Background

On February 28, 2018 KAR Auction Services (KAR) announced that it intended to spin-off its Insurance Auto Auctions Salvage Auction (“IAA”) business unit as a standalone business in a tax-free transaction. IAA (SpinCo) will retain North American salvage vehicle operations and HBC Vehicle Services (HBC) business in the UK.  After the spin-off, KAR Auction Services (Remainco) will consist of the whole car auction services business (ADESA).

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