Insurance Auto Auctions Announces Collaboration With New York State Department of Motor Vehicles
Published April 21, 2016 - Written by IAA, Inc.
INSURANCE AUTO AUCTIONS ANNOUNCES COLLABORATION WITH NEW YORK STATE DEPARTMENT OF MOTOR VEHICLES
First Salvage Auto Auction Company to Share Electronic Files with the DMV
WESTCHESTER, IL, April 21, 2016 — Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (NYSE: KAR), and the leading live and live-online salvage auto auction company, has entered into a Memorandum of Understanding (MOU) with the New York State Department of Motor Vehicles (DMV) on February 22, 2016. The Memorandum provides the New York State DMV with daily electronic file transfers of information associated to each salvage certificate for every vehicle IAA acquires by its insurance company clients in settlement of claims for damage or theft. This service successfully streamlines the overall transfer process for the New York State DMV.
IAA is the first salvage auto auction company actively sharing files with the DMV.
“Most importantly, this agreement will ensure increased transparency between the New York State DMV and IAA and reinforces our continued collaboration,“ said John Kett, CEO and president, IAA. “We are also proud to offer this streamlined process to our clients as it will save time and reduce costs. These changes will continue to reinforce IAA’s overall commitment to a healthy and responsible expansion of our industry.”
In addition to delivering an electronic file transfer of the necessary data elements, the scanned images associated with each salvage certificate will also be provided by IAA. All documents will be stored and maintained by IAA for one year and made available to the New York State DMV upon request.
IAA works in concert with state and federal governments to facilitate legislation and regulation that ensures responsible business conduct and continued healthy expansion of the salvage auto auction industry. This growth is good for all participants and ensures greater efficiency for the disposal of assets for our clients.
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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