Insurance Auto Auctions, Inc. (“IAA”), a leader in automotive total-loss and specialty salvage services in the United States, today announced the release of a new tool that links buyers in the I-bid LIVE bidding application to the floorplanning services of its sister company, Automotive Finance Corporation (“AFC”), the leading floorplan assistance company in North America. Through AFC, qualified IAA buyers have the option to floorplan vehicles purchased at either the live auction or via the internet. Under this new arrangement, AFC has been given unparalleled access to IAA’s buyer base, marketing directly to them at IAA’s auction facilities across North America. Both IAA and AFC are uniquely positioned to leverage the significant synergy opportunity that exists between the two organizations.

“Buyers at our live physical auctions have been well exposed to the financing opportunities offered by AFC and are taking advantage of this powerful new financing tool,” said Tom O’Brien, President of Insurance Auto Auctions. “The additional exposure now offered to our internet buyers will help further expand the purchasing power of this significant group of buyers. Floorplan financing enables our buyers to acquire more vehicles, which we believe is one of the reasons we’ve seen additional bidding activity driven by buyers’ increased purchasing power and we expect this to further strengthen our industry-leading returns.”

Since the inception of the financing program in July, 2007, IAA has seen vehicle financing at nearly all of its auction facilities with a growing number of unique buyers participating in the program. Buyer interest in AFC continues to grow, fueled in part by AFC’s innovative 14-day “Buy & Go” financing option available exclusively to buyers at IAA. Floorplanning services are available to qualified buyers at every IAA location in the United States and at all 12 Impact Auto Auctions locations in Canada.

About Insurance Auto Auctions

Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive total loss and specialty salvage services in the United States, provides insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles. The Company currently has 126 sites across the United States and 12 in Canada which operate under the name of “Impact Auto Auctions.” Both Insurance Auto Auctions, Inc. and Automotive Finance Corporation are owned by Kar Holdings, Inc.

Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at

www.iaai.com

Posted: 01|14|08 at 4:40 pm. Filed under: Events.