Insurance Auto Auctions, Inc. (IAA) the leading live and live-online salvage auto auction company and wholly-owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR), today announced a new title processing capability for its vehicle providers in California. IAA is now able to process out-of-state titles in-house through a partnership forged with DealerTrak, an authorized Department of Motor Vehicles (DMV) provider. This will significantly reduce insurance providers’ cycle times and overhead costs, while offering greater ease and convenience to their salvage handling teams.
IAA is the first in the state to offer this service.
“When it comes to the vehicle claims process, we work to understand the challenges our partners in the insurance industry face every day,” said Tom O’Brien, chief executive office at Insurance Auto Auctions, Inc. “Typically, processing titles for out-of-state vehicles can take up to 30 days on average. With this added capability, IAA is now able to process titles in just two to three days – cutting the traditional processing time by an estimated 90 percent. This means vehicles spend less time at the salvage facility, potentially reducing the average depreciation for a vehicle. As a result, insurance companies could realize savings on vehicles that are deemed a total loss.”
About Insurance Auto Auctions, Inc.Insurance Auto Auctions is the leading live and live-online salvage vehicle auction company and a wholly-owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR). Headquartered in Westchester, Illinois, IAA owns over 160 auction facilities throughout North America offering towing, financing and titling services. With the most auction facilities in North America, IAA provides registered buyers from around the globe with millions of opportunities to bid on and purchase donated and salvaged vehicles. Since 1982, IAA has sold millions of vehicles through its weekly auctions for insurance companies, fleet and rental companies, financing companies, charity organizations and the general public. IAA also leverages its business model to assist hundreds of charitable organizations in the US through its One Car One Difference® campaign. To date IAA has provided millions of dollars in additional funding to charities by assisting in the processing of donated vehicles. Learn how we are making a difference by visiting www.1car1difference.com. With a talented team of over 1,800 employees, IAA is committed to providing customers with the highest level of services in the salvage auto industry. Go to www.IAA-Auctions.com to learn more, and follow IAA on Facebook and Twitter.