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What is an IAA insurance car auction?

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Quick Answer

An IAA insurance car auction is a car auction offered by Insurance Auto Auctions, Inc., which acquires vehicles classified as total losses, then offers them for sale to consumers. The IAA operates auctions in multiple locations, and connects potential buyers with vehicles through physical locations and electronic bidding portals. The company dates back more than 25 years, and it secures many types of vehicles, including past rentals and corporate cars.

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Full Answer

Although the IAA exists physically in select locations, it sources automobiles from around the United States and even Canada. IAA exclusively selects, lists and sells vehicles declared total losses by insurance providers. These losses stem from many different events, such as weather damage, accidents and theft. IAA also sources cars for sale from businesses, and offers cars previously used as corporate vehicles. IAA sources vehicles involved in collisions, selects trade-ins and finds cars used as fleet trade-ins.

The IAA operates as a coordinator between insurance companies, corporations and consumers by helping to pair people with vehicles. Roughly 3.5 million vehicles in the United States end up as salvage vehicles, according to officials at the IAA. The extent of vehicular damage varies among the cars IAA acquires, but most cars earn a salvage title through manufacturer defects, recalls and structural damage.

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