Auction news roundup: Developments at IAA, plus ‘Guitars & Cars’ headliner announced

IAA has added a new director to its board, the company said Friday, and also launched an operations committee, which it said will be tasked with “driving operational performance.”

Additionally, the company said it has come to a “constructive resolution” with Ancora Holdings, LLC, one of the company’s stockholders, but no further details were provided in the news release regarding that resolution.

Ancora had released a letter last month regarding IAA’s leadership, and IAA issued a letter in response.

As far as board move, with the appointment of Michael Sieger to the board, IAA now has 10 directors. Nine of those directors are independent.

From 2015 to 2021, Sieger was claims president at Progressive Insurance, a company he joined in 1990 and held various leadership posts.

“We look forward to Mike joining the board,” IAA board chairman John Larson said in a news release. “Mike brings decades of valuable automotive insurance industry experience and has a track record of driving growth through his strategic leadership.

“We are also pleased to have reached a constructive resolution with Ancora Holdings Group, LLC and look forward to an ongoing dialogue with them,” Larson said. “We are excited to benefit from Mike’s contributions, as we work alongside the management team to advance our strategic plans, navigate a dynamic market environment and drive profitable growth.”

Ancora Holdings Group chief executive officer and executive chairman Fredrick DiSanto said in the release: “We appreciate the collaborative and constructive dialogue that we have had with IAA’s board.

“We believe IAA has a solid foundation to build upon and operates in an attractive market with significant growth opportunities. The addition of Mike and the formation of the board committee will be beneficial in guiding the company forward and ensuring we achieve our common goal of creating the most value for stockholders.”

Country star to headline ‘Guitars & Cars’ 

Elsewhere in the auction industry, America’s Auto Auction Kansas City announced the headliner for its annual Guitars & Cars Sale: country music artist Chris Janson.

The auction made the announcement before its Hogfest April Promotional Sale on Thursday.

The event is set for Aug. 10-11 in Kansas City, Mo. It begins with a dealer and corporate consignment sale (along with giveaways) the morning of Aug. 10, with a concert performance from Janson that night.

The morning of Aug. 11, there will be an additional sale event with promotions and $20,000 in post-sale prizes.

“Our artist announcement has become a much-anticipated event.  As the announcement date approaches, excitement starts to build amongst the dealers and our team mates and everyone tries to guess who the artist will be,” America’s Auto Auction Kansas City general manager Doug Doll said in a news release. “This year’s announcement didn’t disappoint.”

 

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