IAA Launches 360 View™ in Partnership with SpinCar®
Published October 24, 2019 - Written by IAA, Inc.
WESTCHESTER, IL - October 24, 2019 – IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, today announced the introduction of the salvage auction industry’s first 360° walk-around digital experience, IAA 360 View. Powered by SpinCar’s virtual photo imagery technology, IAA 360 View provides online vehicle buyers with a 360° viewing experience for both the vehicle exterior and interior. The technology was developed based on extensive buyer research coupled with collaboration with SpinCar at the IAA Engine House innovation center located at Chicago’s 1871. IAA 360 View allows the buyer to rotate an image providing an interactive visual of a vehicle’s interior and exterior similar to physically walking around the car.
In a measured pilot, the photo imagery technology resulted in higher selling prices, ranging from $300 to $600 on average, per vehicle, when compared to the control group. Results were dependent on age, condition and geography. In addition, the pilot showed increased buyer confidence and additional bidding activity. Currently, IAA 360 View is offered in all IAA US branches for vehicles 11 years and newer. The technology’s benefits include:
For vehicle buyers, IAA 360 View offers an enhanced vehicle research, bidding and buying experience. Buyers can spin the image in a complete circle to fully view the exterior and a panorama of the vehicle interior. They can also zoom in on critical areas of the vehicle for additional detail and high resolution views.
For vehicle sellers, the technology provides a more accurate visual and improved merchandising of their assets, resulting in additional bids and higher returns.
“The launch of IAA 360 View is truly the best-in-class way to show and merchandise vehicles,” said John Kett, Chief Executive Officer and President of IAA. “Leveraging this photo imagery technology is a result of listening to our buyers describe what they need, then reimagining how to provide the most consistent, detailed vehicle imagery. From nearly a year of pilot programs, we know that our global buyers have greater trust and confidence in their bidding and buying as a result of IAA 360 View.” IAA worked with SpinCar, an automotive industry leader in digital merchandising, to enable the 360 degree imagery technology that captures both vehicle interiors and exteriors during IAA’s check-in and inventory process. The two companies formed an exclusive partnership to bring digital merchandising technology and products to the salvage auto auction industry. More information can be found on IAA 360 View page.
SVP, Global Marketing and Communications
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 approximately 2.5 million total-loss, damaged and low-value vehicles annually. Headquartered near Chicago in Westchester, Illinois, IAA has over 3,800 talented employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base located throughout more than 135 countries and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. 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. Buyers have access to industry leading, innovative vehicle evaluation and digital bidding tools, enhancing the overall purchasing experience.
SpinCar offers automotive dealers, wholesalers and OEMs the industry’s most advanced platform for digital automotive merchandising. The company’s 360° WalkArounds® and Feature Tour® products build trust between buyers and sellers by bringing the physical showroom experience to car shoppers wherever and whenever they want. SpinCar’s proprietary shopper behavioral data and VINtelligent® Retargeting solution enable vehicle sellers to deliver hyper-personalized interactions across the entire car shopping journey. To date, the company has delivered nearly 600 million shopper interactions across 20 countries. To learn more about SpinCar, visit SpinCar.com.
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 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements 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. Such forward-looking statements include the statements regarding IAA’s future financial and operating performance, benefits and synergies of the separation, strategic and competitive advantages, future opportunities and any other statements regarding events or developments that IAA believes or anticipates will or may occur in the future. We disclaim any obligation or undertaking to update any forward-looking statements. For further discussion of such risks and uncertainties, see “Information Statement Summary,” “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in the information statement filed as an exhibit to IAA’s Registration Statement on Form 10, as amended.
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