New Patents, Branches and Technology Help IAA Outpace the Industry
Published October 29, 2020 - Written by Steve Muscarello
7 min read
Steve Muscarello, SVP and Chief Commercial Officer at IAA, spotlights remarketing news from industry and IAA sources.
Welcome to the October issue of IAA Client News – Remarketing Edition
Every month we give our remarketing customers useful news they can use. We understand that, given these unprecedented times, customer communication has never been more important. Whether it’s delivering data on recent remarketing trends, or updates on what IAA is doing to help our remarketing customers, timely information can make all the difference.
This month we highlight two recent IAA patents that exemplify IAA’s technological leadership; four new branch locations and expansions that will help us better serve our remarketing customers; interesting news from our 2020 Industry Report Mid-Year Update; Remarketing Magazine ranks 4 IAA branches among the best; an exciting enhancement to IAA’s Loan Payoff™; and a Product Spotlight on IAA’s big equipment sales efforts.
Patents Put IAA Tech Superiority on Display
As the industry’s technology leader, IAA is continually innovating to provide its sellers with increased returns and ease of use, and reduced cycle times. The latest evidence of IAA’s technological leadership comes from the U.S. Patent and Trademark Office, which has awarded IAA TWO patents! One patent is for our automated tower dispatch process, which streamlines the entire vehicle recovery process, saving time and increasing ease of use. The other is for valuable innovations to our AuctionNow™ platform, which allows online auction participants to monitor and bid in multiple auctions simultaneously. Just the latest evidence that IAA is the industry’s technology leader, innovating for its sellers and buyers.
More IAA Branches Open, Expand
IAA continues to expand on the real estate front, announcing two shiny new locations and two key branch expansions that enlarge IAA’s capacity to serve our sellers while growing the inventory selection for our buyers. The new branches include the relocated IAA St. Louis branch in Caseville, Illinois, just twelve miles from St. Louis; and the new IAA Los Angeles South branch in Wilmington, California. Expansions in Baltimore, Maryland, and Culpeper, Virginia add additional acreage to accommodate strong customer demand and increased inventory needs for the growing East Coast market. Look for more real estate news in the near future, as IAA continues to expand and enhance its facilities.
Mid-Year Report: IAA Outperforming Industry
Just a quick mention of our 2020 Industry Report Mid-Year Update. The good news is that despite the impact of COVID-19 on the economy, and particularly the automotive sector, IAA remains committed to outperforming the industry!
4 IAA Branches in Auto Remarketing’s Top 9 Best Auto Auctions
Great news from Auto Remarketing Magazine’s 2020 Best Auto Auctions to Work For annual ranking! IAA has taken four of the top nine spots. IAA branches earning kudos include IAA Baton Rouge (LA), IAA Fremont (CA), IAA Northern Virginia, and IAA Taunton (MA). Auto Remarketing’s Best Auctions to Work For recognizes the best individual physical and digital auto auctions to work for on an unranked basis. This just reinforces my belief that IAA’s facilities are the best in the business. Still, we’re continually working to make them even better. Congratulations to the aforementioned IAA branches!
IAA Enhances Loan Payoff
IAA’s Loan Payoff™ product—which already significantly reduces cycle times, storage costs and vehicle depreciation—just got better with the addition of Dealertrack Payoff Quote. This new feature provides immediate payoff amounts from top lenders across the country, which may decrease cycle time to sell a vehicle by allowing faster access to lien information and securing the titles from lenders. While not all of our remarketing customers use Loan Payoff, those that do will surely benefit from this enhancement.
Product Spotlight – Heavy Equipment
Did you know IAA sells lots of heavy specialty equipment? Things like cranes, farm implements, emergency vehicles, forestry machinery and more? Check out our website to see how we merchandise these great machines.
Thanks. Till Next Time!
Thanks for spending some time catching up on what is happening in the remarketing industry and here at IAA. We value your business and continue to focus on increasing returns, reducing cycle time, and making doing business easier. IAA has great things in store for its remarketing customers – so stay tuned.
Until next time, please feel free to share any feedback you have with your IAA contact. We want to make sure this is a valuable source of information for our remarketing customers.
Senior Vice President, Chief Commercial Officer, IAA
Certain statements contained in this newsletter 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 the expected timing and associated benefits with respect to the products, platforms, and locations discussed in this newsletter, on our business and plans regarding our growth strategies and margin expansion plan, and to our customers and company generally. 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, but are not limited to: uncertainties regarding the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity 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 cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion program; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 29, 2019 filed with the SEC on March 18, 2020 and in our Quarterly Report on Form 10-Q for the quarter ended March 29, 2020 filed with the SEC on May 6, 2020, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC, including subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. The forward-looking statements included in this newsletter 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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