WESTCHESTER, Ill., April 21, 2016 /PRNewswire/ -- Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (NYSE: KAR), and the leading live and live-online salvage auto auction company, has entered into a Memorandum of Understanding (MOU) with the New York State Department of Motor Vehicles (DMV) on February 22, 2016. The Memorandum provides the New York State DMV with daily electronic file transfers of information associated to each salvage certificate for every vehicle IAA acquires by its insurance company clients in settlement of claims for damage or theft. This service successfully streamlines the overall transfer process for the New York State DMV.
IAA is the first salvage auto auction company actively sharing files with the DMV.
"Most importantly, this agreement will ensure increased transparency between the New York State DMV and IAA and reinforces our continued collaboration," said John Kett, CEO and president, IAA. "We are also proud to offer this streamlined process to our clients as it will save time and reduce costs. These changes will continue to reinforce IAA's overall commitment to a healthy and responsible expansion of our industry."
In addition to delivering an electronic file transfer of the necessary data elements, the scanned images associated with each salvage certificate will also be provided by IAA. All documents will be stored and maintained by IAA for one year and made available to the New York State DMV upon request.
IAA works in concert with state and federal governments to facilitate legislation and regulation that ensures responsible business conduct and continued healthy expansion of the salvage auto auction industry. This growth is good for all participants and ensures greater efficiency for the disposal of assets for our clients.
About Insurance Auto Auctions, Inc.
Insurance Auto Auctions is the leading live and live-online salvage vehicle auction company and a business unit of KAR Auction Services (NYSE: KAR). Headquartered in Westchester, Illinois, IAA has over 170 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 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 2,700 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.
Jeanene O'Brien | Vice President, Global Marketing
708-492-7328 | www.iaai.com
SOURCE Insurance Auto Auctions, Inc.