IAA Awarded Patent for Automation of Tower Dispatch Process
Innovative technology streamlines the recovery process for total loss vehicles
Published October 6, 2020 - Written by IAA, Inc.
WESTCHESTER, IL – October 6, 2020 – IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announced it has been awarded a patent by the U.S. Patent and Trademark Office for an “AUTOMATIC DISPATCH SYSTEM FOR TOW SERVICE PROVIDERS.” The patent, which was filed for in May 2020 and which was approved in August 2020, contains 19 claims that protect and recognize the valuable innovations developed by IAA for an enterprise server that provides an automated and efficient tow dispatch service.
U.S. Patent Number 10,796,583 describes a method for dispatching work assignments to tow service providers. It also describes a system for optimizing the assignment of a pool of tow request stocks to available tow service providers. In particular, fulfillment requirements of the tow request stocks are analyzed and matched to suitable tow service providers. In addition to the current patent, IAA has other patent applications pending that cover further innovations.
“Automating the towing and dispatch cycle of salvage vehicles has streamlined the entire vehicle recovery process, allowing IAA to transport vehicle assets with greater speed and efficiency than ever before,” said Brett Wallin, IAA Senior Director of Transportation & Logistics. “The patent award for dispatch automation is a testament to IAA’s technical capabilities to meet clients’ ever-changing needs.”
Automated Dispatch makes available tow jobs accessible to the largest potential pool of towing service providers by assigning vehicle retrieval relative to the geo-location of the device requesting the work. Drivers may locate vehicles, check-in and complete the entire transport process, including pick-up and drop-off at accessible facilities or holding yards, via the app. Dispatch automation allows towing service providers to optimize their vehicle loads and gives transparency of vehicle location and status to IAA seller clients.
The patent awarded to IAA, Inc. names inventors Brett Wallin, Sr. Director of Transportation Logistics; Anthony Roth, Director of Field Operations for Product Management; Christopher Poulos, Senior Manager for Product; and Mradul Modi, IT Team Lead.
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About IAA, Inc. IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 talented employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a rapidly growing global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.
Uncertainties Affecting Forward-Looking Statements
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 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 vehicle recovery process, including a method for dispatching work assignments to tow service providers and a system for optimizing the assignment of a pool of tow request stocks to available tow service providers. 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: uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, on our business and the economy generally; the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; 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 maintain and enforce patent rights and implement the underlying technologies; 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 "Risk Factors" in our Form 10-K for the year ended December 29, 2019 filed with the SEC on March 18, 2020. Additional information regarding 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 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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