WESTCHESTER, IL--November 7, 2012: Insurance Auto Auctions, Inc. (IAA) the leading live and live-online salvage auto auction company and wholly-owned subsidiary of KAR Auction Services, Inc. , today announced a new title processing capability for its vehicle providers in California. IAA is now able to process out-of-state titles in-house through a partnership forged with DealerTrak, an authorized Department of Motor Vehicles (DMV) provider. This will significantly reduce insurance providers' cycle times and overhead costs, while offering greater ease and convenience to their salvage handling teams.
“When it comes to the vehicle claims process, we work to understand the challenges our partners in the insurance industry face every day”
IAA is the first in the state to offer this service.
"When it comes to the vehicle claims process, we work to understand the challenges our partners in the insurance industry face every day," said Tom O'Brien, chief executive office at Insurance Auto Auctions, Inc. "Typically, processing titles for out-of-state vehicles can take up to 30 days on average. With this added capability, IAA is now able to process titles in just two to three days -- cutting the traditional processing time by an estimated 90 percent. This means vehicles spend less time at the salvage facility, potentially reducing the average depreciation for a vehicle. As a result, insurance companies could realize savings on vehicles that are deemed a total loss."
