LKQ Corp., Synetiq announce European joint venture

LKQ Corp. has announced that LKQ Europe has entered a joint venture with Synetiq Ltd., a United Kingdom-based vehicle salvage and recycling company operating under IAA Holdings LLC.

LKQ Europe is a distributor of automotive aftermarket parts for cars, commercial vans and industrial vehicles in Europe, while Synetiq is one of the U.K.’s leading vehicle salvage, dismantling and recycling companies.

LKQ Synetiq, the newly named joint venture, will combine LKQ’s distribution reach and data-driven logistics network with Synetiq’s dismantling, reuse and remanufacturing expertise, the companies say, adding that the joint venture is a 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.

“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," LKQ Europe President and Executive Managing Director Andy Hamilton says. "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.”

The joint venture will be led by Synetiq’s Dismantling Operations Director Michael Hill; LKQ Europe’s Senior Project Director of Salvage Annick Jourdenais; and the CEO of LKQ Atracco and Managing Director of LKQ Europe’s salvage channel Magnus Tagesson.

“Partnering with LKQ allows Synetiq to accelerate the flow of quality reused and remanufactured components into U.K. repair networks," RB Global Chief Business Development Officer Karl Werner says. "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.”

According to LKQ, by bringing new aftermarket parts, remanufactured parts and recycled parts into a single catalogue, LKQ Synetiq will offer affordable workshops and body shops and sustainable options for increasingly complex repairs. It also will help them access original equipment manufacturer 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, the company says, and the additional demand generated by LKQ’s scale will channel fresh investment into the wider UK salvage sector.