Impact Auto Auctions Introduces New Engine Starts™ and Key Image™ Merchandising Tools

Rhea-AI Summary

Impact Auto Auctions Ltd., a subsidiary of IAA (NYSE: IAA), has enhanced its Interact™ platform with two new features: Engine Starts and Key Image. Engine Starts presents a 10-second video of the engine running, while Key Image showcases high-quality images of vehicle keys. These tools are designed to boost buyer confidence by providing detailed vehicle information, which could lead to a more competitive bidding environment and higher proceeds for sellers. The updates build upon IAA 360 View™, enhancing the online vehicle assessment experience for buyers.

Positive

• Introduction of Engine Starts and Key Image features enhances buyer confidence.
• Potential for increased bidding competition and higher proceeds for sellers.
• Updates complement existing technology, such as IAA 360 View™, improving overall user experience.

Negative

• None.

Impact Auto Auctions Ltd., the Canadian subsidiary of IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces the enhancement of its Interact™ merchandising platform with two new value-added features – Engine Starts and Key Image. These innovative tools provide buyers with additional vehicle details to research, bid, and buy with greater confidence and trust – while also driving a more competitive bidding environment and higher proceeds for sellers.

Engine Starts offers a 10-second, under-the-hood video with full sound captured by a yard attendant using OnYard™, IAA’s vehicle check-in system. The video enables vehicle buyers to assess an engine’s condition as it runs while Key Image features high-quality photos showing key(s) or fob condition and type.

“Providing a wealth of detailed vehicle information, these new merchandising tools are enhancing the customer experience by helping our buyers make decisions with greater confidence and trust,” said Blair Earle, Managing Director of Impact. “Engine Starts and Key Image allow confident, informed decisions by ensuring buyers receive vehicles that are accurately and consistently described.”

Coupled with IAA 360 View™, a 360° imaging technology, these imagery tools on the Interact™ merchandising platform create a more immersive buyer experience, replicating physical interaction with a vehicle. Used in the U.S. since 2019, this technology can also help buyers to de-risk transactions by allowing them to assess the value of a vehicle more accurately. Both merchandising tools may be found via the vehicle detail pages at impactauto.ca.

About IAA

IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn. For more information on Impact visit ImpactAuto.ca, and follow Impact on Facebook, Instagram, and LinkedIn.

Forward-Looking Statements

Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts may be forward-looking statements and can be identified by words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions. In this release, such forward-looking statements include statements regarding the expected timing and associated benefits with respect to the rollout of Engine Starts™ and Key Image™ in Canada on our business and plans regarding our growth strategies and margin expansion plan, and to our customers and company generally. Such statements are based on management’s current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties regarding the duration and severity of the COVID-19 pandemic, and the measures taken to reduce its spread, on our business and the economy generally; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and our ability to obtain land or renew/enter into new leases at commercially reasonable rates; our ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under "Risk Factors" in our Form 10-K for the year ended December 27, 2020 filed with the SEC on February 22, 2021. Additional information regarding risks and uncertainties will also be contained in subsequent annual and quarterly reports we file with the SEC. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information or events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415006051/en/

FAQ

What are the new features introduced by IAA on the Interact platform?

IAA introduced Engine Starts, a 10-second video of the engine running, and Key Image, which provides high-quality images of vehicle keys.

How do Engine Starts and Key Image benefit buyers?

These features provide detailed vehicle information, enhancing buyer confidence and potentially leading to better purchasing decisions.

When were these new features launched by IAA?

The new features were announced recently, but specific launch dates were not provided in the press release.

What is the significance of these updates for sellers?

The updates aim to create a more competitive bidding environment, which may result in higher proceeds for sellers.

What is IAA's stock symbol?

IAA's stock symbol is IAA, listed on the NYSE.