LKQ Corporation and IAA’s SYNETIQ Announce Strategic European Joint Venture

Venture a key step in Europe-wide vehicle recycled parts strategy.

LKQ Corporation (NASDAQ: LKQ), today announced that LKQ Europe has entered into a joint venture with SYNETIQ Ltd., an IAA company. LKQ Europe is the leading distributor of automotive aftermarket parts for cars, commercial vans, and industrial vehicles in Europe. SYNETIQ is one of the UK’s leading vehicle salvage, dismantling and recycling companies.

LKQ SYNETIQ, the newly named joint venture, will combine LKQ’s unrivalled distribution reach and data-driven logistics network with SYNETIQ’s market-leading dismantling, reuse and remanufacturing expertise with approximately 27,000 vehicles dismantled annually across four UK sites in 2024. The joint venture is a key building block in the development of LKQ Europe’s salvage channel and its ability to meet future EU Fit-for-55, End-of-Life Vehicle and battery-recycling regulations. It also further enhances SYNETIQ’s strategic goal of maximizing the environmental and financial potential of every vehicle.

The joint venture will be led by SYNETIQ’s Dismantling Operations Director, Michael Hill; LKQ Europe’s Senior Project Director Salvage, Annick Jourdenais; and the CEO of LKQ Atracco and MD of LKQ Europe’s Salvage Channel, Magnus Tagesson.

Andy Hamilton, President and Executive Managing Director, LKQ Europe, said, “This joint venture is a major milestone in our mission to put sustainable, affordable mobility within reach of every workshop and body shop in Europe. By combining SYNETIQ’s dismantling and recycled parts expertise with LKQ’s unmatched parts catalogue and logistics footprint, we will give customers genuine choice, reduce the carbon footprint of repair and stay ahead of evolving European regulations. It is further proof that as market leader, we are not standing still but investing to keep our customers one step ahead. We will continue to look at further opportunities to expand this channel across Europe.”

Karl Werner, Chief Business Development Officer, at RB Global (NYSE: RBA) the parent company of IAA, added, “Partnering with LKQ allows SYNETIQ to accelerate the flow of quality reused and remanufactured components into UK repair networks. SYNETIQ has long been committed to sustainability, innovation and customer excellence. Together LKQ and SYNETIQ will offer insurers, body shops and workshops a seamless supply of sustainable parts while continuing to support and invest in the UK’s vibrant salvage community with the globally recognized IAA auctions.”

By bringing new aftermarket parts, certified remanufactured parts and quality-assured recycled parts into a single catalogue, LKQ SYNETIQ will offer affordable workshops and body shops, sustainable options for today’s increasingly complex repairs—including hybrid and EV models—and help them access “captive” OEM parts that are withheld from the independent aftermarket. LKQ will continue to acquire salvage vehicles and recycled parts from a variety of sources across Europe to provide the best availability and access to consumers. The additional demand generated by LKQ’s scale will channel fresh investment into the wider UK salvage sector to support and invigorate the industry.