Becomes Preferred Service Provider for Electronic Lien and Title 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 announced today a partnership with the Indiana Bankers Association (“IBA”). DDI was selected by IBA as a preferred service provider for electronic lien and title services (“ELT”). The new agreement allows DDI to offer its innovative, customizable web-based technology to the IBA and its 124 member banks as the state of Indiana begins to implement a new law for ELT that will take effect in the first quarter of 2021.
Driving efficiency, cost-savings, and fraud prevention, DDI’s technology provides complete title management solutions for lender’s motor vehicle title portfolio. The web-based platform enables a bank to receive notifications and electronic copies of the title directly from the Bureau of Motor Vehicles, while interacting with the bank’s existing loan system. It also significantly streamlines the lien release process.
“We are excited to have DDI as a preferred service provider,” commented Rod Lasley, IBA Executive Vice President. “With their excellent web-based platform and their outstanding customer service, we know our banks will get an excellent ELT solution when they partner with DDI.”
“DDI Technology offers the nation’s leading electronic lien and title technology, directly integrated with over 5,200 financial institutions, as well as the Department of Motor Vehicles of 26 states,” said Ann Gunning, DDI Vice President Operations. “DDI’s suite of technology solutions focuses on critical areas of title and lien release management including electronic vehicle registration, electronic lien and title processing, and electronic lien payoff. It drives an expedited titling process, eliminates paper storage and creates a more responsive customer support system.”
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 multi-channel platform processes approximately 2.5 million total-loss, damaged and low-value vehicles annually. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 talented employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a rapidly growing global buyer base – located throughout over 135 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to innovative vehicle merchandising, efficient evaluation services and digital bidding tools, 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.
Uncertainties Affecting 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 of the partnership with the Indiana Bankers Association 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: uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, on our business and the economy generally; the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; 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 “Risk Factors” in our Form 10-K for the year ended December 29, 2019 filed with the SEC on March 18, 2020. 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.
Contacts
Media Inquiries:
Jeanene O’Brien
SVP, Global Marketing and Communications
(312) 622-4068
jobrien@iaai.com
Analyst Inquiries:
Caitlin Churchill
ICR
(203) 682-8200
investors@iaai.com
