Q:

What are IAAI auctions?

A:

Quick Answer

Insurance Auto Auctions, Inc., specializes in salvage automobile auctions in North America. As of October 2014, the company has more than 150 locations in the United States and Canada that sell vehicles over the Internet, at live auctions and through proxy bids. The company facilitates the sale of fleet-leased vehicles, total losses, recovered-theft vehicles, dealer trade-ins and damaged rental vehicles.

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Full Answer

IAAI auction listings contain times, locations and bid policies for each corporate-owned location. For instance, there can be dozens of auctions on the same day at various locations. Auctions may have hundreds of vehicles for sale at once.

Details for each listed vehicle include the type of damage, type of loss, location of primary damage, secondary damage, actual cash value in undamaged condition, odometer mileage and VIN. Each listing contains who may bid on the vehicle, such as the public, dealers, dismantlers, rebuilders, scrappers, exporters and businesses. IAAI also provides shipping estimates for each vehicle through third-party companies.

IAAI partners with dealerships, rental companies, fleet-lease firms and insurance companies to sell damaged and total-loss vehicles to interested buyers. The company takes advantage of total-loss vehicles in the United States that occur due to accidents. More than 3.5 million cars and trucks are deemed total losses every year in America.

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