IAA and our industry are always on the move. This month's Client News takes a snapshot of IAA's efforts to help your business thrive. I'll give you the latest on the Ritchie Bros. acquisition; IAA Loan Payoff's big milestone; newly introduced industry regulations; upcoming IAA content; and a couple of exciting new products. Let's get started!

Ritchie Bros. Acquisition Update

Ritchie Bros. Auctioneers' proposed acquisition of IAA is moving along. Ritchie Bros. and IAA each mailed out their respective definitive proxy statements in mid-February. This is in advance of the scheduled March 14, 2023, special shareholder meetings to be held by both Ritchie Bros. and IAA, where each party's shareholders will vote on the acquisition. This exciting opportunity means good things for you, our seller clients. Combining our businesses in adjacent verticals will create a leading global marketplace for commercial assets and vehicles.

IAA Loan Payoff Sees $3 Billion in Total Loss Loans Processed in 2022

And if you needed more proof that you should be using IAA Loan Payoff for all your total loss transactions, beyond the fact that can reduce seller claim cycle times by 10-15 days on average and per-claim costs by an average of $450, here it is: In 2022, IAA Loan Payoff exceeded $3 billion in total loss transactions. That's a big number and reflects just how critical it is to the insurance carriers who use it. It gives those carriers a significant competitive advantage and brings the industry closer to touchless digital transactions.

Nine States Introduce New Industry Regulations

IAA's Director of Government Affairs, Katerina Dotzeva, continually monitors legislative and regulatory matters that affect our customers and our industry. Katerina's recent Legislative Updates include bills from California, Missouri, Illinois, Iowa, Nebraska, New Mexico, New York, Oklahoma, and Virginia. You can get the details here.

Exciting New Product Updates on the Horizon

I want to give you a quick update on two upcoming product enhancements. First, we have Undercarriage Inspection, part of Inspection Services' suite of features. Undercarriage Inspection images help improve estimate accuracy by documenting additional damages underneath. The feature also allows viewers to gain visibility into major components, such as the drivetrain, suspension, transmission, engine, etc.

Additionally, we have Vehicle Build Sheets, a new CSAToday feature that provides reliable, easy-to-access and accurate vehicle information that helps sellers determine pre-loss ACV evaluations of total loss vehicles. This can improve your productivity and drive faster, more accurate estimating, valuations, and insight for your business.

Talk to your account rep if you're interested in adding these features to your stack in 2023.

Expect Lots of Great Content in 2023

We've got a ton of great content on some very timely industry topics coming out in 2023, starting with our 2022 IAA Industry Report, which provides insights into the automotive/automotive salvage industries. It also looks at key salvage industry economic indicators, the Canadian and U.S. economies, and expectations for 2023.

Our Perspectives thought leadership series will look at industry trends around direct-to-consumer auto sales, automotive loans, parts shortages, repossessions, and the cost of a catastrophe response.

Any hot topics you'd like to see us dig into? Reach out to your account rep and let them know.

As always, stay healthy and safe. Thank you for your business. And we'll see you next time.

Steve Muscarello,
Chief Commercial Officer, IAA

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IAA Inc. published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 11:14:49 UTC.