Insurance Auto Auctions Announces Enhanced Appraisal Capability for IAA Inspection Services
Integrated Appraisal Offering Becomes the Newest Feature of IAA Total Loss Solutions
Published May 18, 2016 - Written by IAA, Inc.
WESTCHESTER, IL, May 18, 2016 — Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (NYSE: KAR), and the leading live and live-online salvage auto auction company, has implemented an enhanced appraisal offering that provides increased flexibility and choice for IAA Inspection Services™ customers. This is the latest innovation in the IAA Total Loss Solutions™ suite of products that directly impacts the opportunities to improve customer satisfaction and more effectively manage costs during the total loss claims process.
The ability for insurance customers to receive an appraisal is now fully integrated into IAA’s client facing, inventory management system, CSAToday®. This integration allows customers to maintain existing appraisal vendor relationships, or to have IAA manage the appraisal process. In addition, the added flexibility provides insurance companies with access to multiple total loss claims services within a single platform, resulting in increased efficiency and further cycle time reduction from date-of-loss to total loss determination.
“Along with the enhanced appraisal capability, the platform offers high-definition images to eliminate the guesswork regarding potential damage, as well as condition reporting to allow for easy access to required appraisal information,” said Pat Walsh, senior vice president of business development, IAA. “IAA Inspection Services can also automatically provide photos, condition reports and appraisals directly to insurers through all leading industry estimating platforms for a smooth integration with the customer’s preferred software.”
“Enhancing the appraisal capability based on customer preference heightens the sense of transparency within the process, which in turn leads to an overall improvement in customer satisfaction and retention,” said John Kett, CEO and president, IAA. “Each improvement to IAA Total Loss Solutions highlights IAA’s continued commitment to providing our customers with innovative technologies that streamline the total loss claims process.”
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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