IAA Inc.’s (IAA) U.K. business has added NatWest’s Payit payment solution to its payment offerings. The move will allow IAA buyers to make payments directly from their bank accounts to purchase vehicles.
IAA is a platform that connects sellers and buyers of total loss, damaged and low-value vehicles. NatWest is a retail and commercial bank in the U.K. Its Payit platform connects with all major U.K. banks and allow buyers to transfer funds online.
The U.K. Managing Director for IAA, Steve Hankins, said, “Payit saves our buyers’ time and creates more flexibility by quickly and efficiently processing online transactions on a wide variety of devices, without additional processing fees. With payments complete in a matter of minutes, the platform expedites vehicle release, and gives buyers more time to focus on other essential aspects of their businesses.”
The company’s shares closed 4.2% higher on Monday at $57.27. (See IAA stock chart on TipRanks)
Last month, Stephens analyst Daniel Imbro maintained a Buy rating on the stock with a price target of $70 (22.2% upside potential). The analyst believes that the recent selloff of the company’s shares presents a long-term opportunity.
Overall, the stock has a Strong Buy consensus rating based on 3 Buys. The average IAA price target of $68.50 implies 19.6% upside potential. The company’s shares have gained 49% over the past year.