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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 that it has launched I-Pay through its IAA Buyer App for Apple, making it the first to introduce payment services for salvage buyers via an app in the industry. I-PAY offers qualified buyers with a U.S. bank account the ability to pay for vehicle purchases online, anytime, which brings added benefits to buyers as well as providers. Apple users are already realizing cycle time and efficiency benefits by successfully using the I-Pay service through the IAA Buyer App.
Since the IAA Buyer App first debuted in December 2011, thousands and thousands of buyers have been using the software, demonstrating its growing success with customers and an increased focus on technology in the salvage industry. The IAA Buyer App was the industry’s first buyer app to make mobile bidding available on the go. IAA has plans to introduce I-Pay for Android later in 2013.
In addition to I-Pay, IAA has launched a new re-designed buyer landing page for both Apple and Android with enhanced functionality that offers users a more efficient bidding and buying process. The improvements include new features such as “Won History” and “Lost Pre-Bids” complementing existing capabilities which help users search inventory, access branch-specific information and track the status of vehicles. Improved financial tools also help buyers claim vehicles through a more streamlined purchasing process. These added capabilities offer users greater visibility into the auction cycle, which helps them make more informed decisions during the bidding process.
“Technology today is driving how we connect with our buyers and providers, and how we go to auction. It is also playing a significant role in how we measure our performance with respect to cycle time to ensure we are delivering the greatest value to our customers,” said Tom O’Brien, chief executive officer at Insurance Auto Auctions, Inc. “We are committed to constantly improving our technological capabilities to meet the growing demands of our customers and provide a best in class buyer experience.”