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
Logo -
http://photos.prnewswire.com/prnh/20150617/223790LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/insurance-auto-auctions-announces-collaboration-with-new-york-state-department-of-motor-vehicles-300255449.html
SOURCE Insurance Auto Auctions, Inc.