IAA Launches Active Inventory Management™ Solution
Published July 25, 2017 - Written by IAA, Inc.
WESTCHESTER, Ill. – July 25, 2017 – Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services, Inc., (NYSE: KAR), and the leading live and live-online salvage auto auction company, today announced its latest innovation, Active Inventory Management™. The Active Inventory Management™ service enables insurance company customers to save time and resources by outsourcing their entire salvage inventory management process to IAA.
“IAA developed the Active Inventory Management™ solution to help our insurance customers streamline their salvage management process and generate better economic returns,” said John Kett, CEO and president, IAA. “IAA is committed to providing the tools, resources, and technology needed to deliver an unmatched customer experience. Active Inventory Management is the latest enhancement in this effort, and early adopters have already seen improved results in returns, cycle time and internal expense.”
Utilizing IAA’s unique CSAToday® platform, the salvage industry’s first mobile vehicle inventory management tool, IAA is able to actively monitor vehicles, identify issues, and coordinate any resolutions through its dedicated customer service team. Together with the Active Inventory Management Solution™, IAA hopes to help customers drive higher levels of satisfaction and retention amongst their own customer-base. Additionally, with salvage inventory often managed by insurance company employees with multiple responsibilities, Active Inventory Management™ provides a turnkey alternative that can improve APD process efficiency and keep employees focused on other value-added responsibilities.
As an industry leader in technology and innovation, IAA continues to develop new capabilities like Active Inventory Management™ that address and anticipate the needs of salvage buyers and sellers. The company was the first to invest beyond the physical auction and provide sellers and buyers with technology solutions that decrease cycle times, increase customer satisfaction, and help manage costs.
SVP, Global Marketing and Communications
About IAA, Inc.
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes more than 2.5 million vehicles annually. Headquartered near Chicago, IL, IAA has 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom. IAA provides a broad range of services to insurers, fleet and rental companies, rebuilders, charity organizations and financing companies that dramatically reduce the cycle time of selling a vehicle while also delivering industry-leading economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and bidding tools, enhancing the overall purchasing experience.
Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts may be forward-looking statements and can be identified by words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions. In this release, such forward-looking statements include statements regarding our expectations as an independent company and our ability to enhance our competitive position and drive long-term value for shareholders. 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: fluctuations in consumer demand for and in the supply of damaged and total loss vehicles and the resulting impact on auction sales volumes; our ability to meet or exceed customers’ expectations, as well as develop and implement information systems responsive to customer needs; significant current competition and the introduction of new competitors; competitive pricing pressures; the ability of consumers to lease or finance the purchase of new and/or used vehicles; 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 and to implement and maintain measures to protect against cyberattacks; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; trends in the vehicle remarketing industry; changes in the volume of vehicle production, including capacity reductions at the major original equipment manufacturers; changes in the market value of vehicles auctioned, including changes in the actual cash value of damaged and total loss vehicles; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; general economic conditions; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under "Risk Factors" in our information statement filed as Exhibit 99.1 to our Registration Statement on Form 10 filed with the SEC on June 13, 2019. Additional information regarding risks and uncertainties will also be contained in subsequent quarterly and annual reports we file with the SEC. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward looking statement to reflect new information or events, except as required by law.
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