Press Release
IAA Expands Launch of Industry-First Mobile App to Accelerate Catastrophe Response in the Carolinas and Virginia
Published September 27, 2018 - Written by IAA, Inc.
WESTCHESTER, Ill. – September 27, 2018 – Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services, Inc. (NYSE:KAR), announced the expanded launch of its IAA Tow AppTM. This enhanced technology utilizes complex data analytics and the latest mobile technology to streamline the dispatch and towing cycle of salvage vehicles. During natural disaster and catastrophic events, IAA recovers flood-damaged and total-loss vehicles on behalf of their insurance customers, clearing roadways for recovery vehicles and expediting the claims process for policy-holders. The second phase of IAA Tow App has been deployed to towing and hauling contractors transporting vehicles impacted by Hurricane Florence and the resulting flooding.
“One of our primary commitments is to quickly and efficiently transport customer assets to our facilities. This is particularly important during catastrophic events when impacted vehicle volumes surge,” said John Kett, president and CEO of IAA. “By digitizing and automating a historically cumbersome, paper-driven assignment process, our towing partners can better manage their assignments and loads. And by accelerating recoveries, we can inventory, process and auction salvage vehicles faster to help our customers and the communities we support get back on their feet.”
The IAA Tow App utilizes inventory management software to automatically push tow assignments directly to IAA contracted towers with capacity on their tow trucks or haulers. When a tow truck driver accepts an assignment, the app opens the mobile device map function to provide driving instructions. Once assigned vehicles are located, drivers can check in and quickly complete the entire transport process via the app — from location, to pick-up, to drop-off at an auction facility or holding yard.
“We’ve leveraged the best mobile technology and fueled it with home-grown engineering and data from across the KAR platform to deliver a fast, simple and intuitive resource for our partners,” said John Krupnik, senior vice president and chief technology officer at IAA. “The app also allows us to deliver real-time tracking and recovery information to our customers so they can monitor the location and status of their assets anytime, anywhere.”
IAA has a Catastrophe Response Team prepared year-round to respond to natural disasters. In advance of Hurricane Florence and its subsequent flooding, IAA secured nearly 1,100 acres available to store recovered vehicles, obtained commitments from over 1,300 towers and has more than 400 IAA team members ready to respond. IAA has 16 branches in Virginia, North Carolina, South Carolina and Georgia with capacity for the anticipated vehicle volume as a result of Hurricane Florence and historic flooding. All IAA branches, including Wilmington, North Carolina, are open and fully operational.
Media Inquiries:
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jobrien@iaai.com
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investors@iaai.com
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 multi-channel platform processes approximately 2.5 million total-loss, damaged and low-value vehicles annually. 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 135 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to innovative vehicle merchandising, efficient evaluation services and digital bidding tools, 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.
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 expected timing and associated benefits of CSAToday, and the related services, products and platforms discussed in this release. 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 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.
