Insurance Auto Auctions (IAA) is a leading global marketplace for buying and selling total loss, damaged, and low-value vehicles. Backed by industry-leading technology and innovation, IAA provides a comprehensive suite of services to help customers maximize their returns. IAA's headquarters are located at 2 Westbrook Corporate Center, Westchester. IAA's latest funding round was a Series A, with investors including Monument Capital Partners and Crane Street Capital.
Through these contracts, IAA agrees to pay a predetermined fraction of the real cash value (ACV) of each car an insurer has to sell. The IAA CarCrush program advises insurance companies to remove the VIN of useless vehicles from circulation by demolishing these total losses. Bradley Scott was one of the few auto rescue operators in the country who recognized that a wave of change was taking hold on his industry. He developed a program that sent detailed color images of damaged vehicles to claims offices over a dedicated computer network, allowing claims adjusters to evaluate cars on the desktop.
Scott focused on buying cars directly from insurance companies and selling them at a profit. IAA makes it easy to sell and buy vehicles from a variety of resources, including insurance companies, used car dealerships, car and fleet rental companies, dealers and more. In an accident, theft, or other claims adjustment process, insurance companies generally take possession of a vehicle because (i) based on economic and customer service considerations, the vehicle has been classified as a total loss and the insured replacement value has been paid instead of the repair cost or (ii) it has been recover a stolen vehicle after the insurance company has reached an agreement with the insured. Car auction yards serve as a nexus between parties that have seriously damaged cars to liquidate them and those who see treasure in this garbage.
IAA generally sources their cars from insurance companies looking to recover their losses on cars that have totaled in an accident or natural disaster, as well as some vehicles that were stolen and recovered after an agreement was reached with the insured. In 1996, LA Auto Salvage became the first in its industry to make a public offering of shares, taking it to the stock market as Insurance Auto Auctions, Inc. With these methods, IAA generally conducts live or closed-bid auctions of automotive salvage equipment in exchange for agreed sales rates. By providing your email address below, you consent to Insurance Auto Auctions to send you the requested investor email alert updates.