Global digital marketplace for vehicle buyers and sellers, IAA Inc. (IAA), has expanded its footprint in the New Jersey market with the acquisition of Auto Exchange’s business. Transaction details remain undisclosed.
Auto exchange caters to the vehicle salvage industry in New Jersey. IAA, via its platform, helps facilitate the sale of total-loss, damaged, and low-value vehicles.
IAA CEO and President John Kett 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.” (See IAA stock chart on TipRanks)
Auto Exchange CEO Christine Palfrey added, “We are excited to become a part of the IAA family and offer our sellers efficient and reliable movement of their salvage inventory. IAA’s cutting-edge technology and innovative tools will help create more transparency, confidence, and trust for our buyers.”
On June 11, Stephens analyst Daniel Imbro reiterated a Buy rating on the stock and a price target of $70 (29.9% upside potential).
Imbro thinks the recent slide in IAA stock is a long-term buying opportunity even if market sentiment remains subdued in the short term until the market share data of the company stabilizes.
Based on 3 unanimous Buys, consensus on the Street is a Strong Buy. The average IAA analyst price target of $68.50 implies 27.1% upside potential. Shares are down 15.8% so far this year.