- SYNETIQ and Europcar develop agile approach to parts back-order issues, as vehicle repairers feel the pressure
- Green parts solution recently helped Europcar avoid a proposed delay of over 190 days, helping customers get back on the road
- Europcar has reported reduced CO2 emissions by 163,583.18kg since it started working with SYNETIQ
DONCASTER, UK – 8th July 2022 – SYNETIQ, an IAA company (NYSE: IAA), has shared the success of its green parts supply relationship with Europcar Mobility Group UK, as industry parts supply chain uncertainty continues.
Complex parts manufacturer supply issues mean an increasing number of vehicles awaiting repair, with some items on backorder for over six months.
With vehicle fleet operators dealing with significant delays, SYNETIQ suggests green parts could provide the answer. For leading mobility company Europcar the results have been transformational, with a recent green parts solution negating a total repair turnaround of more than 190 days.
SYNETIQ is now encouraging more fleet operators to implement an agile approach to parts supply issues. The organisation says it is pleased to be supporting Europcar through a challenging period for the industry, noting the key environmental benefits that can also be achieved using green parts.
Since it began working with SYNETIQ in 2019, Europcar stated they have avoided 163,583.18kg CO2 by using green parts for vehicle fleet repairs.
Europcar, which currently operates a fleet of more than 30,000 cars and 10,000 vans in the UK, says it is delighted with the results so far. “Our relationship with SYNETIQ delivers important advantages for our business and our customers,” confirmed Ron Santiago, Managing Director, Europcar Mobility Group UK. “Being able to address some of the delays caused by the global vehicle parts supply issues is a clear benefit, as well as the significant reduction in costs and CO2 by using green parts.”
“Parts backorder complications have caused havoc for our vehicle repair clients,” says Sarah Hirst, Client and Green Parts Director at SYNETIQ. “For large fleets, it is imperative that repairs are dealt with as swiftly as possible to allow vehicles to get back on the road. The recent Europcar solution is one example of how green parts can be demonstrably effective in vehicle repair – reducing CO2 emissions, repair cost and vehicle-off-road time.”
SYNETIQ, an IAA, Inc. company (NYSE: IAA), is the largest integrated salvage, dismantling and vehicle recycling company in the UK, formed to become the most innovative and trusted business in the industry. An integrated, data driven and innovative business, SYNETIQ has led the way in raising industry standards and continually innovates ways of working, to deliver great value, ensure complete compliance and a positive experience.
SYNETIQ provides a number of business solutions including salvage and auction, green parts, mechanical solutions and is proud to have major household names in its portfolio, including insurers, accident management companies, fleets, police forces, logistics companies, vehicle repair body shops, and remanufacturers. With cutting edge data and software solutions, multiple sites, a specialist vehicle recovery fleet and over 540 dedicated UK-based employees, customers and clients trust SYNETIQ to create bespoke solutions to deliver the maximum benefit for their business. Its primary goal is to understand client and customer needs, delivering the right solution, first time.
For more information on SYNETIQ visit SYNETIQ.co.uk, and follow SYNETIQ on Facebook, Twitter, Instagram, YouTube and LinkedIn.
Certain statements contained in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made in this release that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions identify forward- looking statements. Such statements include statements regarding the expected timing and associated benefits with respect to SYNETIQ’s relationship with Europcar Mobility Group UK, on our business and plans regarding our growth strategies and margin expansion plan, and to our customers and company generally. Such statements are based on management’s current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties regarding COVID-19, and other potential future health crises, including new more contagious and/or vaccine resistant variants, and the impact on the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread, including the availability, rate of public acceptance and efficacy of COVID-19 vaccines; the loss of one or more significant vehicle suppliers or a reduction in significant volume from such suppliers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and our ability to obtain land or renew/enter into new leases at commercially reasonable rates; our ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; risks associated with online commerce security and credit card fraud; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; weather-related and other event beyond our control which may adversely impact operations; failure to attract and retain key personnel, have inadequate succession planning, or manage labor shortages; business development activities, including acquisitions and the integration of acquired businesses, and the risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under Item 1A “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on February 28, 2022, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC, including subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. The forward-looking statements in this release are made as of the date on which they are made and we do not undertake to update our forward-looking statements.
IAA and SYNETIQ Contacts
|U.S. Media Inquiries:||Analyst Inquiries:|
|Jeanene O’Brien | IAA, Inc.
SVP, Global Marketing and Communications
U.K. SYNETIQ Media Inquiries:
Jack Constantine | Loop Agency
Caitlin Churchill | ICR