Hello everyone and welcome to the first IAA newsletter created especially for the UK.
With the impact of COVID-19, this has been a challenging year for all of us. I like to think we’ve managed the emergency well and I’m really proud that IAA maintained all operations throughout the year – with zero changes to services provided to our customers.
Remarkably, we did that while transforming the whole business. Since March, we’ve retired the HBC identity and fully rebranded as IAA. At the same time, we completed a comprehensive technology modernisation programme built upon our exclusive VISion™ Salvage Management ERP system.
Having completed these two major initiatives, we’re now rolling-out our US merchandising technologies starting with 360 View. This imaging technology (which is unique to IAA) provides a 360° view of vehicle exteriors and interiors; it allows you to rotate, zoom and pan a vehicle image, creating a truly interactive experience. It’s as close as possible to physically walking around the car, and pretty useful in our new socially distanced, digital world. Some of the features include:
- 360° visual of a vehicle’s interior and exterior
- Virtual reality experience
- Brings key features to life increasing vehicle appeal
- Puts buyers in control of viewing
- Capability to zoom or pan on any part of the vehicle in high definition (HD)
- Encourages buyer research and average session duration
- Exclusive to IAA – only available for salvage on IAA auctions
360 View provides our vehicle buyers with an enriched vehicle bidding and buying experience, while our vehicle sellers benefit from radically improved vehicle merchandising – driving additional bids and higher returns.
Technology is where IAA creates a difference, and 360 View is just the first step in a series of merchandising innovations that we’re launching in the coming months. Our goal is to transform salvage management in the UK through technology and innovation. We have a lot more to show you and we think you’ll like what you see. I’ll be back in touch soon to share more.
We’ve only been part of the IAA family since June 2019 (when the company demerged from KAR Global) but what a difference we’ve seen in that time. As a newly independent, listed company (NYSE: IAA) IAA has been able to embark on a vast UK investment programme spanning technology, marketing, facilities and people. In the last year the UK business has been through a complete overhaul, including a top-to-bottom rebrand and a total modernisation of the company’s technology.
The next stage of this investment programme is the roll out of our IAA Interact, merchandising platform. IAA Interact is a completely different way to showcase salvage to our vehicle buyers; buyers that are now located in more than 170 countries.
In the vehicle salvage world, each vehicle is a unique asset – meaning no two are truly the same (each accident or collision produces a different piece of salvage). That variation means that for a buyer to make an informed, confident bidding and purchasing decision, they want details. What IAA found from extensive analysis that the detail needs to come in the form of imagery and information.
There are three elements to IAA Interact:
- Enhanced imagery that enables buyers to best assess each unique salvage asset through features including IAA 360 View, Engine Start video, and High-Resolution Images.
- Information that provides the buyer with in-depth details on the vehicle technology, safety features and equipment details.
- Personalisation that delivers bespoke vehicle content and options based on a buyer’s research, bidding and buying behaviour through IAA Buyer Recommendation Engine™.
IAA Interact provides buyers with an immersive, virtual-reality experience – it’s like being physically present with the vehicle and increases confidence (and bids) when bidding and buying. Since the launch earlier this year, US insurers are seeing an extremely positive lift in proceeds, with gains of up to 20%
IAA’s exclusive 360 View interactive visual of the vehicle’s interior and exterior is a stand-out feature and that launches in the UK this month. IAA Interact will transform merchandising of salvage vehicles in the UK and 360 View is just the first step in that journey – the benefits Interact delivers to UK motor insurers are considerable and we’re looking forward to demonstrating the technology.
At IAA we work differently. Since the company was created over 40 years ago, we have strived to deliver change to make our industry better. Beginning in the early 1980s, IAA was first to recognise the need to invest in technology and innovation to push the industry forward. Our focus since then has been to build a world-class marketplace that connects vehicle buyers and sellers.
What followed was a revolution in auction innovation that has led IAA to the market leading position it has today. In the past ten years, IAA has launched more technology innovations and new products in our markets than all other salvage providers combined. We are now much more than a salvage business; we are a technology marketplace that connects motor insurers with vehicle buyers in more than 170 countries.
And our pace is not slowing, and our vision is not changing. IAA’s ongoing commitment to innovation is demonstrated by IAA Engine House, our partnership with 1871 – North America’s largest tech accelerator, located in Chicago. This gives us access to over 1,000 inventors, designers, and creators from more than 500 tech start-ups. Being independent and working in an environment of innovation and collaboration has been very successful. Since its creation in March last year, IAA Engine House has played a role in 15 new products, services, and enhancements.
We know that what we do today, will not be what we do tomorrow. We look beyond incremental change – already developing next-generation technologies for the salvage industry, solving problems of the future and creating new value for you and your customers.
©️ 2020 IAA, Inc. All rights reserved. The content and images included in this publication may not be reproduced or used in any manner without the express written permission of IAA, Inc.