A Big Milestone, the Acquisition, New Regs, Great Content and Product Updates
Latest Client News is Filled with Seller-Focused Information
Published March 2, 2023 - Written by Steve Muscarello
4 min read
March’s Client News looks at the Ritchie Bros. acquisition; a big milestone for IAA Loan Payoff®; newly introduced industry regulations; upcoming IAA content; and two exciting new products.
This month’s Client News takes a snapshot of how IAA is aligned with the fast pace of the industry and what efforts we are focused on to help your business thrive. I’ll give you the latest on the potential Ritchie Bros. acquisition; a big milestone for IAA Loan Payoff®; newly introduced industry regulations; upcoming IAA content; and a couple of exciting new products. Let’s get started!
Ritchie Bros. Proposed Acquisition Update
Ritchie Bros. Auctioneers’ proposed acquisition of IAA is moving along. Both companies mailed out their respective definitive proxy statements last month. This is in advance of the scheduled March 14, 2023 special shareholder meetings to be held by both Ritchie Bros. and IAA, where each party’s shareholders will vote on the acquisition. This exciting opportunity means good things for you, our seller clients. Combining our businesses will accelerate and amplify our leading global marketplace for commercial assets and vehicles.
IAA Loan Payoff Sees $3 Billion in Total Loss Loans Processed in 2022
We were very excited to see IAA Loan Payoff® continue to be the industry leading loan payoff product and set yet another record in loans processed. Beyond the fact that it can reduce seller claim cycle times by 10-15 days on average and per-claim costs by an average of $450 -- in 2022, IAA Loan Payoff exceeded $3 billion in total loss transactions. That’s a big number and reflects just how critical it is to the insurance carriers who use it. It gives those carriers a significant competitive advantage and brings the industry closer to touchless digital transactions.
Nine States Introduce New Industry Regulations
IAA’s Director of Government Affairs, Katerina Dotzeva, continually monitors legislative and regulatory matters that affect our customers and our industry. Katerina’s recent Legislative Updates include bills from California, Missouri, Illinois, Iowa, Nebraska, New Mexico, New York, Oklahoma, and Virginia.
Exciting New Product Updates on the Horizon
I want to give you a quick update on two upcoming product enhancements. First, we have Undercarriage Inspection, part of the suite of features in IAA Inspection Service™. Undercarriage Inspection images help improve estimate accuracy by documenting additional damage underneath the vehicle. The feature also allows viewers to gain visibility into major components, such as the drivetrain, suspension, transmission, engine, etc.
Additionally, we have Vehicle Build Sheets, a new CSAToday® feature that provides reliable, easy-to-access and accurate vehicle information that helps sellers determine pre-loss ACV evaluations of total loss vehicles. This can improve your productivity and drive faster, more accurate estimating, valuations, and insight for your business.
Talk to your account rep if you’re interested in adding these features to your stack in 2023.
Expect More Great Content in 2023
We’ve got great content on some very timely industry topics coming out in 2023, starting with our 2022 IAA Industry Report, which provides insights into the automotive/automotive salvage industries. It also looks at key salvage industry economic indicators, the Canadian and U.S. economies, and expectations for 2023.
Our Perspectives thought leadership series will look at industry trends around direct-to-consumer auto sales, automotive loans, parts shortages, repossessions, and the cost of a catastrophe response.
Any hot topics you’d like to see us dig into? Reach out to your account rep and let them know or contact me directly at firstname.lastname@example.org.
As always, stay healthy and safe. Thank you for your business. And we’ll see you next time.
Chief Commercial Officer, IAA
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