Industry-Leading Ecommerce Strategy Drives Increased Bidding and Buying
WESTCHESTER, Ill.–(BUSINESS WIRE)–IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, today announced the introduction of IAA Interact™, the industry’s first comprehensive merchandising platform combining imagery, information and personalization. The platform engages buyers with detailed vehicle information while driving a more competitive bidding environment and higher proceeds for sellers.
IAA Interact was designed using extensive e-commerce merchandising research to drive increased online bidding and buying. The platform engages buyers with a vehicle digitally through unique, multiple touch points that provide the details needed to make confident online bidding and buying decisions. The Interact tools and features provide buyers with an unmatched research process, improved purchasing guidance and greater trust.
“High resolution images, panoramic video, and in-depth product information are fundamental to a successful ecommerce strategy,” commented Justin Mahlik, Senior Vice President of Buyer Development and Innovation for IAA. “As a technology company, we understand that offering limited static images and basic vehicle information is an extremely outdated way to market a vehicle. IAA Interact provides online buyers with an immersive experience that mimics being physically present with the vehicle, resulting in increased trust, bidding and buying activity.”
The IAA Interact merchandising platform includes three key elements and several value-added tools at no cost to the buyer:
– Imagery – each vehicle asset is unique, and online buyers depend upon images and video that allow them to inspect vehicle parts, components and damage. The Interact platform consists of IAA 360 View™, IAA High Resolution™ images, and IAA Key Images™.
– Information – vehicle details including OEM specifications and part interchange numbers help buyers make more-informed bidding and purchasing decisions. The Interact platform features information tools including SpinCar® Feature Tour®, IAA Engine Start™ video, Chrome Equipment Details, and Hollander Part Interchange numbers.
– Personalization – today’s digital buyers have heightened expectations in the purchasing process. Leveraging researching, bidding and buying behavioral data, IAA provides buyers with a personalized experience. The Interact platform features personalization tools including IAA Buyer Recommendations available through the buyer’s dashboard.
The IAA Interact merchandising platform follows the recent announcement of the company’s expanded partnership with SpinCar®, an automotive industry leader in digital merchandising, to offer Feature Tour.
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.
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 our Interact Merchandising Platform, and the related platforms discussed in this release. 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
IAA Contacts
Media Inquiries:
Jeanene O’Brien
SVP, Global Marketing and Communications
(708) 492-7328
jobrien@iaai.com
Analyst Inquiries:
Caitlin Churchill
ICR
(203) 682-8200
investors@iaai.com
