On February 27, 2023, Discerene Group LP announced that it has sent a letter to shareholders of IAA Inc, stating that for the reasons it has previously expressed publicly, it does not believe that the proposed sale of IAA to Ritchie Bros. Auctioneers Incorporated fairly compensates Company shareholders for that opportunity and also puts shareholders' investment in Company at significant risk of permanent capital impairment. In addition, Discerene Group stated that it has encouraged the Company to focus on building a sustainable, long-term business by putting in place an optimal strategy, executive team, and long-term economic alignment between management and shareholders, rather than bow reactively to short-term and impatient market narratives or whiplash trading pressures and stated that it believes that the capital-markets tail should not wag the fundamental-business dog.

In addition, Discerene Group stated that it is ready and motivated to work with the Company and do its part to help Company realize its full potential and grow into an even stronger independent company over the long term.