Facts About Insurance Auto Auction

Insurance Auto Auction, established in 1982, has developed into a foremost head in automotive recovery business and a leader in providing entirety loss asserts services.

Salvage auto auctioneers like Insurance Auto Auction typically obtain their cars from insurance companies looking to recoup their losses on cars that have been totaled in an accident or natural disaster as well as some vehicles that were stolen and recovered after a settlement was made with the insured. Historically, the auctioneer makes money on the transaction by charging sellers a flat consignment fee of $50 to $150 per vehicle to cover services like towing, assessment, title processing, and storage. After the sale, buyers often paid for the same services. But this modus operandi had a serious flaw: it cast auctioneers as disinterested parties to the transaction, with no incentive to obtain the highest price for their primary clients, the insurance companies. This is why the vehicles are sometimes auctioned off for less than 50% of their current market value.

In 1991, Insurance Auto Auction inaugurated its “CarCrush” and “TitleTrac” anti-fraud programs. Though most wrecked vehicles have some intrinsic value, some are so badly damaged that only one tiny bit retains its worth: the vehicle identification number. Auto theft rings often purchase these otherwise useless heaps, steal an identical but operational vehicle and then apply the totaled car’s VIN and title to the stolen auto. Insurance Auto Auction’s “CarCrush” program advised insurance companies to take useless vehicles’ VINs out of circulation by demolishing these total losses. “TitleTrac” monitored buyers’ auto trading habits for telltale signs of unscrupulous deals.

Find out how you can benefit from auto auctions here

By: George Tho

Insurance Auto Auctions – Get Great Deals on Salvaged Cars and Trucks

Insurance auto auctions are a great way to get a great deal on salvaged cars and trucks. In fact, the company Insurance Auto Auctions is one of the most commonly used specialists in this area with auto auction locations throughout the United States. The company has been around since the early 1990s providing a variety of auto auction services for car owners, car buyers, and car sellers. If you are looking for a good way to get a car at a cheaper rate, insurance salvage deals are a great option!

Salvage vehicle auctions involve several elements – including a facilitation between buyer and seller as arranged by the Insurance Auto Auctions company. Although IAA is one of the more well known companies in this part of the automotive industry, many other companies exist with the same auto salvage specialty.

Automotive salvage occurs when an insurer considers a vehicle to be a “total loss” in insurance terminology. Essentially, this means that the vehicle is of no use to the insurance provider and the insurance carrier. When this happens, the salvaged vehicle can be sold or parted out. Many major insurance companies work with Insurance Auto Auctions, Inc. and similar companies. You will not be surprised to learn that Farmer’s Insurance, and even GEICO are just some of the names on the IAA list of regular clients.

Percentage salvage auction sales are more common these days as such companies work hard to get a piece of the action! When a salvaged car is sold at rock-bottom prices, the insurance agency provider is very interested in obtaining rights to at least a small percentage of the insurance auto auction. Since this practice has become more common in recent years, more and more insurance agents and their representatives are seeking percentage shares with companies like Insurance Auto Auctions.

By: Costas Peppas

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