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.
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About IAA, Inc.
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes more than 2.5 million vehicles annually. Headquartered near Chicago, IL, IAA has 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom. IAA provides a broad range of services to insurers, fleet and rental companies, rebuilders, charity organizations and financing companies that dramatically reduce the cycle time of selling a vehicle while also delivering industry-leading economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and bidding tools, enhancing the overall purchasing experience.
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 our expectations as an independent company and our ability to enhance our competitive position and drive long-term value for shareholders. 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: fluctuations in consumer demand for and in the supply of damaged and total loss vehicles and the resulting impact on auction sales volumes; our ability to meet or exceed customers’ expectations, as well as develop and implement information systems responsive to customer needs; significant current competition and the introduction of new competitors; competitive pricing pressures; the ability of consumers to lease or finance the purchase of new and/or used vehicles; 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 and to implement and maintain measures to protect against cyberattacks; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; trends in the vehicle remarketing industry; changes in the volume of vehicle production, including capacity reductions at the major original equipment manufacturers; changes in the market value of vehicles auctioned, including changes in the actual cash value of damaged and total loss vehicles; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; general economic conditions; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under "Risk Factors" in our information statement filed as Exhibit 99.1 to our Registration Statement on Form 10 filed with the SEC on June 13, 2019. Additional information regarding risks and uncertainties will also be contained in subsequent quarterly and annual 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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