WESTCHESTER, Illinois – (COMMERCIAL THREAD) – IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces improvements to its loan repayment tool with the ability for companies to insurance to repay the leases of participating lenders.
The IAA estimates that more than 5 million vehicles are declared a total loss each year, with up to 70% of these vehicles on loan. Leases account for around 30% of new vehicle purchases, adding a level of complexity to the total loss process that can increase cycle time. IAA Loan Payoff, the industry’s first technology linking insurance companies and auto lenders to repay total loss vehicle loans, is the first platform in the vehicle salvage industry to expand this functionality to reimburse leases on vehicles at total loss to its partners. The portal creates a transparent process for insurers to communicate with lenders and financial institutions that support vehicle rentals.
“With each new digital claims solution, IAA strives to alleviate the problems of its insurance provider customers,” said Tim O’Day, president of US operations for IAA. “Providing the ability to pay off leases is another way IAA is reducing cycle times for its clients and streamlining the total loss claim process for suppliers and lenders. ”
Launched in November 2019, IAA Loan Payoff has thousands of lenders in its tiered network and has seen continued growth. The platform has demonstrated unmatched benefits in dramatically reducing the cycle time of claims for total loss of positive and negative equity. For more information on IAA loan repayment, visit IAAI.com.
About the IAA
IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. By leveraging cutting-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities in the United States, Canada and the United Kingdom. IAA serves a global buyer base – located in more than 170 countries – and a full spectrum of sellers, including insurers, dealers, fleet and car rental companies, and charities. Buyers have access to multiple digital auction and buying channels, innovative vehicle merchandising, and efficient review services, improving the overall shopping experience. IAA offers sellers a full range of services aimed at maximizing vehicle value, reducing administrative costs, shortening sales cycle time and delivering the best economic returns. For more information, visit IAAI.com and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.
Certain statements contained in this press 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 may be identified by words such as “Should”, “may”, “will”, “plans”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions. In this press release, these forward-looking statements include statements regarding the expected timing and associated benefits of improving the repayment of LPN loans with the ability to repay our business leases and our plans regarding our growth strategies and plan for our business. expansion of the margin, and to our customers and business in general. Such statements are based on management’s current expectations, are not guarantees of future performance and are subject to risks and uncertainties which could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties regarding the duration and severity of the COVID-19 pandemic, and the measures taken to reduce its spread, on our business and the economy in general; the loss of one or more customers who sell major vehicles or a reduction in the volume of these sellers; our ability to meet or exceed customer demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants into our industry; the risk that our facilities may not have 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 safeguards against cyber attacks and to comply with applicable data privacy and security requirements; our ability to successfully execute our business strategies or achieve expected cost savings and revenue improvements, including through our margin expansion plan; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the United States and the operational, competitive and regulatory risks facing our operations outside the United States; our reliance on sub-carriers and truck 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, exchange rates and fluctuations in interest rates; new and used vehicle sales and incentive trends; 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 fiscal year ended December 27, 2020 filed with the SEC on February 22, 2021. Additional information regarding risks and uncertainties will also be contained in subsequent annual and quarterly reports that we file with the SEC. The forward-looking statements included in this press release are made as of the date hereof, and we assume no obligation to publicly update or revise any forward-looking statement to reflect new information or events, except as required by law. .