Tackling Growing Negative Equity Auto Loans in Claims
Published July 23, 2020 - Written by Steve Muscarello
Steve Muscarello, our SVP and Chief Commercial Officer, discusses continued enhancements to IAA Interact™, our A+ BBB rating, and a new Perspectives article on the growing challenge of negative equity vehicle loans.
I hope everyone is having a happy and healthy July. By now you're all familiar with our merchandising platform, IAA Interact™, and the benefits it's having on your vehicle returns. Thanks to our hardworking teams, it's about to get even better. Beginning July 25th, additional vehicle detail from ChromeData will be available on IAA vehicles. Chrome is the industry standard for accurate and complete vehicle data. It also provides best-in-class representation and information on your vehicles’ attributes, giving buyers even more confidence when bidding.
We also have a brand-new Perspectives article focusing on the growing challenge of negative equity vehicle loans in the claims process. (We’re not officially releasing it until next week, but as always, I like to give you early access when I can.) Vehicle prices have continued to increase over the years, causing more of your policyholder customers to be upside down on their loans. This can increase cycle time and require additional resources when working with the banks to get these loans paid off and claims settled. IAA Loan Payoff is the industry’s only full solution to digitally manage and settle negative equity liens. Substantially reducing the number of calls, faxes, and back and forth communication with banks, IAA Loan Payoff also connects you directly to banks and financial institutions plus provides an instant payoff amount! If you're not using Loan Payoff yet, reach out to your IAA rep and learn what it can do for you.
Another thing I wanted to remind you of is our ongoing series around IAA's catastrophe response strategy. Brief one on Real Estate Capacity and brief two on Operational Execution are out now, with parts three and four coming soon!
Lastly, I'm proud to announce that IAA has again received an A+ rating from the Better Business Bureau. The rating is the highest they hand out and exemplifies IAA's standard of excellence in many key areas of business. On top of that, one of our very own, Nick Booras, Director of Buyer Development, has been elected to the Board of Directors for the BBB of Chicago and Northern Illinois!
As always, thank you for your business. Stay safe and healthy and I will be in touch again soon.
Senior Vice President, Chief Commercial Officer, IAA