IAA Launches Active Inventory Management™ Solution
Published July 25, 2017 - Written by IAA, Inc.
WESTCHESTER, Ill. – July 25, 2017 – Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services, Inc., (NYSE: KAR), and the leading live and live-online salvage auto auction company, today announced its latest innovation, Active Inventory Management™. The Active Inventory Management™ service enables insurance company customers to save time and resources by outsourcing their entire salvage inventory management process to IAA.
“IAA developed the Active Inventory Management™ solution to help our insurance customers streamline their salvage management process and generate better economic returns,” said John Kett, CEO and president, IAA. “IAA is committed to providing the tools, resources, and technology needed to deliver an unmatched customer experience. Active Inventory Management is the latest enhancement in this effort, and early adopters have already seen improved results in returns, cycle time and internal expense.”
Utilizing IAA’s unique CSAToday® platform, the salvage industry’s first mobile vehicle inventory management tool, IAA is able to actively monitor vehicles, identify issues, and coordinate any resolutions through its dedicated customer service team. Together with the Active Inventory Management Solution™, IAA hopes to help customers drive higher levels of satisfaction and retention amongst their own customer-base. Additionally, with salvage inventory often managed by insurance company employees with multiple responsibilities, Active Inventory Management™ provides a turnkey alternative that can improve APD process efficiency and keep employees focused on other value-added responsibilities.
As an industry leader in technology and innovation, IAA continues to develop new capabilities like Active Inventory Management™ that address and anticipate the needs of salvage buyers and sellers. The company was the first to invest beyond the physical auction and provide sellers and buyers with technology solutions that decrease cycle times, increase customer satisfaction, and help manage costs.
SVP, Global Marketing and Communications
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.
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.
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