So you think you know the salvage auction business.
Here are a few things about Insurance Auto Auctions Inc., a salvage auto-auction company and sibling to auction giant ADESA, that you may not know:
- More than 40 percent of the vehicles it sells operate and are driven through an auction lane.
- An estimated 30 percent of the vehicles it sells go to buyers who export them. The No. 1 market? Mexico.
- It reports the vehicles its sells with salvage titles to the National Motor Vehicle Title Information System, a database of vehicle title information to which 44 states contribute, according to the U.S. Department of Justice website. It also reports to the National Insurance Crime Bureau, which is funded by the insurance industry to identify, catalog and share with the public information about damaged vehicles.
And maybe you didn't know this, either: Since December 2013, IAA, a unit of publicly held KAR Auction Services Inc., has been on a tear. In that time, it has opened, acquired, reopened, moved or expanded sites in 13 markets.
All told, IAA has "over 165" salvage auctions in the U.S. and Canada, and the flexibility to add temporary space based on weather conditions and customers' needs, said Jeanene O'Brien, the company's vice president of global marketing.