Insurance Auto Auctions Notes Enhancements to I-bid LIVE Product

Insurance Auto Auctions Inc., a provider of automotive salvage and claims processing services in the United States, reported the introduction of several enhancements to its I-bid LIVE product – the company’s Internet-based tool that allows buyers to join live auctions through any Internet-enabled computer and bid along with both live local bidders and other Internet bidders.

The product now provides online bidders the ability to monitor and bid on up to eight live auctions across the country through a single window instead of only one auction per window previously. With this change, a buyer can now bid on multiple cars located at multiple auctions at the same time, creating additional bidding opportunities.

“This improvement in the I-bid LIVE interface will allow buyers to simultaneously participate in more IAA auctions than ever before,” said Tom O’Brien, CEO of IAA. “Our goal has continued to be improving our technology and services to generate the most buying activity possible, and this product enhancement will help achieve that goal by increasing the bidding ability of each of our Internet buyers. Improving our buyers’ ability to bid at multiple auctions should have a positive impact on our selling prices, translating into even higher returns for both IAA and our insurance company suppliers.”

Returns at IAA have reportedly continued to increase due largely to IAA’s expanded service offerings, increased buyer base and dual bidding strategy in which live auctions are supplemented with a live auction Internet bidding capability.

Other recent enhancements to the I-bid LIVE product include the addition of two more vehicle images on the primary sale screen, bringing the total to seven. A low-bandwidth bidding option for those buyers who do not have high-speed Internet has also been added. By selecting this option when entering the system, buyers will reportedly be able to experience faster page loading times and more easily navigate the I-bid LIVE interface with their current low-bandwidth provider.

IAA also announced that it will begin capturing images of the manufacturer’s sticker for each vehicle it sells, allowing buyers to obtain the date a vehicle was actually built. This feature is especially important for international buyers whose countries have tariff implications based upon the date of manufacture, not the year model of the vehicle.

As a result, IAA expects this imaging feature to generate increased international buying activity because it will provide the information necessary for international buyers to make more informed buying decisions.