialogue with Ancora and the board will continue to take actions that are in the best interests of the company and all of its shareholders."

On Tuesday, Ancora Advisors, which owns 2% of IAA's common stock, released a statement calling for IAA CEO John W. Kett to be replaced or a formal sale of the company be pursued.

"IAA and Copart Inc., which is the company's closest competitor, control the vast majority of the market for lightly damaged, salvaged and clear-title automobiles, parts and heavy equipment. Unfortunately, despite strong industry tail winds, IAA's share price is -38.3% over the past year and -0.7% since going public in June 2019," Ancora Advisors said.

IAA has nearly 4,500 employees and more than 210 facilities throughout the U.S., Canada and the United Kingdom.