In Automobiles, the industry annually announces millions of cars as huge losses, and top vehicles often lose their worth. This is where Insurance Auto Auctions come into play.
The Insurance Auto Auctions is a ‘salvage company’ that auctiones millions of vehicles to registered buyers worldwide. They are skilled in seeking the value of all kinds of vehicles to sell, thus making higher returns on vehicles for insurance companies and others.
Furthermore, they have progressed to being one of the best in the industry with their flexibility options and international buyers actively demanding salvaged vehicles.
Read on to understand more about the world of Insurance Auto Auctions.
Insurance Auto Auctions
This institution is part of a family of companies that has grown into the global marketplace for their high-demand services and vehicles. Since its launch in 1982, it has functioned in the automobile marketplace, constantly transacting with other buyers and sellers.
Furthermore, their platform processes over 2.5 million total loss vehicles annually and has years of brand experience to succeed in auto auctioning. Also, they have over 4000 trusted employees and enough faculties across the United Kingdom, United States, and Canada.
How Does Insurance Auto Auction Work?
Insurance Auto Auctions, or IAA, serves as a marketplace for damaged vehicles written off by insurance companies. These auctions allow insurance companies to recover some of their losses while buyers can acquire salvage vehicles at reasonably bargained prices for their reasons.
Benefits of Insurance Auto Auctions
Here are the benefits that come with the functions of Insurance Auto Auctions in the automobile industry:
The Salvage vehicles are often sold at significantly lower prices than their Actual cash value. This creates an opportunity for buyers to save more on their vehicle purchases.
Parts and Repairs
Mechanics and auto enthusiasts find value in IAA auctions as they can acquire vehicles for spare parts. Then, they use them in other restoration projects.
By salvaging and reusing vehicles, Insurance Auto Auctions reduces the environmental impact of manufacturing new vehicles.
At these auction sections, you easily gain more access to vehicle options, and you can have your pick.
With the functions of auto auctioning, it is easier to find dealers you can get cars from at bargain-able rates. You no longer have to spend long hours scouring everywhere to find a good car.
These are some benefits and pros of auto auctioning in the global marketplace.
How to Create an Account on Insurance Auto Auctions
Creating an account is the first process you will carry out on the Insurance Auto Auctions before anything else. This solidifies your stance as a registered user on the platform. Here are the steps to follow to get it done:
- Visit the official homepage at “https://www.iaai.com/”
- Navigate to the upper right side of the homepage
- Click the ‘Register’ option
- You will be directed to a new page
- Begin by filling in your First name and last name
- Type in your email address
- Next, create a strong password for the account and enter it
- Confirm the password
- Click the Captcha prompt that says ‘I’m not a Robot’
- Next, click the box that confirms you agree to their terms and Policy
- Lastly, click on the ‘Create Account’ option
You will finally be directed to your account dashboard on the Insurance Auto Auction platform.
How to Register as a Buyer on Insurance IAA
Here are the simple steps to follow if you want to register as a buyer on the Insurance Auto Auctions:
- Create your account on the Insurance Auto Auctions platform
- Proceed to select the business type you want to go for. You can go for ‘Individual Buyers,’ which means you can bid at auctions open to the public. Alternatively, you could select the ‘Licensed Business Buyers’ option, meaning you can bid at auctions where your business license meets the state requirements.
- Proceed to upgrade to a buyer account or continue as a Guest.
- Gather every important document required, like your State ID, Passport, or Driver’s license. If your ID doesn’t have your address, the IASS will require proof of address, such as a utility bill, tax payment, or any other document that includes your address and name.
- You will also need to register as a licensed buyer; to do so, you must meet the license requirements in the U.S., which include registering with an automotive-related business license.
- You can still register using the ‘Other’ license option if you don’t have one.
- If you are outside the United States, you can follow the other license requirements the IAA needs.
- Submit your images directly using the website or the IAA mobile app for convenience.
- Once all that’s required is provided, you can round up the sign-up process with the payment of $200 from your debit or credit card. After that, you will be sent other payment options for vehicle purchases later.
With that done, the Insurance Auto Auction Customer support group will review your documents and activate your account.
Tips on Being a Buyer of Insurance Auto Auctions
Here are some noteworthy tips to check out if you are a buyer on the Insurance Auto Auctions:
- Buyers should research a vehicle’s history, condition, and potential repair costs before participating in an auction.
- Acquiring the needed insurance for salvage-titled vehicles can be very challenging. So, buyers must be prepared for potential limitations or higher premiums.
- If you are a buyer with mechanical skills, you can easily benefit from any IAA auctions since you can access many scraps and parts for future repairs.
- It is also crucial that you check the auction requirements beforehand
These are some tips you should heed as a buyer at any Insurance auto auction.
Frequently Asked Questions
Here are some frequently asked questions you might consider checking out:
What Are Salvage Titles?
These titles indicate that they have been damaged, and the repair cost weighs more than the vehicles’ original price. It is an important thing a buyer at auctions should look out for, but know that it isn’t easy to get.
What Types Of Vehicles Are Auctioned Off?
The Insurance Auto Auctions deals with multiple types of cars and vehicles during their auctions. It ranges from trucks, cars, and motorcycles to recreational vehicles.
What Is The Age Requirements To Use IAA?
You can only use the Insurance Auto Auctions platform if you are 18 and above. Aside from this, you must also be able to meet the other requirements set by local, state, and federal governments.