IAA Interact™ Providing A Boost
Published May 28, 2020 - Written by Steve Muscarello
Steve Muscarello, our SVP and Chief Commercial Officer, discusses the measured value and the boost our customers are seeing from our new merchandising platform, IAA Interact™
Fresh off the official release of our new merchandising platform, IAA Interact™, we're already seeing an extremely positive lift in proceeds for our customers, with gains of up to 20%! The platform provides buyers with an immersive experience that mimics being physically present with the vehicle, resulting in an unmatched level of transparency and an increase in confidence (and bids) when purchasing vehicles. This is truly exciting, and I can't wait to see what the future holds for our new platform!
I also wanted to call attention to the positive results announced during our recent Q1 earnings call. We performed really well in the first quarter, experiencing 2.6% revenue growth while also enhancing our liquidity. During the call, CEO John Kett and CFO Vance Johnston also highlighted our successful, expedited digital auction launch and announced our continued innovation plans. It is wonderful to see IAA’s positive momentum continue. The full earnings release can be found here.
One challenge that has been persistent with the COVID-19 Pandemic has been the ability to consistently get titles for our customer's vehicles. Each state has implemented their own regulations causing a lot of challenges, delays, and oftentimes confusion. Thankfully, IAA has been staying at the forefront of this, and keeping tabs on every state as to the movements of their title services. We update a web page daily to keep our customers in the loop.
Because of this, we've had some great success stories along the way, and I’d like to share one of those with you. In Pennsylvania, IAA was recently able to work with the state to arrange a pick-up of blank title stock. This new title stock, in addition to IAA's careful rationing of the title stock we had on hand, has allowed us to continue to process Pennsylvania vehicles with title in hand! This has immensely helped our customers, and it's something only IAA could do.
As always, thank you for your business. Stay safe and healthy. I will be in touch again soon.
Senior Vice President, Chief Commercial Officer, IAA
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