IAA Launches AuctionNow™ in the U.S.
Published October 30, 2019 - Written by IAA, Inc.
WESTCHESTER, IL – October 30, 2019 – IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, today announced the introduction of IAA AuctionNow™ in the United States. The new, proprietary AuctionNow interface offers buyers the ability to create their own customizable bidding experience, resulting in additional flexibility and control, while adding more value to the auction process.
The AuctionNow platform was developed by IAA, giving the company full autonomy to continuously enhance the bidding experience based on customer feedback and recommendations. It has been in use throughout the company’s Canadian operations since 2016, where it has consistently received positive customer reviews and feedback. The new platform replaces the legacy I-bid LIVE platform.
“As we continue to enhance our business model and move further into the digital space, we are focused on introducing technology and innovation that drives our industry forward while positively transforming the customer experience,” said John Kett, Chief Executive Officer and President of IAA. “AuctionNow is a prime example of how we can add more value to the auction process. Our AuctionNow platform has performed exceptionally well in Canada and we are excited to now be using this technology in all of our U.S. auctions.”
Highlights of the new platform’s enhanced bidding and buying experience include:
Improved auction monitoring options.
Buyers can now view and participate in up to 12 auction lanes through the same view, while also using enhanced search features to find vehicles quickly.
New bidding features.
Buyers can now speed up the bidding by skipping to a higher bid using the new ‘jump bid’ option.
Enhanced visual and audio signaling
. Ensures the buyer knows when their vehicles of interest are scheduled to cross the block so they never miss a buying opportunity.
Enhanced auction reminders. Notifications help buyers better manage their time and priority bids so they do not miss an auction.
Augmented viewing functionality. Buyers and sellers now have access to the same screen views with different control functions. Both also have a choice of screen size for viewing.
Expanded vehicle details. Now available on the Run List and Product Details directly within the AuctionNow bidding platform.
Seamless audio experience. Buyers now have audio within both the iOS and Android IAA Buyer apps.
Go to the AuctionNow™ page for more information.
Jeanene O’Brien SVP, Global Marketing and Communications
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 over 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 with a focus on delivering the highest economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and digital bidding tools, enhancing the overall purchasing experience.
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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