Insurance Auto Auctions specializes in selling both total loss salvage vehicles and lightly damaged, repairable vehicles, according to Bloomberg Businessweek. The IAA Specialty Division also focuses on selling unique salvage vehicles and heavy equipment, according to IAA.Continue Reading
IAA began auctioning off total loss salvage vehicles in 1982 before expanding its business to include three new divisions: the IAA Remarketing Division, IAA Donation Division and the aforementioned IAA Specialty Division. The Remarketing Division specializes in selling lightly damaged vehicles for remarketing purposes, such as for use in rental cars or fleet vehicles, as stated by IAA. The Donation Division is the charitable arm of IAA, which provides services to non-profit organizations looking to raise funds through selling donated vehicles.
IAA auctions are simultaneously held live and online, so customers can place bids and buy vehicles without having to attend the actual auction, notes IAA. Still, more than 45 percent of the vehicles are purchased by those who attend the auctions in person. In addition to live bidding either online or in person, buyers can also choose to pre-bid on vehicles before the auction starts. IAA customers can also buy vehicles between auctions using the I-Buy Fast feature on the IAA website.Learn more about Insurance