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.
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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