Insurance auto auctions are where insurance total-loss and repairable salvage vehicles are sold. Insurance auto auctions operate vehicle salvage auctions throughout North America and include some locations in Canada.
Insurance auto auctions hold live, weekly auctions and also allow buyers to bid on vehicles electronically using their live Internet auction bidding technology, called "I-bid LIVE." Buyers can either pre-bid before the auction or bid in real time alongside the local bidders as the auction is taking place.
Insurance Auto Auctions states that there are three different divisions within the company: remarketing, specialty and donation. Remarketing focuses on vehicles that have been slightly damaged but have the ability to be repaired. Speciality has a focus on heavy equipment and other unique types of salvage vehicles, and the donation division assists charities that want to sell vehicles received as donations.
Insurance auto auctions also specialize in the sale of over-aged and high mileage vehicles, which cater to the needs of fleet lease, institutional and rental re-marketers.