Insurance Auto Auctions Announces Express Notary Ability for Total Loss Settlements
New Digital Document Delivery Service Saves Customers Time and Money
Published June 21, 2016 - Written by IAA, Inc.
WESTCHESTER, IL, June 21, 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, today announced its newest offering, IAA Express Notary™, which allows for the electronic assignment of title documents, significantly shortening the cycle time for total loss settlements. This is the newest development in the IAA Total Loss Solutions™ first-of-its-kind suite of products that directly allows for more management of costs, while simultaneously boosting customer satisfaction and retention.
Carriers that choose Express Notary as their document delivery service can tap into a national network of mobile notaries who will travel directly to the vehicle owner and execute documents on the spot. The electronic assignment ability allows the notary requirement to be satisfied at a faster rate, leading to an overall enhancement of the customer experience. In addition, improved cycle time leads to a reduction in costs, as insurance carriers are able to save on vehicle rental fees and to better allocate employee bandwidth.
“The mobile aspect of Express Notary markedly reduces the time typically required for a total loss settlement to be processed,” said Pat Walsh, senior vice president of business development, IAA. “Because the notary can meet the vehicle owner at a place and time of their choosing, rather than requiring the vehicle owner to execute the entire process on their own, the results are distinctively more efficient and more accurate, giving customers a greater sense of relief.”
“By deploying mobile notaries, insurance carriers remove the step in the claims process that customers find most inconvenient, which in turn leads to increased policyholder satisfaction and retention,” said John Kett, CEO and president, IAA. “Every feature added to IAA Total Loss Solutions further demonstrates IAA’s dedication to consistently innovating as an industry leader to provide a seamless suite of technologies that streamline the total loss claims process for our customers and theirs.”
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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