On June 5, 2019, in connection with the proposed separation of its wholly-owned subsidiary IAA Spinco Inc. (“IAA”), KAR Auction Services, Inc. (“KAR”) announced in a press release that its board of directors has declared a distribution to KAR stockholders of one share of IAA’s common stock for every one share of IAA common stock they own as of 5:00 p.m. Eastern time on June 18, 2019, the record date for the distribution. The distribution is expected to be effective at 12:01 a.m. Eastern time on June 28, 2019. Completion of the distribution is subject to the satisfaction or waiver of a number of conditions, including the effectiveness of the Form 10 and certain other conditions described in the information statement included in the Form 10 and in the form of Separation and Distribution Agreement, which is filed as an exhibit to the Form 10.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

KAR Auction Services, Inc. Exhibit
EX-99.1 2 nc10002379x2_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 PRESS   RELEASE FOR IMMEDIATE RELEASE KAR Board of Directors Approves IAA Salvage Auction Business Spin-Off Record Date – June 18,…
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About KAR Auction Services, Inc. (NYSE:KAR)

KAR Auction Services, Inc. is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc. (ADESA Auctions), Insurance Auto Auctions, Inc. (IAA) and Automotive Finance Corporation (AFC). The ADESA segment is a provider of whole car auctions and related services to the vehicle remarketing industry in North America. The Company operates as IAA in the United States and Impact Auto Auctions in Canada. The AFC segment is a provider of floorplan financing to independent used vehicle dealers. It facilitates a marketplace by providing auction services for sellers of used, or whole car, vehicles and salvage vehicles through its approximately 240 physical auction locations, and multiple Internet venues. The Company facilitates the sale of over 4.4 million used and salvage vehicles.