Westchester, Illinois – (BUSINESS WIRING) – IAA, Inc. (NYSE: IAA), the leading global digital marketplace for vehicle buyers and sellers, announces improvements to its loan repayment tool, which allows insurance companies to pay rent from participating lenders.
According to IAA estimates, more than 5 million vehicles are declared completely lost every year, with up to 70% of these vehicles on loan. Rentals account for about 30% of new vehicle purchases, adding a level of complexity to the overall waste process, which can increase cycle times. IAA Loan Payoff, the industry’s leading technology that brings together insurance companies and auto lenders to pay off loss-of-value car loans, is the first platform in the vehicle scrappage industry to extend this functionality to pay off loss-of-value car rental partners. The portal provides seamless communication between insurance providers and lenders and financial institutions supporting vehicle leasing.
“With each new digital claims solution, IAA is committed to alleviating pain points for its insurance clients,” said Tim O’Day, IAA’s president of US operations. “Offering lease redemption options is another way that IAA is reducing cycle times for its customers and streamlining the total loss claims process for both suppliers and lenders.”
Launched in November 2019, the IAA Loan Payoff program brings together thousands of lenders in its multi-tiered network and is showing continuous growth. The platform has demonstrated unrivaled benefits by significantly shortening the cycle time for processing positive and negative full capital loss claims. For more information on IAA loan repayment visit IAAI.com…
IAA, Inc. (NYSE: IAA) is the leading global digital marketplace for car buyers and sellers. Using cutting-edge technology and a focus on innovation, IAA’s unique platform facilitates the marketing and sale of totally lost, damaged and low-cost vehicles. The IAA’s headquarters are located near Chicago in Westchester, Illinois. It has about 4,000 employees and over 200 locations in the US, Canada and the UK. IAA serves a global customer base in over 170 countries and a full range of sellers, including insurers, dealerships, car rental and rental companies, and charitable organizations. Buyers have access to multiple digital bidding and procurement channels, innovative vehicle marketing, and effective valuation services, enhancing the overall shopping experience. IAA offers sellers a complete range of services designed to maximize vehicle value, reduce administration costs, shorten sales cycle times and maximize economic value. For more information visit IAAI.comand subscribe to IAA on Facebook, Twitter, Instagram, Youtube as well as LinkedIn…
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 may be identified by words such as “should”, “may”, “will”, “anticipates”, “expects”, “intends”, “plans” , “Believes”, “seeks”, “evaluates” and other similar expressions. In this release, such forward-looking statements include statements regarding the expected timing and associated benefits in relation to an increase in the repayment of our IAA lease-payable loan for our business and plans for our growth strategies and margin increase plan, as well as our customers and company in the whole. Such statements are based on management’s current expectations, are not guarantees of future results and are subject to risks and uncertainties that could cause actual results to differ materially from those predicted, expressed or implied in these forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties about the duration and severity of the COVID-19 pandemic, and measures taken to reduce its spread to our business and the economy as a whole; loss of one or more significant customers of the vehicle seller or reduction of significant sales of such sellers; our ability to meet or exceed customer requirements and expectations; significant ongoing competition and the emergence of new competitors or other disruptive players in our industry; the risk that our properties are unable to accept additional vehicles and 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; our ability to implement and maintain measures to protect against cyber attacks and comply with applicable data privacy and security requirements; our ability to successfully implement our business strategies or achieve anticipated cost savings and revenue increases, including through our margin plan; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the United States and the operational, competitive and regulatory risks faced by our businesses outside the United States; our dependence on subholdings and vehicles; changes in the prices of used cars and the number of damaged or completely lost vehicles we purchase; economic conditions, including fuel prices, commodity prices, exchange rates and interest rate fluctuations; new and used car sales trends and incentives; and other risks and uncertainties identified in our filing with the Securities and Exchange Commission (“SEC”), including in the Risk Factors section of our Form 10-K for the year ended December 27, 2020, filed with the SEC 22 February 2021. Further information on risks and uncertainties will also be contained in subsequent annual and quarterly reports we file with the SEC. The forward-looking statements included in this release were made as of the date of this document and we do not undertake any obligation to publicly update or revise any forward-looking statements to reflect new information or events, except as required by law.