Q:

What are IAA auctions?

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Quick Answer

IAA or Insurance Auto Auctions is a company that sells salvaged, theft-recovered, total-loss, fleet-leased or former rental vehicles from various companies to potential buyers online or through one of its 150 physical locations. Buyers and sellers must meet certain criteria to participate in the auctions.

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Full Answer

Insurance Auto Auctions lists drivable or repairable vehicles that come from various insurance companies, dealerships, rental car companies and fleet lease companies. The company's website (IAAI.com) states it can purchase vehicles from individuals if the title is free and clear. This option is not available in all locations.

The company operates on the basic auction process: the highest bidder for a particular vehicle wins that vehicle. Payment from the winning bid is due shortly after the bidding has been closed. Some vehicles may be purchased before the live bidding event at a predetermined price.

Licensed and public buyers must be approved, registered members of the IAA organization, which requires applicants be 18 years of age; satisfy local, state and federal law pertaining to vehicle ownership; possess a government-issued proof of identification; and pay the $200 registration fee. Access to the IAA auctions is available without registration but is limited as to what a buyer can purchase.

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