Insurance Auto Auctions Inc: The Ultimate Guide

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Auto insurance is an essential part of owning a car. Accidents can happen anytime, and being prepared with the right insurance coverage can make all the difference. But what happens to cars that are deemed salvage or total losses by insurance companies? That’s where Insurance Auto Auctions Inc (IAA) comes into play. In this guide, we’ll explore what IAA is, how it works, and everything in between.

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What is Insurance Auto Auctions Inc?

Insurance Auto Auctions Inc is a company that specializes in the buying and selling of salvage and total loss vehicles. Founded in 1982, the company has grown to become a leading auction company for salvaged vehicles in North America. IAA operates over 200 locations across the United States, Canada, and the UK.

IAA’s primary customers are insurance companies, rental car companies, and fleet lease companies. When a vehicle is deemed a total loss or salvage by an insurance company, it is usually sold to IAA. IAA then auctions off these vehicles to licensed dealers, dismantlers, and rebuilders.

How Does Insurance Auto Auctions Inc Work?

When a vehicle is declared a total loss or salvage by an insurance company, it is usually towed to an IAA location for auction. The vehicle is then inspected, and a value is assigned based on its condition, mileage, and other factors. IAA then puts the vehicle up for auction, which is attended by licensed buyers.

Buyers can bid on the vehicle, with the highest bidder winning the auction. Once the vehicle has been sold, the buyer must pay for it and arrange for its transportation. Depending on the state, there may be additional paperwork required for the buyer to obtain a salvage or rebuilt title for the vehicle.

Types of Auctions

IAA offers several types of auctions, including in-person auctions at their locations, online auctions, and live auctions. In-person auctions allow buyers to physically inspect the vehicle before bidding, while online auctions allow buyers to bid on vehicles from the comfort of their own homes.

Live auctions are another option for buyers, where IAA holds an auction in a specific location that buyers can attend in person or online. These auctions can be more competitive, as buyers can see who they are bidding against in real-time.

Buying and Selling at IAA

IAA is a marketplace for licensed buyers to bid on salvage and total loss vehicles. If you are interested in buying a vehicle through IAA, you must first register as a buyer and provide proof of your license.

Sellers must also register with IAA and provide information about the vehicle they are selling. Once the vehicle has been inspected, IAA will assign a value to it and put it up for auction. Sellers can set a reserve price, which is the minimum amount they are willing to accept for the vehicle.

FAQ

What is a salvage vehicle?

A salvage vehicle is a vehicle that has been damaged in an accident or other event to the extent that it is deemed a total loss by an insurance company. These vehicles can be repaired, but they must be inspected and approved before they can be registered for use on the road.

What is a rebuilt title?

A rebuilt title is issued for a salvage vehicle that has been repaired and inspected to meet state safety standards. Once a vehicle has a rebuilt title, it can be registered and used on the road.

Who can buy from IAA?

Only licensed dealers, dismantlers, and rebuilders can purchase vehicles from IAA. Buyers must provide proof of their license before they can register to bid on vehicles.

Can I inspect a vehicle before I bid on it?

Yes, IAA offers in-person auctions where buyers can inspect vehicles before bidding. They also provide detailed information about each vehicle’s condition, mileage, and history online.

How do I transport a vehicle I purchased from IAA?

Buyers are responsible for arranging transportation for vehicles they purchase from IAA. IAA does not provide transportation services but can recommend third-party carriers to buyers.

Conclusion

IAA plays a vital role in the auto insurance industry by providing a marketplace for salvaged and total loss vehicles. Through its auctions, IAA helps to make the process of selling and buying these vehicles more efficient and streamlined. If you are in the market for a salvage or rebuilt vehicle, IAA is a great place to start your search.

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