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How does a car insurance auction work?

In the United States, the insurance industry reports approximately 3-4 million vehicles each year in total losses. The auto salvage industry includes buyers of those loss-making vehicles. The salvage market has been in strong demand in recent years, and Hurricane Sandy dumped about 240,000 vehicles into the Northeast salvage market in 2013, according to the National Office of Insurance Crimes.

The 2013 Mannheim Used Car Market Report points to several other trends in the salvage market:

  • The average life of losing vehicles continues to increase, while the value of these vehicles decreases.
  • The salvage vehicle buyer base extends beyond recycling and rebuilding.
  • Salvage buyers are increasingly relying on technology to buy, sell and manage inventory.

One company taking the reins in the auto salvage industry is Insurance Auto Auctions (IAA), a leading North American auto auctioneer. Each year, the IAA auctions more than one million salvage vehicles for registered buyers around the world. IAA's diverse auction platform for direct bidding, internet and agencies finds value in all types of vehicles and produces exceptional returns for insurance companies, as well as agents, car rental companies, car rental companies. fleets and charities. Your model increases the number of buyers per vehicle offered for sale, helping to increase cycle times and offering greater vehicle profitability. At the same time,

Many people who have had accidents from their insurance companies find that the cost of repair is greater than the value of their car. This leads them to wonder: "Where do vehicles with total losses go?" Here's a quick overview to help answer this question.

IAA auction process

Given the large global market for total loss vehicles and / or their parts, the IAA is a matching tool for buyers and sellers in live trading and e-commerce environments. The IAA works with suppliers to facilitate the sale of vehicles that are considered total losses.

IAA has the knowledge and experience to market inventory to registered national and international buyers (dismantlers, recyclers, auto body shops, rebuilders, salvage yards, and exporters) through its extensive network of auction sites. When a vehicle arrives at the IAA, its experts have a detailed process for taking inventory of the vehicle, preparing it for auction, and loading it for transport once sold. Throughout the process, the IAA team facilitates the transaction to make the purchasing process easy and efficient, including ownership and transfer.

Helping Insurance Companies and Others

IAA services help clients obtain the best possible result from each auction. For vehicle providers, such as insurance companies, the IAA can assist at various stages throughout the salvage disposal process, including obtaining vehicle ownership documents.

IAA's efforts to provide an extensive network of local, national and international buyers ensure that vehicles are sold quickly and at the best possible price. The company also oversees national and government legislation that affects the industry.

With regard to unfit for road vehicles, the IAA remains committed to the environment and practices efficient vehicle behavior. Each year the IAA keeps more than 1 trillion pounds of cars and parts from overcrowded landfills.

Take action during a disaster

In the wake of catastrophic events like severe storms, hurricanes, and floods, the Life Insurance Association helps provide immediate assistance to insurance companies and those affected in surrounding communities. By efficiently removing damaged vehicles in disaster-affected areas, the Civil Aviation Authority can assist in critical rebuilding efforts and assist insurance partners by serving their policyholders quickly. Comprising a strong network of subsidiaries and led by committed and responsive team members, IAA's dedicated disaster division has the experience and knowledge to mobilize in a matter of hours.

A growing global base

The IAA has created a strong footprint for more than 160 physical facilities in the United States and Canada. Furthermore, the IAA continues to develop and cultivate a mature global base in more than 110 countries. To meet the needs of its growing international presence, IAA provides buyers with access to six languages ​​through the company's website, including English, Mandarin Chinese, Spanish, French, Polish and Russian. IAA's Buyer Service Group also speaks ten languages ​​to help global buyers.

Constant investment in technology

Aware of the needs of the digital community, IAA constantly evaluates and develops technology to remain a leader in evolving customer offerings. The mobile-optimized IAA site with enhanced online vehicle search options offers new ways for buyers to find and bid on vehicles. The company introduced its first mobile app in 2010, allowing buyers to bid, buy and pay for cars using their mobile phones. The IAA also offers CSAToday? , An online resource that provides comprehensive rescue information and analysis for a claims professional. According to John Kate, president of the IAA, insurance providers can reap significant benefits from investments in technology for repairable auto auction companies, particularly for claims management and disposal of perishable vehicles.

The company has also developed a number of mobile phone technologies to make it easier for buyers to find, bid and buy vehicles from their mobile phones or other portable devices. By leveraging GPS technology in smartphones, the IAA mobile site notifies shoppers that more than 160 IAA locations are closest to them. The IAA launched new apps for iPhone and Android phones last year, giving users all the functionality of a mobile website, plus a dedicated dashboard for user activity, alerts, and the ability to participate in eight auctions simultaneously.

Move along

Operating in a rapidly changing industry, the IAA provides insurers and other clients with a wealth of information about the industry. The company provides information and critical thinking on trends affecting clients' businesses and the communities in which they work and live. With today's expensive vehicle characteristics and high repair ratings, it is more important than ever for insurance companies to understand the value of each wrecked vehicle. And perishable car auction companies can help you get there.