WESTCHESTER, Ill., Dec. 18, 2014 /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, today announced that Ohio House Bill 468 has
become law, and will become effective on the 91st day
after the act is filed with the Secretary of State. IAA and
other industry leaders worked toward this result, one aspect of
which is the repeal of the requirement for a Buyer Identification
(BID) card, a state-issued bidding license for the purchase of
salvage vehicles at salvage auctions in the state of Ohio.
"The bill helps to modernize Ohio's salvage sales laws to be more in
keeping with the laws of the vast majority of states by encouraging
a more open and competitive market in Ohio," said John
Kett, CEO and president, IAA. "Insurance Auto Auctions will
continue to work hand-in-hand with other industry participants to
encourage sensible legislation affecting our industry and its
customers."
This legislation is a modest step that helps open Ohio's salvage vehicle industry to a wider
market. The bill broadens the categories of those to whom salvage
vehicles can be sold. Potential bidders can now include, among
others, used car dealers, and certain other automotive-related
businesses.
Ohio House Bill 468 is an example of the efforts of IAA and
others affected by our industry to put in place responsible salvage
laws that serve our customers and society as a whole. IAA has a
team of dedicated professionals who monitor legislative and
regulatory actions and who work to improve these as necessary.
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 160
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
2,000 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.
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SOURCE Insurance Auto Auctions, Inc.