Minnesota Becomes Fifth State to Offer DDI’s Electronic Titling Services
WESTCHESTER, Ill.–(BUSINESS WIRE)–DDI Technology (“DDI”) a leading electronic lien and title technology firm and a subsidiary of IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces the expansion of its national footprint into the state of Minnesota as a certified provider of Electronic Vehicle Title & Registration (EVTR) services. This expansion makes Minnesota the fifth state to offer DDI Technology’s Premier EVR™ services.
Compliant with the Minnesota Drive (MNDRIVE) system for motor vehicle transactions, DDI’s secure, web-based software system provides quick and seamless Dealer Management System (DMS) integration and the ability to perform out-of-state registrations and titling. In addition to providing dealers with multiple support channels, Premier EVR™ is a cost-effective, transaction-based solution that does not require monthly contracts or startup fees. Consisting of five dealers, the initial pilot program for EVTR in Minnesota began on November 16, 2020, which is the same date all Minnesota dealers will be required to use MNDRIVE to perform vehicle registrations and print permits. All other Minnesota dealers can begin using EVTR starting January 11, 2021– after the pilot program has concluded.
“We are very excited to continue DDI’s national expansion by bringing our electronic titling & processing services to auto dealers in the Minnesota market,” said Ann Gunning, DDI Vice President and General Manager. “In addition to providing dealers with our secure and seamless technology, we will also have Minnesota-based account representatives on hand to assist our Premier EVR™ customers.”
“DDI’s expansion in the EVTR market is a major component of our overall growth strategy,” said Tab Edmundson, IAA’s Vice President of Client Solutions and DDI President. “The ability for dealers to use DDI’s technology to transact with state Deputy Registrars and Driver and Vehicle Services (DVS) will drive dealership success by reducing transaction times and providing seamless integration.”
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 on IAA visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn. For more information on DDI visit DDITechnology.com, and follow DDI on Facebook, Twitter, 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 DDI’s expansion into the Minnesota market, and DDI Technology’s Premier EVR™ services, 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 measures intended to reduce its spread; 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 program; 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 Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 29, 2019 filed with the SEC on March 18, 2020 and in our Quarterly Report on Form 10-Q for the quarter ended March 29, 2020 filed with the SEC on May 6, 2020, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC, including subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. 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.
Contacts
Media Inquiries:
Jeanene O’Brien | IAA, Inc.
SVP, Global Marketing and Communications
(708) 492-7328
jobrien@iaai.com
Analyst Inquiries:
Arif Ahmed | IAA, Inc.
VP, Treasury
(708) 792-7257
arif.ahmed@iaai.com
Caitlin Churchill | ICR
(203) 682-8200
investors@iaai.com
