Market Overview

Insurance Auto Auctions Unveils IAA Title Management & Title Tracker

WESTCHESTER, Ill.--(BUSINESS WIRE)--

Insurance Auto Auctions, Inc. (IAA) the leading live and live-online salvage auto auction company and wholly-owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR), today announced that it has launched a suite of patent pending title procurement tools – IAA Title Management and Title Tracker.

“As a company focused on helping our clients best manage the entire salvage disposition process, we understand the challenges title procurement can create. These issues directly affect our customers' returns and cycle time,” said Tom O'Brien, chief executive officer at Insurance Auto Auctions, Inc. “Our new solutions provide users with access to a comprehensive and efficient approach to title procurement, and allow for the choice of self-service or full service solutions to meet their specific needs.”

The IAA Title Management and Title Tracker have been developed in collaboration with insurance companies, enabling IAA to understand the users and the industry's need for both a full service and a self-service title procurement offering. Through this research, IAA leveraged over 20 years of title procurement expertise and developed an efficient, streamlined, and flexible suite of feature-rich and customizable solutions. Importantly, these solutions help to reduce the length of time it takes to secure a vehicle title and sell the vehicle at one of IAA's over 160 auctions. This translates into improved cycle time, increased returns, and overall resource savings.

IAA brings an unmatched set of solutions to the industry, providing a self-service and full-service title procurement and management offering.

  • Full-service

IAA Title Management, a comprehensive IAA process offering, alleviates the burden of title procurement providing a customized client solution from start to finish employing industry best practices. The company's industry relationships with lienholders and state DMVs and experience with state abandonment laws ensures timely procurement of lien and non-lien titles as well as resolution of problem titles. Other benefits include minimizing IT spend, reducing rental and staffing expenses and improving speed to insured payments. The result of this effort translates directly into savings per claim file and enhanced customer satisfaction and retention.

  • Self-service

The company developed an integrated, industry-first customer-centric title procurement tracking tool Title Tracker, which resides within the industry's leading customer portal, CSAToday® – IAA clients now have the option to self-manage the title procurement process within CSAToday, the tool they use every day for salvage management. Title Tracker is a workflow-based, logic-oriented tool that is fully integrated into IAA's systems and can be fed data manually or from a total loss worksheet. Title Tracker can be utilized even before assigning the vehicle to IAA, and to assist in making assignments.

For the past 30 years, Insurance Auto Auctions has remained on the forefront of customer-centric, innovative salvage auto auction services. Last year, IAA sold nearly 1.4 million vehicles at auction and through its live and live online auctions maintains its philosophy of choice and flexibility with “anywhere” access and mobile technology.

IAA follows strict regulatory compliance at the federal and state levels and is well versed in all state titling laws as well as buyer and seller licensing.

About Insurance Auto Auctions, Inc.

Insurance Auto Auctions is the leading live and live-online salvage vehicle auction company and a wholly-owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR). Headquartered in Westchester, Illinois, IAA owns over 160 auction facilities throughout North America offering towing, financing and titling services. With the most auction facilities in North America, IAA provides registered buyers from around the globe with millions of opportunities to bid on and purchase donated and salvaged vehicles. Since 1982, IAA has sold millions of vehicles through its weekly auctions for insurance companies, fleet and rental companies, financing companies, charity organizations and the general public. IAA also leverages its business model to assist hundreds of charitable organizations in the US through its One Car One Difference® campaign. To date IAA has provided millions of dollars in additional funding to charities by assisting in the processing of donated vehicles. Learn how we are making a difference by visiting www.1car1difference.com. With a talented team of over 1,800 employees, IAA is committed to providing customers with the highest level of services in the salvage auto industry. Go to www.IAA-Auctions.com to learn more, and follow IAA on Facebook and Twitter.

Insurance Auto Auctions, Inc.
Jeanene O'Brien, 708-492-7328
Vice President, Marketing
www.iaai.com

 

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